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2015 (11) TMI 485 - AT - Income TaxUndisclosed bank deposits - Held that:- As far as the bank statement of M/s Rattan Diesels in HDFC bank contained it is find that the said bank account is in the name of M/s Rattan Diesels. It is true that the said bank account does not contain the name of proprietor but that does not imply that merely because the name starts with ‘M/s’, therefore, it could be a partnership concern’s account. This observation of ld. CIT(A) is purely on conjecture. He failed to notice that the instrument number in the bank a/c of M/s Rattan Diesels tallied with the instrument number in the bank account of assessee with Federal Bank. The dates, amounts, cheque numbers, name of parties, all tally and, therefore, there was no reason to doubt the genuineness of these transactions. The assessee has filed the ledger account of assessee in the books of Rattan Diesels which clearly show that it is an old loan given by assessee to Rattan Diesels on which interest was regularly earned by assessee. Further, the AO has assessed the interest income received from Rattan Diesels in the hands of assessee and, therefore, the genuineness of the deposits in the accounts of assessee as refund of loan could not be doubted. Similarly, in respect of Nishant Bansal, all the details are tallying in respect of bank a/c of Nishant Bansal with the bank a/c of assessee including instrument number. However, wherein bank a/c of Nishant Bansal is contained, it is not coming out very clearly from the said statement as to which bank it relates to though at the bottom it is referred to as “kotak”. Therefore, for this limited purpose, verification by AO is required.
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