2014 (2) TMI 416

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... r upholding the addition made under section 69B by the A.O - the assessee has satisfactorily explained the source of credit entries in its bank account and the investment by her in the mutual fund with Standard Chartered Bank – thus, no case of addition under section 69B as undisclosed investment could be made out by the department and the addition made is accordingly deleted – Decided in favour of Assessee. - ITA.No.122/Ahd/2012 - - - Dated:- 7-9-2012 - G.C. GUPTA AND A. MOHAN ALANKAMONY, JJ. For the Appellant : Shri A.C. Shah For the Respondent : Shri M.Mathivandan PER : G.C. GUPTA, VICE-PRESIDENT This appeal by the assessee is directed against the order of the CIT(A)-II, Baroda for the assessment year 2008-2009. 2. T .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... passed. The learned DR has opposed the submissions of the learned counsel for the assessee. He referred to the relevant portions of the assessment order and the appellate order of the CIT(A) in support of the case of the Revenue. He submitted that RDPL was family concern of the assessee in which the assessee s father was director along with other family members. He submitted that there is no evidence that the assessee could have accumulated Rs.30 lakhs to deposit with RDPL in the past years between 1987 to 1998. He submitted that the amount in question has not appeared in the balance sheet of RDPL . He relied on the order of the AO and the CIT(A). The learned counsel for the assessee, in his rejoinder, referred to a note forming part .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... h some other family members is no ground to make addition of the amount, sources of which has been wholly explained by the assessee. We find that the CIT(A) has not given any cogent reason for upholding the addition made under Section 69B by the AO. RDPL in Part-B Notes forming part of the accounts of Schedule-7 has specifically detailed the relevant facts and the amount of Rs.30 lakhs as repayment of contribution to the assessee, Krinaben Kirankumar Patel has been specifically mentioned under the head related party disclosure . In these facts and circumstances of the case, we hold that the assessee has satisfactorily explained the source of credit entries in its bank account and the investment by her in the mutual fund with Standard C .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X