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2014 (4) TMI 961 - AT - Income TaxAdmission of additional evidence Violation of Rule 46A of the Rules Held that:- The CIT(A) rightly held that the AO could not be said to have allowed in-adequate opportunity to the assessee and that even otherwise, the assessee had been afforded adequate opportunity in the appellate proceedings - The additional evidence was admitted by the CIT(A) on having taking into consideration the totality of the facts and circumstances, there was no error in the action of the CIT(A) Decided against Revenue. Deletion made u/s 68 of the Act Unexplained cash credits Held that:- The confirmation from the partners of Grover Developers , which confirmation was notarized and was on stamp paper, showed that the assessee had been paid Rs.10 lac and Rs.5lac by cheque on 6/7/2007 & 7/1/08 - The assessee was found to have received cash of Rs.20,50,000/- through Shri Diwan Singh, father of Shri Surender Singh Grover, partner of M/s Grover Developers - The cash flow statement showed withdrawal of cash of Rs.14 lacs on various dates and re-deposit of Rs.10 lacs - the deposits in the bank tallied with the cash advance received by the assessee from the buyers - after having duly taken into consideration CIT(A) deleted the addition - revenue has not been able to dispute the categorical findings of fact recorded by the CIT(A) Decided against Revenue. Disallowance of deduction u/s 80C of the Act Held that:- The assessee had invested the amount to Rs.1 lac through his Axis Bank Account in a term deposit - The merits of the action of the CIT(A) in admitting additional evidence have been discussed - Such investment in a term deposit is eligible for deduction u/s 80C (2) (xxi) of the Act, as correctly held by the CIT(A) thus, there was no error in the CITs action of deleting the disallowance Decided against Revenue.
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