Case Law Details
Gurbinder Singh Mahal Vs ITO (ITAT Amritsar)
ITAT Amritsar held that the assessee is not liable for payment of tax related to sale of property which belong to his father. Accordingly, addition liable to be quashed.
Facts- The addition was made by AO for depositing of cash total in two bank accounts of the assessee. The addition of Rs.1,95,47,959/- was confirmed and the assessment was completed u/s 144 of the Act.
The assessee prayed that the entire amount of deposit was not properly reconciled by the AO. The withdraw of cash was also not considered in the assessment order. Further, the source of the cash deposit was from sale of the immovable properties, loan from the father of the assessee. The assessee ispower of attorney holder of the property (land) which was owned by his father. So, the entire amount related to sale of land would not be taxed in the hands of the assessee.
Aggrieved assessee filed an appeal before CIT(A). CIT(A) upheld the order of the ld. AO. Being aggrieved assessee filed the present appeal.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Author Bio
