Case Law Details
M. Vijayakumar Vs ITO (ITAT Chennai)
We noted that the CIT(A) has not doubted the source of maturity of assessee’s father FDs of Rs.8 lakhs which was withdrawn on 01.11.2016. Admittedly, the assessee made deposit on 10.11.2016 in cash, this amount of Rs.8 lakhs. The only dispute is confirmation, which now the assessee confirmed by filing affidavit of assessee’s father, which reads as under:-
“My name is Murugesan. I have been residing at Ezhumathur Village. During the Financial year 2016-17, from my Indian Bank Account (Account No.560028303), I withdrew Rs.8,00,000/- (Rs.4,00,000/- + Rs.4,00,000/-) on 01.11.2016.
This money is received from two of my matured Fixed Deposits. I handed over the above mentioned sum to my son for his needs.”
From the above, it is clear that the source is explained and even the assessee’s father confirmed having handed over the above sum of Rs.8 lakhs to his son, which ultimately got deposited in assessee’s bank account on 10.11.20 16. We find explanation of the assessee as reasonable and assessee could explain the source of this money and hence, the same cannot be treated as unexplained u/s.69A of the Act.
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