Case Law Details
Smt. E. Santhakumari Vs ITO (ITAT Chennai)
We noted that the Assessing Officer while framing the assessment has gone into the details of the cash deposits of Rs.30.00 lakhs and the other two more amounts of Rs.5,09,000/- and Rs.6,95,900/-. She stated before the Assessing Officer that the cash deposits is out of the gift received from her husband of Rs.30.00 lakhs and also Rs.5,09,000/- and the Assessing Officer has verified the return of income of the Assessee’s husband and the bank accounts. We noted that the Assessee’s husband sold one immovable property located at Uthandi, Chennai to one Smt. Mangaiyarkarasi who has paid a sum of Rs.65,34,000/- to the Assessee by way of demand draft on 28.02.2014. It was claimed that the husband has gifted a sum of Rs.30.00 lakhs and Rs.10.00 lakhs to the Assessee and the same was deposited in the above said bank accounts, i.e. Axis Bank account maintained in the name of the Assessee. The date of the sale of this property, the date of depositing the demand draft and the date of the gift is the same, i.e.28.02.2014.
ITAT find that the Assessing Officer has examined the same facts and reached to a conclusion that the transactions of gift are genuine and explained. Hence, we find no merit in the revision order passed by the PCIT and hence the same is quashed as the Assessing Officer had a reasonable view while framing the assessment. Thus, the revision order is thereby quashed and the appeal of the Assessee is allowed.
FULL TEXT OF THE ORDER OF ITAT CHENNAI
This appeal by the Assessee is arising out of the revision order passed u/s.263 of the Income Tax Act, 1961 (hereinafter “the Act”) by the Principal Commissioner of Income Tax, Madurai-2 vide order No.C.No.114/3/PCIT-2/MDU/2018-19; dated 19.03.2019. The assessment was framed by the Income Tax Officer, Ward-4, Nagercoil for the Assessment Year 2014 – 2015, u/s.143(3) of the Act vide order dated 14.06.2016.
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