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TMI Blog2013 (12) TMI 1201X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessment against one Shri Deepak Gupta does not call for any interference by the High Court - The provisions contained in section 69 could not be invoked in respect of the investment - Decided against Revenue. - Income Tax Appeal No. - 341 of 2008 - - - Dated:- 30-7-2012 - Hon'ble Sunil Ambwani And Hon'ble Aditya Nath Mittal,JJ. For the Petitioner : S.C.,D. Awasthi For the Responde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng 'nil' income. In the course of assessment proceedings statement of the assessee was also recorded on 23.12.2004 under Section 131 of the Act. She stated that she was a minor studying in Class-XII. Her father was ill and was admitted to hospital, where the father of Shri Deepak Gupta was also admitted. She came in contact with Mr. Deepak Gupta, who promised her to help her in starting export bus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account was treated in the hands of the assessee under Section 68 of the Act on protective measures and on substantive basis in the hands of Deepak Gupta for the assessment year 2002-03. The CIT (A) dismissed the appeal against which the department went in appeal before the Income Tax Appellate Tribunal. The Tribunal has held as follows:- "4.1 From the findings of the AO, it is clear that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... held that there was no error in the order of the Tribunal that the provisions contained in section 69 could not be invoked in respect of the investment. We find that the facts of that case and this case are similar. The assessee does not have any source of income. The money was not utilized by her. Therefore, if the circumstances in which the assessee is placed are appreciated properly, it cannot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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