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2011 (7) TMI 658 - KARNATAKA HIGH COURTIncome Tax - Source of Income - assessee had purchased mutual fund - assessee had made cash deposits in State Bank of Mysore (SBM) and Axis Bank respectively on various dates - assessee stated that the said deposits were made by sale of agricultural products through relatives - Assessing Officer completed the assessment and computed the total income by adding the unexplained cash deposit of Rs.deposited in SBM and Axis Bank respectively and bank interest received on the said undisclosed cash deposits - appeal was preferred by the assessee before the appellate authority - appellate authority called for the remand report from the Assessing Officer - satisfactorily explained by the assessee, set aside the disallowance made by the assessment Officer - appeal is preferred by the revenue - Decide that clear from the documents which are produced that source of income in respect of the cash deposits in question has been satisfactorily explained by the assessee is based upon the material on record and cannot be said to be perverse and arbitrary - Held aginst the appellant
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