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2016 (5) TMI 325 - ITAT MUMBAIAddition on account of interest income - CIT(A) deleted addition - Held that:- We are of the considered view that the CIT(A) has decided the said issue after noticing that the final accounts filed by the assesee, was approved by Auditors, Board of Directors and Shareholders. The CIT(A) further took into consideration that the auditors have issued the separate certificate thereby confirming the stand taken by the ld. AR. Hence, we are of the view that the AO was not justified in placing reliance on financial statements which were not approved by shareholders. After appreciating the same the ld. CIT(A) has rightly held that AR of the assessee had established that the final accounts approved by the Auditors, Board of Directors and Shareholders of the Company as well as the final accounts filed before the Registrar of Companies did not contain the impugned note. - Decided against revenue Addition on account of unexplained cash credit - CIT(A) deleted addition - Held that:- CIT(A) has correctly held that the AO proceeded to make the additions only on the ground that no confirmation was submitted by the assessee, but during the appellate proceeding, assessee submitted the confirmation before the CIT(A)which was duly verified and examined by the AO in the remand proceeding. Therefore considering those facts the CIT(A) has rightly came to the conclusion that the additions made by the AO in the absence of confirmation are not sustainable. We are of the considered opinion that the findings recorded by the CIT(A) are well reasoned and no material evidence has been brought before us to controvert or rebut the findings recorded by CIT(A) and hence, we see no reason to interfere or deviate from the orders passed by the CIT(A) - Decided against revenue
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