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2015 (11) TMI 481 - AT - Income TaxInvestment in immovable property - Held that:- the issue requires a fresh look by the AO. Documents produced by the assessee before the CIT (A) appears have been not readily available with the AO. In so far as unexplained deposit in Karnataka Bank is concerned, assessee’s argument is that it came out of the sale of a property acquired by her in 2007. In the submission made by the assessee before the CIT (A), assessee itself had requested the CIT (A) to call for a remand report from the AO with regard to the documents submitted by her. However, it appears that CIT (A) without calling for the remand report confirmed the addition. We are of the opinion that in the circumstances of the case, CIT (A) ought have examined the claim of the assessee that the deposit in Karnataka Bank had come out of sale proceeds of a property acquired by her in 2007 through the Assessing Officer. Taxability of the said transaction is entirely a different issue which the AO can consider. We are of the opinion that this issue also requires a fresh look by the AO. Addition being the closing balance with UCO Bank - argument of the assessee is that this money was received by her from BBMP for contract work. As per the assessee that debtors’ account were over stated - Held that:- A close verification of this claim is required to see whether the actual billing for the work done by her for BBMP during the previous year included the bills on which payments were received and credited in UCO Bank account. We are of the opinion that this issue also needs to be looked afresh by the AO.
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