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Shubham Gupta
Jun 25, 2021
In General Discussions
The AGRA ITAT in a decision has held that cash deposits below Rs 2.5 Lakhs made by housewife can not be held to unexplained income where the assessee has provided an explanation that such deposits such deposits were made out of previous saving, given by her husband, son, relatives for the purposes of her and family future. The Tribunal held that " In the present case the assessee had given the explanation to the AO during the assessment proceedings and had submitted that the amount deposited in the bank, were her money saved by her in last many year’s and were kept by her , for herself and for the family in case of emergency need. However, this explanation was rejected by the AO on the pretext the assessee was not having income from any business. However assessing officer has not brought on record any document, evidence to show that the assessee was having any income from any other source other than saving from various activities mentioned elsewhere. Further no evidence had been brought on record , AO, in terms of press statement dated 18/11/2016 and SOP to established that the amount deposited in the account was not of the account holder/ assessee but of somebody else. In the light of the above when the AO had brought on record the evidence of proving that the money belongs to other person and not of the assessee, the amount deposited shall not added as income of the assessee" The tribunal impressed on the importune of financial independence of women which is worth reading.
Housewives and Demonetisation
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Shubham Gupta
Feb 04, 2021
In General Discussions
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Shubham Gupta

Shubham Gupta

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Tax Lawyer

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