Smt. N. Sumathi vs. ITO, Ward-2, Cuddalore

Parties Involved

Facts Summary

The appeal by the assessee for the Assessment Year 2012-13 arises from an order passed by the Learned Addl./Joint Commissioner of Income Tax (Appeals)-5, Mumbai on 11-03-2024. The Assessing Officer made an addition of cash deposit of Rs.16.87 Lacs based on the sale proceeds of a property. The assessee deposited Rs.22.20 Lacs in her bank accounts, but the source was stated to be from the sale proceeds. The sale deed indicated that the assessee was one of the co-owners with a share of Rs.5.32 Lacs. The difference of Rs. 16.87 Lacs was added to the assessee's income. The assessee submitted a letter stating the land was sold through power of attorney, but it was not proved that the entire sale consideration had flowed into the assessee's bank account with the consent of the other co-owners.…

Legal Issues

• 1. Whether the addition of cash deposit of Rs.16.87 Lacs by the Assessing Officer is justified?

Judgment Outcome

Decided in favour of Assessee.

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