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2015 (3) TMI 101 - HC - Income TaxUnexplained cash deposits in the assessee’s bank account - ITAT deleted the addition - Held that:- the amount lying in the respective account as per the assessee was in fiduciary capacity to be utilized for buying policy of the respective vehicle. No evidence has come on record that the amount has ever been utilized by the assessee for her own purpose and there was positive evidence that all the amount from time to time was transferred to the account of ICICI Lombard General Insurance Company Limited. Under the circumstances, the explanations were found to be satisfactory by the CIT (Appeals) as well as by the Tribunal which is the ultimate fact finding authority. We do not find that any substantial questions of law would arise for consideration as sought to be canvased. - Decided in favour of assessee.
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