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2012 (7) TMI 179 - ITAT, BANGALORENon-disclosure of assets - Assessing Officer in the order of assessment holds that since as per the depreciation statement of the assessee, the addition of the fixed asset is not reflected, the value of the new car is added to the assessee’s income as undisclosed asset - Depreciation chart does not reflect the gift transaction properly and in the absence of specific mention of the newly purchased car in the addition column of the depreciation chart, the addition is justified – Held that:- No detailed examination by the learned CIT(A) of the claim of the assessee that he has purchased a new car or that his old car is not reflected in his asset statement as it has been gifted to his wife and is reflected in her assessment records which are with the very same A.O. as that of the assessee in the instant case - assessee’s claims are just brushed aside and no cross verification has been carried out - There appears to be no clarity either in the submissions made by the assessee or in the findings of the authorities below and therefore in the interest of justice we remit this issue back to the file of the Assessing Officer Interest u/s.234B of the Act - charging of interest is consequential and mandatory - Assessing Officer is however directed to recompute the interest chargeable - assessee’s appeal is partly allowed for statistical purposes.
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