TaxTMI 
TaxTMI 
2011 (8) TMI 781
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....rcumstances of the case, the Hon'ble ITAT was right in law in deleting the addition of Rs. 37,25,491/- without co-relating the deposits and withdrawals made in the bank account with the sale/purchases transactions of the HUF. (ii) Whether on the facts and in the circumstances of the case, the Hon'ble ITAT was right in law on facts in accepting the contention of the assessee that the transactions in the bank account of the assessee with Punjab State Cooperative Bank pertained to the property business of the HUF and not the assessee an individual although the copy of the bank account showed that it was opened in individual capacity showing income by way of 'Service' and not business." 2. Put shortly, the facts of the case are that the asses....
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....e assessee and the same had been duly shown in the return filed in the status of HUF. Against the order of the CIT(A), the revenue approached the Tribunal by filing an appeal. The Tribunal vide order dated 19.10.2010 upheld the order of the CIT(A) and dismissed the appeal. Hence, the present appeal by the revenue. 3. We have heard learned counsel for the appellant. 4. The point for determination in this case is whether the CIT (A) and the Tribunal were justified in holding that the income declared by the assessee was income of HUF and not his individual income. The CIT(A) while reversing the findings of the Assessing Officer on appreciation of evidence came to the conclusion that the deposits made in cash in Punjab State Cooperative Bank ....
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....ld that the transactions in the bank account with Punjab State Co-op. Bank, Sector 34A, Chandigarh relate to the HUF of the appellant, the income from which has been declared in the return of the HUF. The addition of Rs. 37,25,491/- made by the AO is ordered to be deleted." 5. On appeal by the revenue, the Tribunal affirmed the aforesaid finding with the following observations:- "We have heard the rival contentions and perused the records. The assessee has furnished on record the copies of return of income furnished in the status of HUF of the assessee relating to assessment years 1998-99 to 2000-01 along with computation of income at pages 17 to 22 of the paper book. The assessee has also furnished on record the details of sale and purch....