9911796707
TMI Blog2014 (5) TMI 1098X X X X Extracts X X X X X X X X Extracts X X X X ..... sustainable in law. Therefore, we are of the opinion that the additional ground raised by the assessee is allowed in his favour. - ITA No. 4823/Mum/2012 - - - Dated:- 28-5-2014 - SHRI D.KARUNAKARA RAO, AM AND SHRI VIVEK VARMA, JM Appellant by : Shri Dharmesh Shah Respondent by : Smt.Abha Kala Chanda ORDER PER D. KARUNAKARA RAO, AM: This appeal filed by the assessee on 23/07/2012 is against the order of the CIT (A)-41, Mumbai dated 02/07/2012 for the assessment year 2006-07. 2. At the outset ld. Counsel for the assessee brought our attention to the additional ground and the same is reproduced as under.- On the facts and circumstances of the case, the learned CIT(A) has erred in affirming the action of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h Axis Bank. (earlier it was UTI Bank) and also of ₹ 10,000/- being capital introduced in the bank account with Axis Bank, Ld. Counsel stated that these additions are made out of the deposits in the bank account alongwith the Axis Bank which is formerly known as UTI Bank. Bringing our attention to page 1 of the paper book (bank extract) and page-12 (balance sheet showing the details of the bank accounts were UTI Bank (Axis Bank). Ld. Counsel argued vehemently, mentioning that the account in question is an accounted one in the books of the assessee. In support of the above, ld. Counsel for the assessee filed a bank extract copy from the UTI bank (i.e. Axis Bank), and read out the closing balance at the end of the previous year at ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment proceedings u/s 131 of Act. It is the case where AO estimated the income for personal use at the rate of ₹ 30,000/- per month and the same is not supported by any incriminating material. As stated above, such additions are not sustainable in law. Therefore, we are of the opinion that the additional ground raised by the assessee is allowed in his favour. 7. Considering the above decisions of the Tribunal on the additional ground and the validity of the additions, the adjudication of regular grounds filed by the assessee on merits become an academic exercise. Therefore, the said ground are dismissed as academic. 8. In the result, appeal of the assessee is allowed. Order pronounced in the open court on 28th May, 2014. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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