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2012 (9) TMI 965 - AT - Income TaxUnexplained credits - Held that:- Capital account shown in the statement of affairs was only a balancing figure. Even if the assessee’s version that three bank accounts had to be excluded for reconciling his capital account, is accepted, there is still a difference of ₹ 6,68,954/-. As pointed out by the learned D.R., there is also an anomaly with regard to total of the balance in the bank account. We are, therefore, of the opinion that the matter requires a re-visit by the A.O. A.O. has to consider the statements of affairs as on 31.3.2006 and 31.3.2007 for arriving at any deficit or introduction in the capital account during the relevant previous year, taking into account the profit for the year. Assessee shall co-operate with the A.O. and file details of the work-out for arriving at the correct difference, if any, in capital account.
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