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2014 (7) TMI 48 - HC - Income TaxDeletion of unexplained investment – Held that:- The Tribunal had remitted to the AO - It is clarified that telescoping can only be done to the extent there is direct nexus of receipt of amount on account of sale of shares which has been invested in the purchase of shares during the period from 1.4.2002 to 31.3.2003 and 1.4.2003 to 31.3.2004 - for the AY 2003-04 and 2004-05, benefit of telescoping shall only be allowed by the AO after recording a finding that there is direct nexus resulting from sale of shares and investment in shares made by the assessee. Deletion of surrender during survey u/s 133A of the Act – Held that:- Tribunal noticed that the assessee had surrendered a sum of Rs.15 lacs, the credit of which was allowed to him - once the assessee had surrendered the amount, necessary credit could not be denied to him - It could not be shown that the approach of the Tribunal was erroneous in any manner - thus, no interference is called for in the findings recorded by the Tribunal – Decided against Revenue.
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