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2013 (10) TMI 704 - ITAT MUMBAIActual Owner of Bank Account - Whether the bank account in the HDFC Bank was belonging to the appellant or to his HUF – Held that:- The documentary evidence also clearly shows that the amounts credited in the said bank account were belonging to the HUF and the investment in bank deposits was made out of the funds of the HUF - the interest on FDs as well as the dividend income credited in the relevant bank account was belonging to the HUF and the same was duly offered to tax in the return of income filed by the HUF - As rightly held by the ld. CIT(A) on the basis of this documentary evidence, the relevant bank account thus was maintained in the individual name as "karta" of the said HUF and the action of the A.O. in treating the said bank account as well as investment made from the said bank account as well as income credited therein as the income of the assessee merely going by the title of the account was totally unfounded when it was satisfactorily established by the assessee that the same was belonging to HUF and was duly disclosed/declared in the returns of income and balance sheets of the HUF not only for the year under consideration but even in the earlier years – there was no infirmity in the impugned order of the ld. CIT(A) deleting the addition made by the A.O. on this issue and upholding the same – Decided against Revenue.
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