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2015 (10) TMI 815 - AT - Income TaxUnexplained advances - CIT(A) deleted the addition - assessee has income from salary and other sources - Held that:- CIT (A) has decided the case categorically and assessee has not honoured the disclosure in the return because no incriminating documents were found during the course of search. The ld. CIT (A) had given various reasons of retraction and also has considered the evidence for not honouring the statement made under section 132(4) of the IT Act. The ld. D/R had not controverted the findings given by ld. CIT (A). It is a legal proposition that statement recorded under section 132(4) has evidentiary value but is rebuttable presumption. The assessee has produced the evidence before ld. CIT (A) and he came to the conclusion that addition made by the AO was not justified. The case laws referred by the assessee also support the assessee’s case. Therefore, we uphold the order of ld. CIT (A). - Decided against revenue. Charging of interest under section 234B - ignoring adjustment of amount lying in P.D. Account - Held that:- The case laws referred by the assessee are squarely applicable. Therefore, interest charged under section 234B is not justified as assessee’s cash was lying with the department in P.D. account. The assessee had made request to adjust the advance tax from the cash seized and lying in P.D. Account, from time to time. - Decided in favour of assessee.
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