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TMI Blog2012 (11) TMI 929X X X X Extracts X X X X X X X X Extracts X X X X ..... to meet the social obligations - substantive addition was already made in the hands of L.T. Shroff Group which had accepted ownership of the amount and paid tax - Tribunal has, therefore, rightly deleted the amount added by the Assessing Officer on protective basis in wake of substantive addition Addition on account of unexplained income of the assessee being the amount lying in the name of min ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hether the Appellate Tribunal is right in law and on facts in confirming the order passed by CIT(A) in deleting the addition of Rs.4,91,783/- made u/s.64 of the Act ? Heard the learned Sr. Counsel Shri Manish Bhatt for the Revenue. The first issue relates to addition of amount of Rs.6,16,378/- being unexplained cash credit. It emerges from the record that search proceeding was carried out in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e social obligations. On the ground that source of money was explained by the assessee being the amount of sale of ornaments where bills and bank account particulars were already furnished, CIT (Appeals), found that explanation of the assessee justifiable. It therefore deleted the a sum of Rs.5,48,282/- as also further addition of Rs.68,096/-. When challenged before the Tribunal, it noted that bot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d income of the assessee being the amount lying in the name of minor daughter of the assessee. This was explained to be the declared cash of the wife of the assessee at the time of permanent settlement in India after their migration from Pakistan. The CIT (Appeals), accepted such explanation and deleted the addition. The Tribunal after noting all these details concurred with the findings of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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