2007 (6) TMI 197

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.... JUDGMENT The judgment of the court was delivered by P. P. S. Janarthana Raja J.-This appeal is filed under section 260A of the Income-tax Act, 1961, by the Revenue, against the order of the Income-tax Appellate Tribunal, Bench "C", Chennai, in I. T. A. No. 513(Mds)/94, dated February 15, 2001. On June 16, 2004, this court admitted the appeal and formulated the following substantial questi....

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....ater, the assessee filed a petition under section 154 of the Act stating that the assessment could not be made under section 143(1)(a), because the prima facie adjustments made by the Assessing Officer were beyond his scope. However, the application was dismissed. Aggrieved by the same, the assessee filed an appeal before the Commissioner of Income-tax (Appeals). The CIT(A) allowed the appeal and ....

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....the cheque on hand, could not be taken as a classified investment. 4. Learned counsel appearing for the assessee submitted that the assessee had invested the balance amount in the current account and hence the assessee has satisfied the requirement as contemplated under the provisions of the Act. Hence, the order passed by the Tribunal is in accordance with law. 5. Heard counsel. It was foun....

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....the present case, the deposit was made in the current account with the Bank of India and hence the same will come within the meaning of the words "deposit in any account with a scheduled bank". "Any account" includes current account also. It is not disputed by learned standing counsel appearing for the Revenue. The amount involved in the present case is Rs. 4,86,304. For this amount, there is no p....