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2014 (6) TMI 702 - AT - Income TaxAccrual of interest earned on KYP/NSC – Investment in KVP/NSC found during search and seizure - Held that:- The total investment in KVP / NSC was of Rs.5,65,000/- which has not been disputed by the revenue - interest @ 8% comes to Rs.45,200/- CIT (A) has rightly allowed the relief of Rs.18,120/- out of the total addition on account of interest accrued on KVP / NSC of Rs.63,320 – Decided against Revenue. Deletion of share trading through broker – Held that:- CIT (A) has granted the relief on the basis of a statement of account showing sales and purchase of shares through Credential Stock Broker Limited for the period 01.04.2007 to 31.03.2008 - there was additional evidence filed by the assessee which has been considered by the CIT (A) for granting the relief to the assessee - the CIT (A) has violated the Rule 46A of the Income-tax Rules, 1962 – thus, the matter is remitted back to the CIT(A) for fresh adjudication – Decided in favour of Revenue. Deletion of unexplained bank deposits – Held that:- The amount is not a cash deposit in the bank account of assessee - The narration in the bank statement itself shows that it was an amount credited in the bank account of the assessee by clearing - CIT (A) was justified in deleting this addition - the amount in the bank account of the assessee in the name of Manoj Joshi - credit entries in the bank account of the assessee were explained by the bank account itself or by narration – Decided against Revenue. Deletion of unexplained investment in jewellery – Held that:- Income taxable in the hands of Anshu Mittal for the AY 2007- 08 to cover the jewellery weighing 800 grams found with Sanjeev Kumar - the jewellery weighing approximately 800 grams. kept with Shri Sanjiv Kumar (brother of Mrs. Anshu Mittal) for design change/repairs included in Rs.24 lacs disclosed - The surrendered amount has been accepted by the Income-tax Department which is evident from the assessment order in the name of Anshu Mittal – Decided against Revenue.
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