Case Law Details
Vijay Vasantrao Mahadik Vs Addl. CIT (ITAT Pune)
The assessee appears to have opened the foregoing bank account in the name of his erstwhile minor son Mr. Virendra Mahadik long back. He had also furnished his PAN number at the time of his minor son’s bank account opening. Mr. Jasnani vehemently argued that the learned lower authorities have rightly gone by assessee’s PAN for taxing the impugned cash deposits in his hands. He could hardly have rebut the clinching fact that the assessee’s son; who was a minor at the time of account opening, has become a major on 23.05.2011 who is assessable in his independent capacity. We also wish to quote section 64(1A) of the Act wherein clubbing of income is provided in case of a “minor” child only which is not the case before us. Faced with the situation, we conclude that both the learned lower authorities have erred in law and on facts in adding the impugned cash deposits of Rs.13.73 lacs in assessee’s hands. The same stands deleted.
FULL TEXT OF THE ORDER OF ITAT PUNE
This assessee’s appeal for AY 2014-15 arises against the CIT(A)-7, Pune’s order dated 15-01-2019 passed in case No. PN/CIT(A)-7/Cir-14/10909/2016-17 involving proceedings under Section 143(3) of the Income Tax Act, 1961, in short the Act‟.
Heard both the parties. Case file perused.
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