SRI SIDDHARTHA BANDYOPADHYAY,KOLKATA vs. ITO WARD-29(3), KOLKATA, KOLKATA

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ITA 2314/KOL/2019Status: DisposedITAT Kolkata26 February 2020AY 2010-112 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal found that the bank statements of the assessee's parents demonstrated sufficient funds to make the advances. Therefore, the additions made by the Assessing Officer were deleted.

What were the facts?

The assessee received Rs. 2,00,000 from his father and Rs. 90,000 from his mother. The Assessing Officer made additions to the income based on these receipts. The assessee provided bank statements of his parents to support the genuineness of these transactions.

What were the issues?

Whether the amounts received by the assessee from his parents were genuine and supported by sufficient funds in the parents' accounts.

Which sections of the Income-tax Act were involved?

Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA ‘SMC’ BENCH, KOLKATA

Before: Shri J. Sudhakar Reddy, Hon’ble]

order : February 26th, 2020 O R D E R Per J. Sudhakar Reddy, AM :- This appeal filed by the assessee is directed against the order of the Learned Commissioner of Income Tax (Appeals) – 10, Kolkata, (hereinafter the “ld.CIT(A)”), passed u/s. 250 of the Income Tax Act, 1961 (the ‘Act’), dt. 02/07/2019, for the Assessment Year 2010-11.

2.

After hearing rival contentions, we find that the disputes are only with regard to two receipts. The assessee is an individual and receives commission and interest. The addition made pertain to:- a) An amount of Rs.2,00,000/- received by the assessee from his father and b) An amount of Rs.90,000/- received from his mother.

3.

The assessee has filed copies of the bank statement of his late father (since deceased), in support of the sources. Similarly, as far as the loan received from his mother is concerned, the assessee has produced copies of her bank statements. A perusal of these bank statements demonstrate that there was sufficient sources of funds with the parents of the assessee to make advance to the assessee. Thus, I delete the addition and allow this appeal of the assessee.

4.

In the result, appeal of the assessee is allowed.

Kolkata, the 26th day of February, 2020.

Sd/- [J. Sudhakar Reddy] Accountant Member Dated : 26.02.2020 {SC SPS}

1.

Assessment Year: 2010-11 Sri Siddhartha Bandopadhyay Copy of the order forwarded to: opy of the order forwarded to:

1. 1. Sri Siddhartha Bandopadhyay Sri Siddhartha Bandopadhyay Amrapali Castle Block-B, Flat-3C 3/1, Bediadanga First Lane Kolkata – 700 039 2. Income Tax Officer, Ward-29(3), Kolkata 29(3), Kolkata 3. CIT(A)- 4. CIT- , 5. CIT(DR), Kolkata Benches, Kolkata.

5. CIT(DR), Kolkata Benches, Kolkata.

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