2011 (11) TMI 435

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....al filed by the revenue against the order of the Commissioner of Income Tax (Appeals)-II, Ludhiana (for short "the CIT (A)" has been dismissed. The revenue has contended that the following substantial questions of law arise in the facts of the case:-  "1.  Whether on the facts and in law, the Hon'ble ITAT was legally justified in dismissing the appeal of the department and upholding the order of CIT(Appeals) in deleting the addition made under Section 69A of the Act ignoring that there was nexus established between the withdrawals made by the father/mother of the assessee from their bank account and the date of deposit of the same by the assessee into his bank account?  2.  Whether on the facts and in law, the Hon'....

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....sited from undisclosed sources under Section 69A of the Act and treated the same as income of the assessee from undisclosed sources and accordingly held that notice under Section 271(1) (c) of the Act be issued separately. 3. That in appeal, the CIT(A) while examining various entries which were made in the two bank accounts came to the conclusion that amount had been withdrawn from the account of the father of the appellant Ajit Singh Mangat who had a joint bank account with the assessee's mother Smt. Surjit Kaur. That after comparing the accounts entries it further came to the conclusion that account with the Centurion Bank of Punjab was in the joint name of the appellant, his wife Smt. Mandeep Kaur and his grand mother Smt. Daljit Kaur....

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....Bank of Punjab and that transfer of funds by Sh. Ajit Singh Mangat from one joint account to another joint account cannot be treated as unexplained and the source of deposits have been duly explained. The revenue had failed to bring on record any evidence to show that the explanation of the assessee was incorrect. The explanation of the father that the amount was withdrawn for the purchase of some agricultural land and when the purchase did not materialise, the amount was deposited in the aforesaid bank accounts of his son was accepted for showing certain amount in the bank account of the assessee who had plans to go abroad and had actually left the country in November, 2008. 5. From the above facts and circumstances, it would be clear t....