Case Law Details
Gurmeet Kaur Khurana Vs ITO (ITAT Chandigarh)
The relevant facts of the case are that the assessee had invested an amount of Rs.6 lacs for immovable property with M/s Bajwa Developers Ltd. The investment was made vide cash payments. The transaction was flagged. It was noticed that no tax return was filed by the assessee. Accordingly, notices etc. were issued to the assessee.
In response thereto, a return declaring income of Rs.6,15,659/- was filed by the assessee. The Assessing Officer in the order passed u/s 143(3)/147 held that the assessee failed to explain the same. Accordingly, addition of Rs.6 lacs was made.
On merits, it is seen that the deposit of Rs.6 lacs made by the assessee from the sources of funds stand fully addressed. Copies of the statement of the bank accounts of the assessee are at pages 1 & 2 from 01.04.2011 to 02.12.2011 of Account No.55080023582 in SBI; at page 3 copy of assessee’s husband’s Account No.10883085576, Branch Code : 628 is available from 01.04.2011 to 06.04.2011 and at page 4 copy of Account No.55062933389 of Shri Kanwaldeep Singh (son of the assessee ) evidencing withdrawals from State Bank of India account for the specific period i.e. 04.04.2011 to 06.04.2011 are seen. On a consideration thereof, I find no good reason let alone a reason why the explanation offered duly supported by facts should not have been accepted. Satisfied by the evidence on record of the First Appellate Authority also relied upon before the ITAT setting aside the order, the addition sustained is directed to be deleted.
FULL TEXT OF THE ORDER OF ITAT CHANDIGARH
Please become a Premium member. If you are already a Premium member, login here to access the full content.
