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2012 (6) TMI 509 - ITAT, KOLKATAProfessional fees receipts - CIT(A) deleted the addition made by AO – AO contested that the profit and loss account does not tally the amount as revealed in TDS certificates – Held that:- The returns filed for the Assessment Years 2003-04 and 2005-06 are less than the professional receipts as per the TDS certificates. However, for the Assessment Years 2004-05 and 2006-07 the professional receipts admitted in the P&L A/c, accounts are more than the receipts as per TDS certificates, and the receipts during Assessment Year 2005-06 may not tally with the bills raised during the previous year because the receipt during the year include amounts for which bills were raised in the earlier previous year also – as the receipts admitted by the appellant, for the Assessment Years 2004-05 and 2006-07, in their P&L A/c are more than the receipts as per TDS certificates, it cannot be concluded that the appellant has suppressed the professional receipts – against revenue. Investment in Mutual Funds admittedly made out of disclosed bank account of the assessee – Held that:- As the assessee failed to explain the source, nature and mode of payment of such investments along with supporting papers and documents such an investment is treated as unexplained - merely because the transactions was put through Bank account, does not make it a genuine/bonafide transaction – against assessee. Annulation of Order passed in pursuance of Notice issued u/s 148 – Held that:- As original assessment in this case has been made u/s 143(1) evident from the assessment order itself the additional ground raised by assessee dismissed.
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