9911796707
TMI Blog2024 (10) TMI 358X X X X Extracts X X X X X X X X Extracts X X X X ..... UJARAT HIGH COURT] that the above said Circular issued by CBDT is binding upon the Assessing Officers. Accordingly, the AO was not justified in determining the assessed income as NIL in AY. 2011-12. Since the AO did not find fault in the capital account submitted by the assessee for this year, in our view, the same is required to be accepted. Accordingly, we set aside the order passed by the CIT(A) in AY. 2011-12 and direct the AO to accept the income returned by the assessee and also the capital account filed for that year. Addition u/s 68 - AO did not reopen the assessments of AYs. 2012-13, 2013-14 and 2015-16. In the capital account relating to AY. 2014-15, the assessee has shown receipt of gift from her elder son. CIT(A) has referred to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... For the Revenue : Ms. Mahita Nair, Sr. DR ORDER PER B.R. BASKARAN, A.M : All the three appeals filed by the assessee are directed against the orders passed by the Ld.Addl/JCIT(A)-3, Delhi and they relate to the Assessment Years (AYs.) 2011-12, 2015-16 and 2016-17. All these three appeals were heard together and are being disposed of by this common order, for the sake of convenience. 2. The assessee is an individual. The Revenue received information that the assessee has deposited cash of around Rs. 30.00 lakhs in a joint bank accounts along with his sons in DCB Bank Ltd., Mira Road Branch. Hence the AO reopened the assessments of AYs. 2011-12, 2015-16 and 2016-17 by issuing notices u/s. 148 of the Income Tax Act, 1961 ( the Act ). In respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ), however, did not accept the capital account copies, since it was not supported by any evidence. The Ld.CIT(A) pointed out that the assessee had shown cash gift of Rs. 3.00 lakhs from her son in Financial Year 2013-14 (relevant to AY. 2014-15), but the capacity to gift the above said amount was not proved. The Ld.CIT(A) peculiarly expressed the view that the cash deposits made into the bank account have not been reduced from the Capital Account and hence the same is not reliable. It is seen that the Ld.CIT(A) has confused himself by considering the Capital Account copy as Cash Flow Statement . Cash outflow by way of bank deposits is reduced is shown as reduction in the Cash Flow Statement and not in the Capital Account. Accordingly, he re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reopen the assessments of AYs. 2012-13, 2013-14 and 2015-16. In the capital account relating to AY. 2014-15, the assessee has shown receipt of gift of Rs. 3.00 lakhs from her elder son. The Ld.CIT(A) has referred to the same and has disbelieved the same. We notice that the assessee has filed confirmation letter obtained from the son of the assessee, wherein he has confirmed that he has given gift of Rs. 3.00 lakhs to the assessee. In that letter, he has furnished his PAN number also. We noticed earlier that the bank accounts stand in the joint name of the assessee and her sons. Hence, the contribution made by the son for making cash deposit has been declared as gift. Hence, we do not find any reason to disbelieve the gift transaction. 7. W ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
