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2014 (5) TMI 188 - AT - Income TaxDeletion made u/s 68 of the Act – Cash credits - Materials brought by AO not appreciated – Held that:- The CIT(A)has given a clear cut finding that a sum was not deposited out of accumulated agriculture income of the father of the assessee - mere mentioning of wrong section while making addition is not decisive of the issue - there is no basis for the observation of the CIT(A) that the amount belonged to father of the assessee, and therefore, the AO should not have made any addition in the hands of the assessee - there is no material brought on record either by the Revenue or by the assessee to prove that the amount deposited in the joint bank account in fact belongs to which one of the joint account holder - there is no evidence in support of the case of the Revenue or the assessee, but on preponderance of probability, the issue could be decided as regard the quantum adding of the assessee is concerned - since the assessee has failed to prove the source of cash deposited of Rs.14,52,000/- in the joint bank account of three individuals, the addition to one-third of the cash deposit is restricted – Decided partly in favour of Revenue.
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