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TMI Blog2017 (7) TMI 362X X X X Extracts X X X X X X X X Extracts X X X X ..... f the wife for the purpose of source of deposit and the AO has clearly stated in the remand report that all the particulars as shown in the cash flow statement are also found in the assessment record of the HUF. Therefore, when the particulars of the cash flow statements are accepted by the AO then the source as explained by the assessee as fund available with the HUF cannot be denied. In view of the above facts and circumstances of the case the addition made by the AO is not sustainable and the same is deleted. - Decided in favour of assessee. - ITA No. 909/Bang/2016 - - - Dated:- 7-6-2017 - SHRI VIJAY PAL RAO, JUDICIAL MEMBER For The Appellant : Shri R. Chandrashekar, Advocate For The Respondent : Shri M.K. Biju, JCIT OR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 6 . The learned Commissioner of Income Tax ( Appeals ) erred in confirming the levy of interest charged u / s 234 B of the Act and the levy is opposed to the decision of Hon ble High Court of Karnataka rendered in the case T . P . Indrakumar Vs . ITO ( 322 ITR 454 ). Appellant craves leave of the Hon ble Tribunal to add / modify / delete any other ground or grounds at the time of hearing . 2. The assessee is an individual and filed return of income for the assessment year under consideration on 23.09.2009 declaring an income of ₹ 1,80,000/-. The AO while completing the assessment u/s. 143(3) has made an addition of ₹ 25,52,905/- on account of deposits made in savings bank accou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt made in the deposits in the bank in the name of the assessee as well as his wife. He has further pointed out that though the CIT(A) directed the AO to file the remand report however, while passing the impugned order the CIT(A) has not considered the remand report filed by the AO. Therefore, when the AO in the remand report has accepted the availability of the fund with the HUF then the addition made by the AO is not sustained. 4. On the other hand, the ld. DR has submitted that the CIT(A) has considered the cash flow statement of HUF and found that the assessee has not given the explanation about the book debts and other investment of ₹ 12,84,000/- as well as pawn broking advances of ₹ 3,76,480/-. Therefore to the extent o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned on Fixed Deposit has also been reflected in the return of income filed by the joint HUF. Further the AO found that the Commissioner of Income Tax IV Bangalore in the proceedings u/s. 264 of the IT Act in case of Smt. B. Jayashree the wife of the assessee accepted the source of the deposit in the account of the wife as fund available with the HUF shown in the cash flow statement. The AO further recorded in the remand report that on perusal of the assessment record of the HUF it is evident that such details were available. Further the AO has clarified that the assessee has not given the consent for a sum of ₹ 25,52,905/- but what was accepted was that deposit was of ₹ 25 lakhs and not ₹ 25,80,000/- as reported in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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