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TMI Blog2013 (10) TMI 704X X X X Extracts X X X X X X X X Extracts X X X X ..... d in the individual name as "karta" of the said HUF and the action of the A.O. in treating the said bank account as well as investment made from the said bank account as well as income credited therein as the income of the assessee merely going by the title of the account was totally unfounded when it was satisfactorily established by the assessee that the same was belonging to HUF and was duly disclosed/declared in the returns of income and balance sheets of the HUF not only for the year under consideration but even in the earlier years – there was no infirmity in the impugned order of the ld. CIT(A) deleting the addition made by the A.O. on this issue and upholding the same – Decided against Revenue. - I.T.A. No. 6275 /Mum/2011 - - - Dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 75/-. During the course of assessment proceedings, it was found by the A.O. that there was a bank account maintained in the individual name of the assessee in the HDFC Bank bearing A/C No. 00791050011074. It was also found by him that investment in bank deposits of Rs. 90 lacs was made by the assessee from the said account and interest of Rs. 9,59,016/- was received on the said deposit. He further found that dividend income of Rs. 12,88,440/- was credited in the said account. It was also noticed by the A.O. that interest of Rs. 1,92,667/- was credited in the said bank account. Since the said investment made in the bank deposit as well as dividend and interest income credited in the said account was not offered to tax by the assessee, the A. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stment in the bank FDs as well as on account of interest and dividend income. Before the ld. CIT(A), it was submitted on behalf of the assessee that the HUF was in existence since 1980 having its own source of income from interest and capital gains. It was submitted that the said HUF was also having saving bank account No. 00791050011074 opened in the name of the assessee in the capacity of "Karta" with HDFC Bank and the investment of Rs. 90 lacs in the FDs was made from HUF own funds lying in the said bank account. It was submitted that the assessee was maintaining a separate bank account No. 00791050010746 in his individual capacity with the same branch of the HDFC Bank and the said bank account was shown regularly in the balance sheet of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in his impugned order are reproduced hereunder:- "2. I have carefully considered the facts of the case. The A.O. noticed that there was Bank account no.00791050011074 in the HDFC bank Ltd. The bank informed to the A.O. that this account was in the name of individual Shri Shailesh C. Chokshi, the appellant and that no any other account was maintained in their bank in the name of HUF. During assessment proceedings, the appellant explained to the A.O. that this amount no.0079 1050011074 though was in the name of appellant, but was belonging to HUF and said bank account was maintained in his name as "karta" of HUF. The A.O. did not agree with appellant's contention that this bank account was belonging to appellant as confirmed by bank. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al income and balance sheet of his individual capacity from A.Y.2005-06 to 2008-09 in which appellant's bank no. with FIDFC Bank Ltd. was shown as 00791050010746 and accounts with other bank. The appellant had also filed copies of assessment order from A.Y.2005- 06 to 2007-08 in respect of his individual capacity/status and also that of HUF for A.Y.2005-06 and 2006-07. In the said assessment orders, no additions/disallowance was made by A.O. on the basis Of HDFC Bank account no.00791050011074. Thus the appellant had proved that the HDFC Bank account no.00791050011074 was belonging to the HUF. The Department also accepted this fact in assessment orders of earlier years by not making addition/disallowance on the basis of this bank account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 074 as well as interest and dividend income credited therein holding that the same was actually belonging to the HUF and not the assessee. Aggrieved by the order of the ld. CIT(A), the Revenue has preferred this appeal before the Tribunal. 4. We have considered the rival submissions and also perused the relevant material available on record. The ld. D.R. has mainly relied on the order of the A.O. in support of the Revenue's case and submitted that the enquiry made by the A.O. from the concerned bank as well as the relevant TDS certificate issued for the bank interest clearly revealed that the relevant bank account maintained with HDFC bank was belonging to the assessee in his individuals capacity and, therefore, the investment made in FDs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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