2007 (11) TMI 456

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.... Accountant Member. - This appeal by the assesses arises out of the order passed by the CIT(A) on 10-1-2007 in relation of the assessment year 2000-01. 2. Out of 8 grounds of appeal raised by the assessee in this appeal, the only effective issue involved is regarding the purchase of Armada Jeep for Rs. 4,85,000 which has been treated by the Assessing Officer as well as the learned CIT(A) as inv....

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....the assessee was not liable to prepare the balance sheet being a Government employee and not doing any business, the same has not been submitted along with the return of income. The assessee is more than 60 years old residing at a small village also does not make sense for preparing the balance sheet. Even in the absence of details the assessee has submitted sufficient evidences in support of fina....

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.... till the purchase of the jeep the assessee also received pension of Rs. 2,30,000. Thus the total funds available on the date of purchase of jeep were of Rs. 7,46,000 out of which Rs. 99,200 was invested in FDR, Rs. 30,000 in NSC and Rs. 96,000 were spent on the household in the four years. Thus the net fund available with the assessee was Rs. 5,20,800. He also submitted the evidences in respect o....

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....deserve to be set aside. The learned Departmental Representative relied on the order of the authorities below. 4. After hearing the rival submissions and perusing the relevant material on record, we find that the assessee was in Government service for 39 years. After retirement, he is staying in the village. Retirement benefits were received by the assessee in cash, which is not in dispute. He ....