COMMISSIONER OF INCOME TAX Vs. USHA OMER

JUDGEMENT

(1.) The present appeal is filed by the Revenue against the judgment and order dated September 18, 2003, passed by the Income-tax Appellate Tribunal, Lucknow, in I. T. A. No. 163/Luck/2000.

(2.) This court, vide its order dated February 11, 2004, admitted the appeal on the following substantial questions of law :

(3.) The brief facts of the case are that on August 21, 1998, a search and seizure operation was conducted at the residential and business premises of the group for which the assessee is a member. During the course of search, the books of account and other incriminating material were seized including FDRs in the name of the assessee who is the wife of Sri R. K. Gupta, a group member. She stated that she received these India Development Bonds (IDB) of U. S. dollars of 10,000 each by way of gift on November 14, 1994, and February 21, 1995. The amount of Rs. 5,69,884 after maturity of the India Development Bonds was credited in her savings bank account with the Chartered Bank, Kanpur, on March 3, 1997, and out of this amount, the said FDRs of Rs. 33,75,000 were obtained. The Assessing Officer has made an addition of this amount which was deleted by the Commissioner of Income-tax (Appeals). Not being satisfied, the Department has filed the second appeal before the Tribunal who upheld the order of the first appellate authority. Being not satisfied, the Department has filed the present appeal.