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2014 (2) TMI 416 - ITAT AHMEDABADAddition made u/s 69B of the Act – Investment in mutual fund – Unexplained investment – Held that:- The addition has been made only for the sake of addition - The assessee had litigation and between the litigants a compromise order - The assessee has also filed the copy of the bank account of "RDPL" wherein the amount in question of Rs. 30 lakhs has been debited to their account with Bank of Baroda on 05.12.2006 - Merely because the assessee's father was a director in "RDPL" along with some other family members is no ground to make addition of the amount, sources of which has been wholly explained by the assessee – the CIT(A) has not given any cogent reason for upholding the addition made under section 69B by the A.O - the assessee has satisfactorily explained the source of credit entries in its bank account and the investment by her in the mutual fund with Standard Chartered Bank – thus, no case of addition under section 69B as undisclosed investment could be made out by the department and the addition made is accordingly deleted – Decided in favour of Assessee.
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