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2014 (7) TMI 599 - ITAT HYDERABADMistake in considering the amount by CIT(A) – Held that:- There was no reason to interfere with the orders of the CIT(A) - there were two remand reports from the AO which clearly indicates that most of the credits were accepted by the AO - he has used his own discretion only with reference to unexplained credits in ICICI Bank whereas the credits to an extent in the bank account of HDFC were accepted by the AO on the basis of which CIT(A) gave relief - there should not be any grievance on the amounts, which are considered as addition out of the deposits of HDFC Bank. With reference to credits in ICICI Bank, apart from transfer of funds from one account to another, CIT(A) used his discretion only with reference to ₹ 50,000/- credited by way of transfer from assessee’s brother account and ₹ 2,50,000/- by way of loan obtained from Mr. M. Neeraja Reddy who is an assessee - CIT(A) is justifiable on the facts on record – thus, there is no reason to consider the Revenue objections - there seems to be non-application of mind on the part of the authorities in preferring second appeal – Decided against Revenue.
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