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2012 (6) TMI 509 - AT - Income TaxProfessional fees receipts - CIT(A) deleted the addition made by AO AO contested that the profit and loss account does not tally the amount as revealed in TDS certificates Held that:- The returns filed for the Assessment Years 2003-04 and 2005-06 are less than the professional receipts as per the TDS certificates. However, for the Assessment Years 2004-05 and 2006-07 the professional receipts admitted in the P&L A/c, accounts are more than the receipts as per TDS certificates, and the receipts during Assessment Year 2005-06 may not tally with the bills raised during the previous year because the receipt during the year include amounts for which bills were raised in the earlier previous year also as the receipts admitted by the appellant, for the Assessment Years 2004-05 and 2006-07, in their P&L A/c are more than the receipts as per TDS certificates, it cannot be concluded that the appellant has suppressed the professional receipts against revenue. Investment in Mutual Funds admittedly made out of disclosed bank account of the assessee Held that:- As the assessee failed to explain the source, nature and mode of payment of such investments along with supporting papers and documents such an investment is treated as unexplained - merely because the transactions was put through Bank account, does not make it a genuine/bonafide transaction against assessee. Annulation of Order passed in pursuance of Notice issued u/s 148 Held that:- As original assessment in this case has been made u/s 143(1) evident from the assessment order itself the additional ground raised by assessee dismissed.
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