9911796707
TMI Blog2015 (6) TMI 1184X X X X Extracts X X X X X X X X Extracts X X X X ..... eet and capital account of Ms. Chandbibi as on 31/03/2002, copy of acknowledgement of return, bank statement of Mumbai Majdoor Sabha for repayment of loan in May 2004 (₹ 10 lakhs) and the investment made, appearing in the balance sheet, as on 31/03/2002. All these documents were forwarded to the Assessing Officer for his comments and the ACIT vide letter dated 31/11/2013, through Ad CIT sent the remand report that too after verification of bank accounts. In the remand report, the Assessing Officer found no unexplained cash credits. In the remand report submitted by the assessing officer ACIT Central Circle-43, Mumbai through Additional CIT Central Range 6, Mumbai, the credits in the bank accounts were verified and it was submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the ground raised. On the other hand, Ms. Shabnum Kedia, ld. counsel for the assessee, defended the conclusion arrived at in the impugned order. 2.1. I have considered the rival submissions and perused the material available on record. The facts, in brief, are that a search and seizure action u/s 132 (1) of the Income Tax Act, 1961 (hereinafter the Act) was carried out in Chandbibi Zaidi, group of cases on 20/08/2009. The case of the assessee, who was the daughter of the sister of Chandbibi Zaidi was centralized. A bank account in the joint name of Ms. Ravish Zaidi and Chandbibi Zaidi was with Nova Scotia Bank, Nariman point Branch, Mumbai, was found. There were deposits to the tune of ₹ 23,71,427/-, including interest in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed hereunder for ready reference:- 5.2. In the remand report submitted by the assessing officer ACIT Central Circle-43, Mumbai dated 28/11/2013 through Additional CIT Central Range 6, Mumbai, the credits in the bank accounts were verified and it was submitted that no unexplained credits were found. Hence the addition made of ₹ 20,00,000/- in AY 2005-06 and ₹ 5,80,000/- for AY 2006-07 are deleted. The ground of appeal no. 1 is to this extent allowed. In view of the submission of the assessee and remand report by the Assessing Officer, the impugned addition was deleted by the ld. Commissioner of Income Tax (Appeals). No contrary evidence was produced by the Revenue in support of the ground raised, therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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