2014 (2) TMI 416

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.... is directed against the order of the CIT(A)-II, Baroda for the assessment year 2008-2009. 2. The grounds of the assessee's appeal are as under:      "1. The ld.CIT(A) has erred in confirming the addition of Rs.30,00,000/- being the investment in Mutual Fund of Standard Chartered Bank (and not in HDCF Bank as stated in the order) under Section 69B on the ground that it is....

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....n 69B is not sustainable. The assessee has explained the source of the deposits in its bank account, and therefore it has discharged its onus as contemplated by the provisions of the Income Tax Act. He referred to the various papers filed in the compilation before us in support of the case of the assessee. He referred to the original order of the Additional Senior Civil Judge of Vadodara wherein a....

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....count in which all the relevant facts have been recorded and also the amount of Rs.30 lakhs as repayment of contribution to the assessee was recorded. 4. We have considered rival submissions and have perused the orders of the AO and the CIT(A) and also copies of various documents filed in the compilation of the assessee before the Tribunal. We find that in this case, the addition has been made ....

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....ual fund with Standard Chartered Bank. The assessee has also filed the copy of the bank account of "RDPL" where in the amount in question of Rs.30 lakhs has been debited to their account with Bank of Baroda on 5.12.2006. Merely because the assessee's father was a director in "RDPL" along with some other family members is no ground to make addition of the amount, sources of which has been wholly ex....