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2012 (9) TMI 650 - ITAT AHMEDABADAddition on account unexplained investment – Assessee introduced fresh capital in a firm – AO had given reasonable opportunity of being heard – Held that:- The assessee had not additional evidence in form of affidavits before the A.O. or before the CIT(A). Therefore, in the interest of justice and giving reasonable opportunity to the A.O. on fresh evidence. Case remand back to AO Disallowance of Interest expense u/s 57(iii) - The interest was paid for the purpose the earning of income - Assessee had filed PAN nos. of all the recipients of interest income & their ROI – Held that:- The assessee undisputedly borrowed the money which was utilized for the purpose of income from other source. The borrowings were made through bank account cheque. A.O. had not brought on record any evidence that these borrowings were used for personal purposes. Therefore, addition not justified. Decision in favour assessee.
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