2002 (4) TMI 568

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....has earned interest of Rs. 38,619 on Fixed Deposits with Bank of Baroda which has not been disclosed in his return of income. The assessee has shown interest on Savings Bank Account and Fixed Deposits to the tune of Rs. 1,675 only. The Assessing Officer therefore included the sum of Rs. 38,619 as assessee's income from interest on Fixed Deposits with banks. The learned DR contended that in the assessment order there is no discussion relating to the assessee's claim that these Fixed Deposits belonged to his HUF and did not belong to the assessee in his individual capacity. The learned DCIT(A) has deleted the said addition by placing reliance on the submissions made before him that these Fixed Deposits have been made out of agricultural incom....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....50,000 1993-94 5,31,695 3,32,345 1,98,350 FD with Bank Thus, it is apparent that the HUF has sufficient funds to be invested in FD and earn interest thereon. It is these funds of HUF that were invested in FD and interest of Rs. 38,619 was earned. 2. The assessee duly submitted the details of the HUFs agricultural holdings, crops grown and earnings from such agricultural holdings before the learned Assessing Officer. 3. The learned Assessing Officer has neither rejected the HUFs income nor established any link that the FDs in question were out of the income of the assessee. The learned Assessing Officer has failed to produce any evidence to corroborate his allegation." 2.1 The learned counsel contended that the DCI....