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Facts
The assessee, a housewife and non-filer, purchased a property with another co-owner. The source of funds for her share of Rs. 37,16,350/- was claimed to be her husband's retirement benefits and past savings. The Assessing Officer (AO) accepted Rs. 29,00,000/- paid by cheque but added Rs. 8,16,350/- as unexplained investment.
Held
The Tribunal held that the assessee, being a housewife without independent income, adequately explained the source of cash payment for the property from her husband's income and retirement benefits. The Tribunal noted that although initially the explanation was about accumulated savings, subsequent evidence including bank statements of the husband supported the claim.
Key Issues
Whether the addition of Rs. 6,16,350/- as unexplained investment for property purchase is justified when the assessee provided evidence of cash withdrawals from her husband's account.
Sections Cited
Section 132 of the Income-tax Act, 1961, Section 153A of the Act, Section 153C of the Income-tax Act, 1961, Section 69 of the Act, Section 115BBE of the Income-tax Act, 1961
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Income Tax Appellate Tribunal, Hyderabad “B” Bench, Hyderabad
आदेशकी प्रनतनलनप अग्रेनर्त/ Copy of the order forwarded to:-
1. 1. निर्धाररती/The Assessee : Swapna Ravikanthi, H.No.18-11, Library Road, Narasapur, Medak, Telangana. Pin – 502313. 2. रधजस्व/ The Revenue : The Deputy Commissioner of Income Tax, Central Circle – 2(4), Hyderabad.