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2019 (5) TMI 1987 - ITAT RANCHIAddition u/s 69 - unexplained investment - income of the relevant year - Assessee to buy peace surrendered the LTCG as income from other sources in his revised computation of taxable income - HELD THAT:- AO could have added only income earned during Assessment Year 2015-16 and cannot tax the investment made in purchase of shares being income of past years, as there was no findings given by the AO that the purchases transactions was bogus transactions. Accordingly, direct the AO to delete addition made u/s.69 of the Act on account of unexplained investment. Decided in favour of assessee. Charging of interest u/s. 234 B &C on the assessed income is in contrary to law in view of the decision of Ajay Prakash Verma [2013 (1) TMI 140 - JHARKHAND HIGH COURT] relying upon Smt. Tej Kumari [2000 (9) TMI 52 - PATNA HIGH COURT] wherein, interalia, it has been held that interest can be charged on the returned Income only and not on the assessed Income - direct the AO to delete the interest as charged u/s.234B of the Act. This ground of appeal of the assessee is allowed.
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