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2013 (8) TMI 179 - ITAT AHMEDABADUnexplained cash credit - CIT(A) deleted the addition - Held that:- CIT(A) has correctly appreciated the facts of the case as AO made additions merely on certain surmises and apprehensions. The AO has ignored the entries which were made in the cash book maintained by the assessee. Rather, he has proceeded on the premise that it was not normal for the assessee to redeposit the cash which was earlier withdrawn from the same bank without giving any reason. It is not the case of the Revenue that the cash, which was time and again, withdrawn by the assessee from the bank was otherwise utilized for some other purposes, therefore, the cash was not available with the assessee. Thus it was not justified on the part of the AO to presume that the cash, which was withdrawn earlier was not the same cash, which was re- deposited by the assessee. Against revenue. Unexplained investment - CIT(A) deleted the addition - Held that:- No cogent or satisfactory reason has been given by the learned CIT(A) while granting relief to the assessee. In fact there was an adverse noting by the AO that the capital introduced in the "capital account" of the assessee in the books of the firm, source of which was not explained by the assessee, therefore, the impugned addition was made. As a part of the deposits belonged to the firm, then it is expected from the assessee to place on record the final outcome of those amounts in the hands of the firm, whether duly disclosed or not. It is also expected from the assessee to explain to the AO the availability of cash of Rs.1,15,000/- stated to be deposited out of the personal cash. Because of these two reasons, restore this ground back to the stage of the AO to be decided de novo - in favour of revenue for statistical purpose. Profit from sale of Terrace - Assessment on protective basis - CIT(A) deleted the addition - Held that:- CIT(A) has judiciously appreciated all the evidences, through which it was established that the amount in question was in fact belonged to the firm, M/s. Amardeep Associates. It could be possible that while completing the assessment of the assessee, the return of the firm was not made available to the AO, but established factual position was that a return of income was filed, and in the return the assessee has furnished the details of the sale of the terrace and also furnished the connected accounts. Presumably, that was the reason that the AO has also not made a substantive addition in the hands of the assessee, merely to safeguard the interest of the Revenue, it might have been thought, proper to assess the impugned amount only on protective basis. Thus CIT(A) has rightly deleted the addition. Against revenue.
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