9911796707
TMI Blog2002 (4) TMI 568X X X X Extracts X X X X X X X X Extracts X X X X ..... Bank of Baroda which has not been disclosed in his return of income. The assessee has shown interest on Savings Bank Account and Fixed Deposits to the tune of Rs. 1,675 only. The Assessing Officer therefore included the sum of Rs. 38,619 as assessee s income from interest on Fixed Deposits with banks. The learned DR contended that in the assessment order there is no discussion relating to the assessee s claim that these Fixed Deposits belonged to his HUF and did not belong to the assessee in his individual capacity. The learned DCIT(A) has deleted the said addition by placing reliance on the submissions made before him that these Fixed Deposits have been made out of agricultural income derived by the assessee from ancestral agricultural la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... given Rs. 1,50,000 1993-94 5,31,695 3,32,345 1,98,350 FD with Bank Thus, it is apparent that the HUF has sufficient funds to be invested in FD and earn interest thereon. It is these funds of HUF that were invested in FD and interest of Rs. 38,619 was earned. 2. The assessee duly submitted the details of the HUFs agricultural holdings, crops grown and earnings from such agricultural holdings before the learned Assessing Officer. 3. The learned Assessing Officer has neither rejected the HUFs income nor established any link that the FDs in question were out of the income of the assessee. The learned Assessing Officer has failed to produce any evidence to corroborate his allegation." 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment order. The quantum of agricultural income shown in the capital account and reproduced in the chart hereinbefore for assessment years 1990-91 to 1993-94 adequately explains the source of investment of amounts in FDs with the Banks and also the amount of loans and advances in assessment year 1992-93. The learned DR has not disputed the correctness of the fact that deletion of addition of Rs. 16,000 made in assessment year 1992-93 by the DCIT(A) has been accepted by the Department. 3.1 On a careful consideration of the entire relevant facts, we are of the considered opinion that the DCIT(A) has rightly deleted the said addition of Rs. 38,619. We, therefore, do not find any justification to interfere with the view taken by the DCIT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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