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2015 (12) TMI 508 - AT - Income TaxUnexplained deposits in bank a/c of assessee - CIT(A) deleted the addition - Held that:- As per section 68 of the Income Tax Act, 1961, if source of receipts was not established, then it could have been taxed under the said provision. Per contra, there is no provision in the Act to tax an amount or proceed of receipt the source of which has been explained or stands established. In the present case, the source of impugned receipts by the assessee are proceeds of NRNR deposit and interest on RBI Bonds received by father of the assessee Shri Suresh Nanda and if these proceeds have been found to be taxable in the hands of Shri Suresh Nanda, then the question of taxing the same u/s 68 of the Act would not arise. Ld. DR could not controvert these findings of the ld. CIT(A), thus, we are unable to see any infirmity, perversity or any other valid reason to interfere with the order of the CIT(A) and we uphold the same. - Decided against revenue.
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