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2013 (5) TMI 531 - ITAT VISAKHAPATNAMAssessment of fixed deposits in the name of the assessee - CIT(A) deleted the addition - Held that:- CIT(A) has given a clear finding that the society has accounted for these deposits in its books of account the explanation of the assessee, from the very beginning, was that these deposits belong to the society and the said explanation stands vindicated by the assessing officer by assessing these deposits in the hands of the society. Under these set of facts, CIT(A) was justified in deleting the assessment of these deposits in the hands of the assessee. Assessment of bank deposit - whether the deposit belongs to the assessee or to the society - Held that:- This issue requires fresh examination at the end of the assessing officer, as the facts relating to the ownership of the deposit have not been properly brought out. Accordingly, we set aside the order of Learned. CIT(A) on this issue and restore this matter to the file of the assessing officer with a direction to examine it afresh and take appropriate decision in accordance with the law. Gift receipt - Held that:- The claim of the assessee that he has received the gift amountfrom his father in law, and the said fact has also been confirmed by his brother in law. The source for giving the said gift was explained to be the sale proceeds of a property & as has already submitted a copy of conveyance deed to the assessing officer during the course of assessment proceedings CIT(A) was justified in accepting the claim of receipt of gift. Assessment of investments found in the name of Sri Karunanidhi - Held that:- CIT(A) has given a finding that the investments in the name of Sri Karunanidhi have been made from 1995 onwards and further Sri Karunanidhi would have had income to make these investments. Since the present assessment is a block assessment and further since no other material was brought on record to show that the assessee herein has actually provided money to make investments in the name of Shri Karunanidhi, therefore no infirmity in the decision taken by CIT(A) on this issue. Assessment of cash seized during the course of search - Held that:- As submitted by D.R., CIT (A) has rendered his decision by following the decision of his predecessor & did carry out any verification on this issue. The submissions put forth by both the counsel would show that the claim of the assessee requires verification at the end of the assessing officer, thus restore the matter to the file of AO to reexamine the issue afresh.
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