9911796707
TMI Blog2012 (5) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... e revenue is against the order dated 14-09-2010 of CIT (A)-I, Rajkot for the assessment year 2006-07. 2. The facts in brief are that the assessee is an individual. For the assessment under appeal, she filed the return of income on 09-02-2007 declaring total income at rs.51,080/- and agriculture income at Rs. 60,789/-. During the course of assessment proceedings, AO noticed that she has made investment in acquiring units of mutual funds, the detail of which is as under:- Name of Mutual fund Amount invested (Rs.) 1 Standard charter Mutual Fund 1200000 2 Reliance Mutual Fund 300000 3 HDFC Mutual Fund 250000 Total 1750000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... giving her a loan and (2) by giving her a gift of units of aforesaid mutual fund. On verification of the copy of capital account and balance sheet submitted along with return of income, it is not seen that the assessee has taken any loan from her husband for acquiring units of aforesaid mutual funds nor it is seen that the assessee has received a gift of units of aforesaid mutual fund from her husband. In other words, there are no such entries recorded in books of the assessee which evident that the assessee has accepted either a loan or gift from her husband. The assessee has also not furnished substantial evidences that proved that the assessee has accepted either a loan or gift from her husband. Further on verification of the account of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e accordingly added a sum of Rs. 92,667/ as short term capital gain in her total income. 6. Aggrieved with the aforesaid two additions, the assessee preferred an appeal before the ld. CIT(A). During the course of hearing before the ld. CIT(A), AR of the assessee made the following submissions:- "The appellant, an individual, earns income from business and agriculture activities. Return of income was filed on 09.02.2007 declaring total income of Rs. 51,080/- and agriculture income of Rs. 60,789/-. The AC assessed the total income at Rs. 18,93,780/- agriculture income at Rs. 60,789/- vide order u/s. 143(3) dated 11-12-2008 wherein he made the following additions: ( a ) Standard Chartered Mutual fund Rs. 12,00,000/-, ( b ) Reli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellant's case is totally unjustified as it is accounted for explained by her husband in his case. The addition may kindly be deleted. 6.0 For the same reason, addition of Short term Capital gain of Rs. 92,667/- vide para 8 of assessment order is also unjustified and may kindly be deleted." 7. After considering the aforesaid submissions made in the impugned order, the ld. CIT(A) deleted the addition of Rs. 17,50,000/- made u/s. 69B of the I.T. Act,1961 as well as capital gain tax of Rs. 92,667/- for the detailed reason given in para-7 8 of the impugned order which reads as under:- "7. I have considered the issue carefully. I find from the assessment order that appellant has filed complete details to show that entire investment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,000/- as investment of assessee u/s. 69B of the I.T. Act, the capital gain arisen in the hands of the assessee and not in the hands of her husband u/s. 64(1)(iv) of the I.T. Act, 1961. He accordingly contended that both the additions deleted by the ld. CIT(A) be restored. 10. On the other hands, Shri J.C. Ranpura appeared on behalf of the assessee has vehemently supported the order of ld. CIT(A). He further explained that copies of all ledge account from the books of husband of the assessee namely; Shri Vallabhbhai P. Patel indicating proof of source of income in the mutual funds furnished before the AO. It is only on doubt and suspicions the AO, without making any cross verification from the husband rejected the explanation solely on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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