2017 (6) TMI 690

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.... ORDER Per BHAVNESH SAINI, Judicial Member This appeal by revenue has been directed against the order of Ld. CIT XII New Delhi dated 12th August, 2013 for assessment. Year 2008- 09, challenging the deletion of addition of Rs. 54,90,116/- on account of cash deposit and credit card expenses. 2. Briefly the facts of the case are that return declaring an income of Rs. 2,00,000/- and agricult....

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....ing the remand report as reproduced on the impugned order (copy also filed by Ld. Counsel for assessee) and noted that Assessing Officer has accepted the evidences filed by assessee and has drawn no adverse opinion regarding the following : 1. Mutual fund investment of Rs. 30,00,000/- out of 40,00,000/- 2. Entire credit card payment of Rs. 11,76,616/- 3. Cash deposit of ....

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....e bank account. The assessee has submitted copies of the letters sent to the bank which states that withdrawals was for repayment of loans which is evidence that he has borrowed money and deposited the same into his account. Accordingly, argument of the assessee was found to have merit and the withdrawals of Rs. 15 lacs post last date of deposit in the opinion of the Ld. CIT(A) should be considere....

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.... the letters sent to the bank by the assessee in which no infirmity has been pointed out by the Ld. DR. Since the Ld. CIT(A) deleted the substantial addition on the basis of the remand report submitted by Assessing Officer agreeing to availability of funds with the assessee and that the cash withdrawal of Rs. 15,00,000/- post last date of deposit was considered favourably and available to assessee....