January 2023
Where the assessee stated that the source of cash deposit in its bank accounts was the balance of cash in hand brought forward from earlier assessment years, but the AO treated the same as an unexplained investment without assigning any reason, then impugned additions made u/s 69 was not justified.
Where the Department had accepted that the assessee had earned a tuition fee in preceding assessment years then in terms of principle of consistency, the AO had no justifiable reason to disbelieve assessee’s claim of having received income from tuition fee and add the same to assessee’s income as unexplained money u/s 69A.
53. Smt. Sarabjit Kaur vs. ITO
[2022] 96 ITR(T) 440 (Chandigarh – Trib.)
ITA Nos.:1144 & 1145 (Chd.) of 2019
A.Ys.: 2011-12 and 2013-14
Date of order: 30th March, 2022
Sections: 69, 69A
Where the assessee stated that the source of cash deposit in its bank accounts was the balance of cash in hand brought forward from earlier assessment years, but the AO treated the same as an unexplained investment without assigning any reason, then impugned additions made u/s 69 was not justified.
Where the Department had accepted that the assessee had earned a tuition fee in preceding assessment years then in terms of principle of consistency, the AO had no justifiable reason to disbelieve assessee’s claim of having received income from tuition fee and add the same to assessee’s income as unexplained money u/s 69A.
FACTS
A.Y. 2011-12The assessee earned income from tuition as well as rent, and interest from bank and other parties. An information was received from the Investigation Wing of the Income Tax Department vide letter dated15th March, 2017 that the assessee had deposited cash of Rs. 8,00,000 in her bank account maintained with Axis Bank, Jagraon and Rs. 5,40,000 in her bank account with HDFC bank, thus, totalling to a deposit of Rs. 13,40,000. In view of this information, a notice u/s 148 of the Income-tax Act, 1961 was issued and in response to the said notice, the assessee filed the return which
