2014 (7) TMI 1283

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e Revenue arises out of the order passed by the CIT(A) on 17.02.2011 in relation to the assessment year 2007- 08. 2. The only issue raised in this appeal is against restricting the addition of Rs. 1,14,74,500/- made on account of AO u/s 69A of the Income-tax Act, 1961 (hereinafter also called 'the Act') to Rs. 2,80,000/-. 3. Briefly stated, the facts of the case are that the AO got some AIR ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rse of the first appellate proceedings, the assessee furnished copies of bank statement of both the accounts maintained with Standard Chartered Bank, Gurgaon, Branch, Haryana ; copy of passport of Ms Vandana Chandra ; bank statement of NRI account of Ms Vandana Chandra ; affidavit declaring investments and transfers of Ms Vandana Chandra, etc. The ld. CIT(A) sent this additional evidence to the AO....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nasmuch as several deposits in the bank accounts represented the earlier withdrawals apart from the amount received from Ms Vandana Chandra. It was held that there was a peak of the credit balance in the bank accounts amounting to Rs. 2,80,000/- which was required to be added. He, therefore, restricted the addition to this level. The Revenue is aggrieved against this deletion of addition. 4. Af....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ss of the assessee's claim in the light of such fresh evidence, he could have controverted the same. 5. On merits, it can be noticed that the AO chose to pick up deposit side of the bank accounts, totaled the same and made addition for the equal sum without giving benefit of the amounts withdrawn. In other words, certain amounts were withdrawn, then deposited, again withdrawn and re-deposited. ....