2015 (3) TMI 101

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....Mr. Justice Jayant Patel) 1. The revenue has preferred the present appeal and learned counsel submits that the main question will be question 2(A) for deletion of the income added by AO. The said question reads as under: "[A] Whether on the facts and circumstances of the case and in law, the order of the ITAT is perverse in dismissing the Revenue's appeal and thereby deleting the addition ma....

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....e vehicle. However, AO found that the explanation is not sufficient and therefore, added the aforesaid amount in the income of the assessee. In appeal, CIT (Appeals) found that the amount is fully utilized for policy of Hero Honda Two Wheeler Motorcycle and not a single pie has ever been utilized by the assessee for her own purpose out of the aforesaid collection and therefore, it was found that t....

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....finding that the source of the deposits in the bank account was well explained by Assessee and the addition u/s 69 was legally not sustainable. He has further noted that the Assessee has been maintaining separate account to record the insurance premium collected by her on the basis of which she gets her commission. Before us, Revenue has not brought any material on record to controvert the finding....