9911796707
TMI Blog2007 (11) TMI 456X X X X Extracts X X X X X X X X Extracts X X X X ..... rises out of the order passed by the CIT(A) on 10-1-2007 in relation of the assessment year 2000-01. 2. Out of 8 grounds of appeal raised by the assessee in this appeal, the only effective issue involved is regarding the purchase of Armada Jeep for Rs. 4,85,000 which has been treated by the Assessing Officer as well as the learned CIT(A) as investment from undisclosed sources. 3. The learn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e sheet being a Government employee and not doing any business, the same has not been submitted along with the return of income. The assessee is more than 60 years old residing at a small village also does not make sense for preparing the balance sheet. Even in the absence of details the assessee has submitted sufficient evidences in support of finances arranged for the purchase of jeep. He please ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received pension of Rs. 2,30,000. Thus the total funds available on the date of purchase of jeep were of Rs. 7,46,000 out of which Rs. 99,200 was invested in FDR, Rs. 30,000 in NSC and Rs. 96,000 were spent on the household in the four years. Thus the net fund available with the assessee was Rs. 5,20,800. He also submitted the evidences in respect of the retirement benefits received. He pleaded th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Representative relied on the order of the authorities below. 4. After hearing the rival submissions and perusing the relevant material on record, we find that the assessee was in Government service for 39 years. After retirement, he is staying in the village. Retirement benefits were received by the assessee in cash, which is not in dispute. He was also receiving pension since 1996, which is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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