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TMI Blog2013 (12) TMI 644X X X X Extracts X X X X X X X X Extracts X X X X ..... ents completed under section 143(3), read with sections 153A/153C of the Income-tax Act, 1961. 3. The appeal of the Revenue is directed against the order of the Commissioner of Income-tax(Appeals)-II at Madurai, dated 11-6-2010 and arises out of the assessment completed under section 143(3), read with section 153A of the Income-tax Act, 1961. 4. First we will consider the appeal filed by the Revenue for the assessment year 2004-05, in the case of Shri R.Vadivelrajan. 5. While completing the search assessment in the present case, the Assessing Officer has made an addition of Rs. 12,99,304/- by way of unexplained cash deposits made by the assessee in his savings bank account with Tamilnad Mercantile Bank Limited, Tuticorin. The deposits we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bout the factual matrix of the case. The Commissioner of Income-tax(Appeals) also asked the details from the Additional Commissioner of Income-tax, who had replied to the Commissioner of Income-tax(Appeals) through his letter dated 23-10-2008. On going through all these details, the Commissioner of Income-tax(Appeals) found that the facts were true, as stated by the assessee, and supported by Mr.Senthilnayagam and at that point of time no bank branch was available in the vicinity of the Indian Oil Corporation's fuel station. The Commissioner of Income-tax(Appeals) also found that for every cash deposit made in the savings bank account, a corresponding demand draft was purchased in the name of Mr.Senthilnayagam, favouring Indian Oil Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee beyond any doubt. All the demand drafts were purchased in favour of Indian Oil Corporation Limited and they were all purchased for the purpose of running the fuel station managed by Mr. Senthilnayagam. Mr. Senthilnayagam also had explained these things in a detailed manner. Therefore, when all these matters are crystal clear as per the books of account as well as in the bank statement and the other particulars, it is very reasonable on the part of the Commissioner of Income- tax(Appeals) to come to the conclusion that the assessee has explained the nature of these cash deposits found in the savings bank account maintained by the assessee with Tamilnad Mercantile Bank Limited. Therefore, we are of the opinion that the Commissioner of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... own to 762.190 grams. Again, further 20 grams were deducted, as the same was reflected in the wealth-tax return filed by the assessee. The balance came down again to 742.190 grams. The Commissioner of Income-tax(Appeals) further allowed a deduction of 400 grams, accepting the contention of the assessee that the said quantity of jewellery belonged to his mother. The Commissioner of Income-tax(Appeals) ultimately confirmed an addition of 342.190 grams as unexplained gold jewellery in the hands of the assessee, which was valued at Rs. 3,41,732/-. 12. On going through the records of the case and the orders of the lower authorities, we find that the Commissioner of Income-tax(Appeals) has granted sufficient relief to the assessee by accepting a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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