2014 (3) TMI 433

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....spondent : None. ORDER 1. The Revenue is aggrieved by the Tribunal's order of 27.07.2012 whereby the CIT(A)'s orders deleting Rs. 41,55,000/- from the amount added by the Assessing Officer (AO) in the assessment during the course of his order was impugned by the Revenue. 2. It is urged that the Tribunal fell into error in overlooking very important and material circumstances such as the f....

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....se relevant materials was rejected. 4. It was lastly urged that the nature of transactions revealed that even though the amounts were sourced through bank channels, neither any rationale was forthcoming nor the assessee came forward with genuine explanation why the Non-Resident Indians (NRIs) would advance huge amounts without seeking any interest or without having any personal relationship or ....

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....onging to Mrs. Kalpana Dalal on 4.7.2006 and 15.7.2006 (paper book page 30). Mrs. Kalpana Dalal had received these amounts for giving to the assessee as follows:-  i) Rs. 15,30,000/- from assessee's own OD A/c No. 0619009301001637 with PNB (paper book page 5). ii) Rs. 10,36,000/- from Shri RS Chakraborty A/c No.6-0771 with Syndicate Bank (paper book page 7 back side). iii) Rs. 6800/-....

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....000/- + Rs. 15,50,000/-) is fully explained with the facts and documentary evidence. Therefore, we do not see any reason to interfere in the order of Ld. CIT(A).  XXXXXX XXXXXX XXXXXX'  6. It is evident that substantial amounts which were routed through the NRI's accounts emanated from the assessee's accounts or the overdraft account maintained by him. In other words, the essential....