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2018 (9) TMI 1304 - ITAT INDOREAddition u/s 69 - unexplained cash deposits in the bank account - Held that:- Records asserts the fact that the alleged transaction of cash deposits belonged to the society namely M/s Laxmi Sakh Sahakarita Maryadit Society. The society was holding six bank accounts and in one of the bank Narmada Jhabua Gramin Bank, Kukshi bearing No.3612 in the computer system of the bank the PAN of the assessee was mentioned who was the President of the society as at that point of time the society was not allotted the PAN number. CIT(A) examined the issue in detail and also noted that the society was allotted the PAN No. AAAAL4305L and also allotted registration certificates given by MP Autonomous Corporation as well as MP Co-operative Society Ltd. CIT(A) rightly deleted the addition as the alleged cash belonged to M/s Laxmi Sakh Sahakarita Maryadit Society and was deposited in the bank account held by the society and the alleged cash transactions are duly reflected in the cash book maintained by the society. - Decided against revenue Unexplained fixed deposit credited in the bank - AO made additions as they were appearing under the PAN Number of the assessee - Held that:- It is an admitted fact that in the instant appeal the addition were made only because of quoting PAN of President in the bank account held by the society. All details of the alleged fixed deposits have been filed and placed on record which have been duly examined by the first appellate authority and thereby concluding that the society was having fixed deposit of ₹ 50 lakhs in the maturity and interest of ₹ 5,42,838/- was received after deduction of tax at source. The alleged TDS was reflecting in the form 26AS of the assessee as his PAN number was quoted in the bank records. Audited and financial statemesnt of the society clearly shows that the fixed deposits as well as interest accrued thereon belong to the society only and not to the assessee. Therefore we find no inconsistency in the findings of Ld.CIT(A) in deleting the addition - Decided against revenue
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