TMI Blog2015 (3) TMI 101X X X X Extracts X X X X X X X X Extracts X X X X ..... hat 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 n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee s bank account, ignoring the fact that the assessee had failed to furnish evidence to explain the nature of the cash deposits either before the AO or before the ITAT and thus, failed to discharge its onus in this regard? 2. We have heard Mr. Mehta, learned counsel appearing for the appellant. 3. The fact shows that AO in the assessment proceedings found that the assessee was having an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the assessee and therefore, the provisions of section 69 invoked by AO was not found proper by the appellate authority and it was found that the same was not legally sustainable and therefore, the appeal was allowed. 4. The Tribunal in the further appeal at para 6 observed thus: 6. We have heard the rival submissions and perused the material on record. We find that while deleting the addi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the order of CIT (A). Thus, this ground of Revenue is dismissed. 5. In our view, 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 fro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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