Income Tax Appellate Tribunal, Bangalore Benches, Bangalore

Parties Involved

Facts Summary

The assessee, Shwetha Rajanna, filed a return declaring total income of ₹ 1,210,720. She and her spouse jointly purchased an immovable property for ₹ 195 lakh as co-owners. The assessee deducted tax at source on her share of the payment, and her spouse also deducted tax on his share. The return was selected for verification to examine the investment in the immovable property and the capital gain deduction claimed. The assessee explained that the entire purchase consideration was paid through banking channels and that part of the acquisition was financed by a housing loan. She produced her bank statements and those of her spouse to show that the payments were made from their respective bank accounts. She further explained that a housing loan of ₹ 1 crore was obtained, and that the total payment of ₹ 19,520,068 was supported by payments made by her spouse of ₹ 4,625,068, sourced from his bank account showing funds of ₹ 4,922,738, and by the assessee’s own payment of ₹ 4,894,000, sourced from funds of ₹ 5,506,980 available in her bank account. These facts were supported by bank statements, capital gain statements, the loan sanction letter, copies of the sale deed and sale agreement, Form No. 16, and other documents.…

Legal Issues

• 1. Whether the appellate order passed by the learned Commissioner of Income-tax [Appeals] is opposed to law, weight of evidence, probabilities, facts and circumstances of the Appellant’s case.
• 2. Whether the assessee is liable to be assessed on a total income as determined in the impugned order of Assessment.
• 3. Whether the learned Commissioner of Income-tax [Appeals] is justified in confirming the erroneous addition made by learned assessing officer of Rs. 37,60,069/- as unexplained investment under section 69 of the Act.

Judgment Outcome

Decided in favour of Assessee.

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