Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (6) TMI 1184 - ITAT MUMBAIUnexplained credits - Unexplained investment - Addition u/s 69B - search and seizure action u/s 132 (1) - Addition made on protective basis - case of the assessee, who was the daughter of the sister of Chandbibi Zaidi was centralized. A bank account in the joint name of Ms. Ravish Zaidi and Chandbibi Zaidi was with Nova Scotia Bank, Nariman point Branch, Mumbai, was found - HELD THAT:- The assessee filed confirmation from Mumbai Majdoor Sabha for Ms Ravish Zaidi’s Accounts, along with balance-sheet as on 31/12/2001, confirmation of copy of account of Ms. Chandbibi, letter of gift from Ms. Chandbibi, copy of balance sheet and capital account of Ms. Chandbibi as on 31/03/2002, copy of acknowledgement of return, bank statement of Mumbai Majdoor Sabha for repayment of loan in May 2004 (₹ 10 lakhs) and the investment made, appearing in the balance sheet, as on 31/03/2002. All these documents were forwarded to the Assessing Officer for his comments and the ACIT vide letter dated 31/11/2013, through Ad CIT sent the remand report that too after verification of bank accounts. In the remand report, the Assessing Officer found no unexplained cash credits. In the remand report submitted by the assessing officer ACIT Central Circle-43, Mumbai through Additional CIT Central Range 6, Mumbai, the credits in the bank accounts were verified and it was submitted that no unexplained credits were found. Hence the addition made of ₹ 20,00,000/- in AY 2005-06 and ₹ 5,80,000/- for AY 2006-07 are deleted. The ground of appeal no. 1 is to this extent allowed. In view of the submission of the assessee and remand report by the AO, the impugned addition was deleted by the CIT (Appeals). No contrary evidence was produced by the Revenue in support of the ground raised, therefore, find no infirmity in the conclusion drawn by CIT (Appeals). It is upheld.
|