9911796707
TMI Blog2022 (2) TMI 170X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Act, 1961 [hereinafter referred to as the "Act"], dated 29.12.2010. 2. Grounds of appeal raised by the assessee are as follows: "1. On facts and circumstance of the case, the learned CIT(A) has erred in confirming an addition of Rs. 19,28,000/- u/s 69 of the Act in respect of the deposits made in the regular bank account of the brother of the assessee who is separately assessed to tax, which is absolutely erroneous and bad-in- law and needs to be deleted in the interest of natural justice and equity. 2. On facts and circumstance of the case, the learned CIT(A) has erred in confirming an addition of Rs. 7,93,390/- u/s 68 of the Act in respect of maturity proceeds of FDRs and cash deposits, alleging unexplained cash credits, w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t i.e. Bank statement of Bank account of the assessee were made. It was detected that assessee inter-alia has a Bank accounts No. 07430100017771 with Bank of Baroda. On perusal of bank statement, it was noticed by assessing officer that there are cash deposits of Rs. 18,91,500/-. In the said bank account during the year an amount of Rs. 36500/- credited by clearing of cheque. During the assessment proceedings, the assessee submitted its explanation about the cash deposited in Bank account. However, the assessing officer rejected the contention of the assessee and observed that there are cash deposits of Rs. 18,91,500/-, and Interest allowed by the bank is of Rs. 697/-. Besides these there are deposits aggregating to Rs. 36,500/- which also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other hand, the Ld. DR for the Revenue has primarily reiterated the stand taken by the Assessing Officer, which we have already noted in our earlier para and is not being repeated for the sake of brevity. 7. We note that in respect of cash deposits in the same bank account pertaining to A.Y. 2007-08, the Tribunal set aside the issue to the file of AO with the specific directions to examine the pay in slips signed by the persons who deposited cash amounts in the bank account and ascertain the ownership of money. However, for assessment year 2008-09, the facts are different. Learned Counsel submits that bank account no.743010007771 with Bank of Baroda belongs to the brother of the assessee viz. Shri Mohammad Rafiq Abdul Rashid and his mothe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... able. It is a well settled Law that when an assessee has all the possible evidence in support of its claim, they cannot be brushed aside based on surmises. Therefore, based on this factual position we delete the addition made by the assessing officer. Thus, ground no.1 raised by the assessee is allowed. 8. Coming to Ground Nos.2 and 3 raised by the assessee, wherein the grievance of the assessee is that addition of Rs. 7,93,390/-, u/s 68 of the Act is made by AO in respect of maturity proceeds of FDRs, alleging unexplained cash credits, without appreciating that FDRs belongs to the wife and the brother of the assessee and are not even made during the year under consideration, which is absolutely erroneous and bad-in-law. In ground no.3 the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee is also a joint holder in the said savings bank account. The detail of the maturity of FDRs is given in the following table. Sr. No. Date/Year of Deposit Date of maturity Amount (Rs.) Remarks 1 21-09-004 18-06-07 1,71,391 FDRs in the name of Yasminbanu Abdul Aziz (wife) & Mod. Raflk A. Shaikh (brother) 2 Before 01-04-07 18-06-07 1,29,799 FDRs in the name of Mod. Rafik A. Shaikh (brother) & the assessee viz. Abdulazlz Abdul Rshid Shaikh 3 Before 01-04-07 18-06-07 1,03,707 FDRs in the name of Mod. Rafik A. Shaikh (brother) & the assessee viz. Abdulaziz Abdul Rshld Shaikh 4 19-07-04 31-01-08 1,18,493 FDRs in the name of Assessee i.e. Abdulazlz Abdul Rashld Shaikh 5 31-01-08 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.) Date of Investment as per MF Statement Bank Account from where the investment made 1 1,50,000 08-08-2007 Bank of Baroda SB account no. SB-122 (07430100017771) belonging to the brother of the assessee Md. Rafiq Abdul Rashid Shaikh on 16-07-2007 and reflected in his books of accounts. 2 1,50,000 25-02-2008 Dena Bank SB account no. 25019 belonging to the assessee on 13-02-2008 and reflected in the books of account of the assessee. 3,00,000 Total The ld Counsel submits that Investments in mutual funds of Rs. 1,50,000/- each vide account Nos. 42652075101 and 42677326502 belonging to the assessee and his brother and referred to by the assessing officer gets fully accounted for in the regular books of account o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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