assessee having her own
independent sources of income. The assets found were KVP's, some of which stood
in the name ... against the addition of
Rs.1,50,000/- being investment in KVP, which is in the name of Smt. Kajal Ghosh,
wife of the assessee
confirming the addition of rs.220,000/- as
undisclosed investment in KVP which is completely arbitrary, unjustified
and illegal.
4. For that on the facts ... wrong in not accepting the
fact that the said KVP were acquired and in the name of his grandmother,
the appellant is only the second
deleted.
6. The AO also found that there were investments in KVP and interest on KVP of
Rs.13,970/- had been credited ... above there was also an entry of receipt of maturity proceeds of KVP of
Rs.1,02,916/-. It was the plea of the assessee
investment in KVPs
______________________________________________________________________________
Interest on KVP 40,000 80,000 40,000
______________________________________________________________________________
Undisclosed capital 1,01,12,272
upto 31-3-2001
______________________________________________________________________________
Alleged undisclosed ... return was filed on 14th Nov., 2000 vide receipt No. 001269.
7. KVP was purchased by Kamal Kumar Singhania (HUF) in the name
evidence.
2. The assessee has earned interest from NSC/KVP/Other banks
amounting to Rs. 12,51,233/- on funds not immediately required for
business ... also noted that interest received by the assessee from
NSC/KVP/Other banks aggregating to Rs. 12,51,233/- was claimed to
be exempt
salary cheques and maturity of fixed deposits and also maturity of
KVP. According to assessee, these are not unexplained amount, hence the same should ... that these amounts are receipts of savings, small gifts, salary deposit, KVP maturity etc. The
details are as under:
Sl. No. Nature of deposits
with your department. The assessee is offering enhanced tax appropriation against seized KVP vide separate petition enclosed herewith.
(ix) That, moreover, the mere fact that
Mutual Funds
(ii) Undisclosed Investment in Rs. 7,50,000/-
NSC/KVP
(iii) Income from unaccounted Rs. 4,21,295/-
sales
(iv) Undisclosed Investment
with your Department. The assessee is offering enhanced tax appropriation against seized KVP vide separate petition enclosed herewith.
(ix) That, moreover, the mere fact that
agricultural loans are tabulated below:-
Sl. No. Loan Type Interest
1 NSC/KVP Short Term 125880
2 Short Term SHG 592913
3 Loan against deposit
