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2014 (12) TMI 837 - AT - Income TaxAddition of unexplained investment in bank account u/s 69 -Whether the amount deposited in the bank account comprises mainly of loan received from business associates - Held that:- Assessee rightly submitted that deposits amounting to ₹ 10,43,994/- in the account were made by assessee during the AY 2005-06 and therefore addition cannot be made during the year under appeal - therefore addition cannot be made during the year under appeal for unexplained investment – thus, the addition made by CIT(A) is set aside – Decided in favour of assessee. Addition of ₹ 50,000/- on unexplained expenditure – Held that:- Assessee rightly submitted that there were totaling/arithmetic error by AO while making the addition - relevant pages of paper book correctly shows that there was totaling error by AO while taking the purchases of the assessee amounting to ₹ 15,69,618/- as per the seized documents - the purchases as per books of accounts and as per seized documents were of ₹ 15,19,618/- only and therefore no addition was called for – thus, the addition made by CIT(A) is set aside – Decided in favour of assessee.
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