TMI Blog2010 (10) TMI 1049X X X X Extracts X X X X X X X X Extracts X X X X ..... are that the assessee was working as Superintendent in the General Administration Wing of Haryana Government and derives income from salary. The return of income was filed by the assessee declaring income of ₹ 84,518/- . During the course of assessment proceedings, the statement of the assessee was recorded in which he stated to have owned a savings bank account with SBI, Main Secretariat Branch, Chandigarh. The Assessing Officer had received AIR information that the assessee had made deposits of ₹ 20.40 lacs in Punjab State Cooperative Bank Ltd, during the year. When confronted, the assessee stated that he was having the said bank account in sector 40 Branch and account no. was 1141 and since the same had been closed, the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income on account of sale and purchase of property and copy of bank statement with narration of each credit and debit entry was furnished before the Assessing Officer. The copies of sale / purchase agreement furnished before the Assessing Officer were again filed before the CIT(A). As per the Ld. AR the only charge by the Assessing Officer was that the word HUF was not mentioned in the Agreements and it was pleaded that mere not mentioning of the status does not alter the character of the property especially the source of funds. The CIT(A) during the course of appellate proceedings examined the books of account and noted that some of the payments were shown as payments made through cheques whereas the assessee had shown the same as cash wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts of the counsel and the evidence produced by him it is held that the transactions in the bank account with Punjab State Co-op Bank, Sector 34-A, Chandigarh relate to the HUF of the appellant, the income from which has been declared in the return of the HUF. The addition of ₹ 37,25,491/- made by the Assessing Officer is ordered to be deleted. The only ground of appeal is allowed. 4. The Revenue is in appeal against the said order of the CIT(A) as the said bank account was opened in individual capacity. 5. Smt. Jaishree Sharma appeared for the Revenue and Shri Vineet Krishan appeared for the assessee and put forward their contentions. 6. We have heard the rival contentions and perused the records. The assessee has furnishe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d any contrary findings to the findings of CIT(A) in this regard. In the entirety of the circumstances and the evidence produced by the assessee, we uphold the order of CIT(A) that in view of the evidence produced, the transactions in the bank account i.e. Punjab State Cooperative Bank Ltd. relates to the HUF of the assessee, income from which had been declared in the status of his HUF. There is no merit in including the said entries in the hands of the assessee. We confirm the order of CIT(A) in deleting the addition of ₹ 37,25,491/-. The ground of appeal raised by the Revenue is thus dismissed. 7. In the result, the appeal of the Revenue is dismissed. Order Pronounced in the Open Court on this 19th day of October, 2010. - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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