2011 (7) TMI 658

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....peal is filed being aggrieved by the order passed by the Income Tax Appellate Tribunal (hereinafter referred to as 'the Tribunal'), Bangalore 'B' Bench, in ITA No.785(BNG.)/2009 pertaining to the assessment year 2006-07, wherein the appeal filed by the Revenue has been dismissed confirming the order passed by the appellate authority dated 26.05.2009. 2. The assessee had purchased mutual fund fo....

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....t from the Assessing Officer and after considering the material produced by the assessee and having satisfied itself on the question of fact that the cash deposits of Rs. 3,65,000/- and Rs. 25,47,000/ made by the assessee in SBM and Axis Bank respectively had been satisfactorily explained by the assessee, set aside the disallowance made by the assessment Officer while computing the income of the a....

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.... Officer that the source of income in respect of cash deposits of Rs. 3,65,000/- and Rs. 25,47,000/- made in SBM and Axis Bank respectively had not been satisfactorily explained by the assessee, is perverse. 4. We have heard the learned counsel appearing for the appellant and we have perused the original records. 5. It is clear from the documents which are produced by the assessee that the c....