Case Law Details
Venkatesh Soutoor Tirupati Vs ITO (ITAT Hyderabad)
As regards the cash withdrawals and the marriage gifts from others and gift from his brother as sources for the balance of cash deposit is concerned, I find that the Assessing Officer has held the ATM withdrawals and also 2/3rd of the gifts at the time of marriage as sources for redeposits into the Bank A/c as unbelievable. In my opinion, the entire ATM withdrawals may not have been used for day to day expenses and some of them might have been utilized for making the deposits into his Bank A/c. Therefore, I am inclined to accept 50% of the same as source for cash deposits. The assessee gets relief accordingly.
Similarly, the marriage gifts from others also, I am inclined to accept 50% of the same as against 1/3rd of the cash gifts accepted by the Assessing Officer. Therefore, 50% of the total amount of Rs.5,79,419/- is accepted as source for cash deposits. As regards gift on account of marriage from his brother, I find that the transaction has been done through banking channel and therefore, it cannot be considered as a source for cash deposits. Therefore, ground relating to this addition is rejected.
FULL TEXT OF THE ITAT JUDGEMENT
This is assessee’s appeal for the A.Y 2015-16 against the order of the CIT (A)-Tirupati, dated 12.06.2019.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
