TMI Blog1986 (10) TMI 56X X X X Extracts X X X X X X X X Extracts X X X X ..... onfirming the addition of Rs. 4,500 as unexplained investment. Briefly stated the facts of the case are that the assessee is an individual and during the year under consideration she made investment of Rs. 4,500 in the books of M/s Prakash Company. Before the ITO it was contended that the assessee derived share income from M/s Prakash Company, Kanpur and the account books of the said company revea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... keeping into account the status of the assessee, the amount ought to have been treated as unexplained. The AAC considered submissions of the assessee and came to the conclusion that no details regarding gifts etc. were filed before the ITO or before him and even the list of persons making the gift had not been filed. He, therefore, upheld the finding of the ITO and confirmed the addition. 3. Fe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Stridhan. On the other hand, the departmental representative contended before us at that the lists of persons making gifts to the assessee were not filed before the ITO and he further contended that it does not transpire from paper No.2 of the assessee's paper book that, in fact, the list of these persons was filed before the ITO. 4. We have considered the submissions of the parties. It is cle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... casions and it is entirely the stridhan of the ladies. The investment of a small amount of Rs. 4,500 by the assessee, in no way, can be considered to be the unexplained investment. Neither the ITO nor the AAC has looked into the entire facts and have not taken notice of the fact that the assessee enjoyed a good status and, therefore, it cannot be doubted that the assessee received gifts amounting ..... X X X X Extracts X X X X X X X X Extracts X X X X
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