ITAT slams dept for addition against Loan taken by Assessee for further studies of daughter

Ganesh Balkrishna Bende Vs ITO (ITAT Pune)

Here is a case in which a salaried person pooled his life­long endeavour for the further studies of his daughter. In such a panorama, a holistic approach needs to be adopted. When I consider the facts of the instant case as a whole, there remains no doubt whatsoever that the assesee arranged the money from his known sources for depositing in the bank account which was meant for education of his daughter. The authorities below were not justified in getting too technical and taking a pedantic approach. I, ergo, set-aside the impugned order and delete the entire addition.

FULL TEXT OF THE ORDER OF ITAT PUNE

This appeal by the assessee is directed against the order passed by the CIT(A) on 14-08-2020 in relation to the assessment year 2011-12.

2. The only issue raised in this appeal is against the confirmation of addition of Rs.13,05,000/- in respect of cash deposited in the bank.

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