2015 (6) TMI 1185

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....s aggrieved by impugned order dated 20/12/2013 of the ld. First Appellate Authority, Mumbai. The only ground raised is that the ld. Commissioner of Income Tax (Appeals) erred in deleting the addition made on protective basis in the hands of the assessee in respect of the amount deposited in the joint bank account with Ms. Chandbibi Zaidi, without appreciating the fact that the assessee is a studen....

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.... case of Ravish P. Zaidi (supra), wherein, the Bench has dismissed the appeal of the Revenue. The relevant portion of the same is reproduced hereunder for ready reference:- "2.1. I have considered the rival submissions and perused the material available on record. The facts, in brief, are that a search and seizure action u/s 132 (1) of the Income Tax Act, 1961 (hereinafter the Act) was carried ....

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.... was invested in earlier years before 01/04/2001 and Rs. 2 lakh and Rs. 8 lakh was gifted by Ms. Chandbibi on 01/04/2001. To substantiate its claim, the assessee filed confirmation from Mumbai Majdoor Sabha for Ms Ravish Zaidi's Accounts, along with balance-sheet as on 31/12/2001, confirmation of copy of account of Ms. Chandbibi, letter of gift from Ms. Chandbibi, copy of balance sheet and capital....

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....hrough Additional CIT Central Range 6, Mumbai, the credits in the bank accounts were verified and it was submitted that no unexplained credits were found. Hence the addition made of Rs. 20,00,000/- in AY 2005-06 and Rs. 5,80,000/- for AY 2006-07 are deleted. The ground of appeal no. 1 is to this extent allowed." In view of the submission of the assessee and remand report by the Assessing Office....