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2012 (10) TMI 428 - AT - Income TaxApplicability of Sec.50C of the Act - Held that:- sec 50C is not applicable on transfer of lease hold right - Decided against the revenue. Addition on Redeposit - Held that:- After considering the submissions of the remand report and examining the bank account, it was found that the appellant had withdrawn cash of Rs.7,25,000/- before depositing Rs.7,50,000/, In the circumstances, there is no necessity for addition of Rs.7,50,000/. The addition is restricted to Rs.25,000/- as the balance amount is explained by the withdrawal from the same bank account on the earlier dates - against Revenue. Addition on Cash Deposit of Rs.3,00,000/- Held that:- Alternate claim of the assessee could not be rejected, especially when AO was re-opening the assessment for the AY 2005-06 for verifying the source of payment for purchase of lease right. Here, it is also noteworthy that where AO has passed a non-speaking order, but the FAA had discussed the issue in length. Not only this he rejected the claim of the assesse with regard to Agricultural income. Thus stand taken by the FAA does not suffer from any infirmity - against the Revenue.
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