2009 (12) TMI 990

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....l Kawad ORDER PER SHRI SHAILENDRA KUMAR YADAV, JM This appeal has been filed by the revenue against the order of CIT(A), Bangalore dated 26-05-2009 against deletion of addition made on account of deposits of Rs. 3,65,000/- in SBM and Rs. 25,47,000/- in Axis Bank. 2. The brief facts of the case are that the assessee had purchased Mutual Fund for Rs. 41,00,000/- during the assessment yea....

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....been rightly deleted by the CIT(A), who after taking into consideration the remand report called from the concerned AO. 4. After going through the rival submission and material on record, we are not inclined to interfere with the findings of the CIT(A). The AO noticed that the cash deposits of Rs. 3,65,000/- in SBM and Rs. 25,47,000/- in Axis bank. Though, at the time of assessment proceedings,....

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....after adjustment of all expenses towards cultivation the assessee Shri Nandkishore Suwalaji Pagariya has been given Rs. 2.5 to 3 lakhs cash every year. Thus, the assessee has deposited Rs. 25,47,000/- in Axis Bank and Rs. 3,65,000/- in SBM respectively out of above said accumulation of agricultural income. Further, on perusal of the bank statement of Axis Bank, it was found that the assessee depos....