TMI Blog2008 (4) TMI 220X X X X Extracts X X X X X X X X Extracts X X X X ..... or the Revenue/appellant. JUDGMENT The judgment of the court was delivered by Rakesh Kumar Garg,J - A search under section 132 of the Income Tax Act, 1961 (for short the "Act") was conducted on 24.6.1997 at the residential and official premises of the assessee. Thereafter, making post search inquiries, the case was handed over to the Assessing officer. 2. A notice under Section 158 of the Act was issued to the assessee, which was served on 31.8.1997. In response to the notice, the return of income for the block period 1.4.1987 to 24.6.1997 was filed on 29.5.1998 declaring therein a total undisclosed income of Rs.56,408/-. During the course of proceedings, it was found that the assessee has four daughters, namely, Nisha, Meena ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncern of assessee. Rs. 7,00,000/- h) Household items Rs. 50,000/-" 3. On an appeal filed by the assessee, the Commissioner of Income Tax(Appeals) (for short the "CIT(A)") deleted some of the additions,i.e.,(i) Rs.70,33,060/- on A/c of cheques and cash deposits in S.B.A/cs of 4 daughters,(ii) Rs.3,23,118/- on A/c of interest income during Block period on bank deposits of Four daughters (iii) Rs. 5,78,100/- on A/c of expenses on marriages of daughters (iv) Rs.20,43,756/- on A/c of Foreign Remittance received by assessee and family members (v) Rs. 7,00,000/- on A/c of investment and estimated profit during block period in the concern of Sujeet Sharma held to be property concern of assessee and (vi) Rs. 10,000/- on account of Household i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of Rs.5,78,100/- on account of unexplained marriage expenses of the daughters of the assessee. 6. That on the facts and circumstances of the case, the learned CIT(A) has further erred in law in deleting the addition of Rs.7,00,000/- on account of unexplained investment and estimated profit in respect of the benami concern of the assessee styled Surjit Sharma Co." The Tribunal vide its order dated 2.3.2007 rejected all the grounds raised by the Revenue and dismissed the appeal of the Revenue. Still not satisfied with the order passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar,(for short the "Tribunal") the Revenue has filed the present appeal challenging the order of the Tribunal passed in IT(SS)A No.22(ASR)2002 d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee does not carry any weight. In the assessment of the daughters of the assessee, all bank accounts were explained and the return of income was accepted. These daughters of the assessee filed affidavits confirming the deposit in their Saving Bank Accounts belonging to them only and that their father (the assessee) had nothing to do with those deposits. These affidavits were never controverted by the department. Thus, these deposits have therefore, to be considered in their hands. We also find that the bank account in which these foreign remittances were deposited, were duly disclosed by the daughters of the assessee, while filing their return of income before the date of search. The remittances were received by the daughters whe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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