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TMI Blog2011 (8) TMI 781X X X X Extracts X X X X X X X X Extracts X X X X ..... d be assessed in hands of HUF. Decided against the Revenue. - ITA NO. 255 OF 2011 - - - Dated:- 30-8-2011 - ADARSH KUMAR GOEL, AND AJAY KUMAR MITTAL, JJ Yogesh Putney for the Appellant. Ajay Kumar Mittal, J. This appeal has been filed by the revenue under Section 260A of the Income Tax Act, 1961 (in short "the Act") against the order dated 19.10.2010 passed by the Income Tax Appellate Tribunal, Chandigarh Bench "B", Chandigarh (hereinafter referred to as "the Tribunal") in ITA No. 1180/CHD/2009, for the assessment year 2006-07, claiming the following substantial questions of law:- "(i) Whether on the facts and circumstances of the case, the Hon'ble ITAT was right in law in deleting the addition of Rs. 37,25,491/- without c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or sale of properties were made by the assessee in his individual name and the bank account was also maintained in the individual capacity, therefore, all the deposits were the income of the assessee as an individual. Accordingly, the Assessing Officer made an addition of Rs. 37,25,491/-in the returned income of the assessee. Feeling aggrieved, the assessee filed an appeal before the Commissioner of Income Tax (Appeals) [in short the "CIT (A)"]. The CIT(A) vide order dated 1.10.2009 deleted the said addition of Rs. 37,25,491/- holding that the deposits made by the assessee had been separately assessed to tax and relates to HUF of the assessee and the same had been duly shown in the return filed in the status of HUF. Against the order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and that the status of HUF is governed by the investments which were made out of HUF funds and the HUF can purchase property in the name of any member of family. The counsel produced books of account of the HUF and also copy of the return filed with ITO, Ward-5, Chandigarh in which the income from sale/purchase of properties has been shown. The counsel also filed narration of all the entries in the bank account. The AO has not brought any material on record to rebut this contention of the appellant and has not found any fault with the books of account. In view of the arguments of the counsel and the evidence produced by him, it is held that the transactions in the bank account with Punjab State Co-op. Bank, Sector 34A, Chandigarh relate t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o fault was found by the Assessing Officer in respect of entries in the said books of account. The HUF of the assessee on the basis of the entries in the said books of account has furnished the return of income with ITO, Ward-5, Chandigarh in which income from sale/purchase of the properties were shown. The Ld. DR for the revenue has failed to bring on record any contrary findings to the findings of CIT(A) in this regard. In the entirety of the circumstances and the evidence produced by the assessee, we upheld the order of CIT(A) that in view of the evidence produced, the transactions in the bank account i.e. Punjab State Cooperative Bank Ltd. relates to the HUF of the assessee, income from which had been declared in the status of his HUF. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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