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TMI Blog2015 (6) TMI 1184X X X X Extracts X X X X X X X X Extracts X X X X ..... nue is aggrieved by impugned order dated 20/12/2013 of the ld. First Appellate Authority, Mumbai. The only ground raised is that the ld. Commissioner of Income Tax (Appeals) erred in deleting the addition made on protective basis in the hands of the assessee in respect of the amount deposited in the joint bank account with Ms. Chandbibi Zaidi, without appreciating the fact that the assessee is a s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bibi 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. There were deposits to the tune of Rs. 23,71,427/-, including interest in the financial year 2004-05. The deposits were offered for taxation. The amount was held to be unexplained investment and thus added u/s 69B of the Act. The a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epayment of loan in May 2004 (Rs. 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 Addl.CIT sent the remand report that too after verification of bank accounts. In the remand report, the Assessing Officer found no unexplained cash credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Revenue in support of the ground raised, therefore, I find no infirmity in the conclusion drawn by the ld. Commissioner of Income Tax (Appeals). It is upheld.
Finally, the appeal of the Revenue is dismissed.
This order was pronounced in the open Court in the presence of learned Representatives from both the sides at the conclusion of the hearing on 10th June 2015.
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