Loading judgment…
Facts
The assessee filed an appeal against the order of the CIT(A) concerning assessment year 2017-18. The AO made additions for cash deposits and unexplained investment in property purchase. The CIT(A) partly allowed the appeal, deleting some additions and confirming others.
Held
The Tribunal held that cash deposits of Rs. 6,25,000/- and Rs. 4,80,000/- (gift from mother) were sufficiently explained. The addition for Rs. 5,00,000/- (gift from father) was sustained due to the father not explaining the source of funds. The Tribunal also found that the assessee had sufficient cash in hand to explain the cash payment of Rs. 61,44,000/- for property purchase, setting aside the addition. However, the addition for cost of improvement of Rs. 1,00,000/- was upheld due to lack of evidence.
Key Issues
Whether cash deposits and investment in property purchase were sufficiently explained and whether cost of improvement was substantiated.
Sections Cited
69A
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, Hyderabad “B” Bench, Hyderabad
आदेशकी प्रनतनलनप अग्रेनर्त/ Copy of the order forwarded to:-
1. 1. निर्धाररती/The Assessee : Manoj Kumar Chowrah, 1-7-500/3, Hari Nagar, Zamistanpur, Musheerabad, Hyderabad. 2. रधजस्व/ The Revenue : The Income Tax Officer, Ward – 4(1), Hyderabad.