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2016 (5) TMI 1219 - AT - Income TaxAddition u/s 68 - undisclosed cash deposits - Held that:- The assessee has failed to bring on record any material evidence to controvert the findings of the learned CIT(A). We, therefore, see no reason to interfere with or deviate from the findings of the learned CIT(A) that the assessee has failed to satisfactorily explain the source of cash deposits of ₹ 25,93,000/- in his undisclosed bank account with Corporation Bank, Mandvi, Mumbai - Decided against assessee Set off of business loss against the addition u/s 69 - Held that:- No cause for interference with or deviation from the findings of the learned CIT(A) that the assessee’s claim for setting off loss against the income taxed under section 69 of the Act is not tenable - Decided against assessee Disallowance of short term capital gains - Held that:- Business loss of ₹ 15,05,455/-, instead of ₹ 17,60,242/- as claimed by assessee, shall be treated as business loss in futures and options and be allowed to be set off as per the provisions of section 70 to 79 of the Act. No material evidence has been placed before us to controvert this finding of the learned CIT(A).- Decided against assessee Charging of interest under section 234B and 234C is consequential and mandatory and the AO has no discretion in the matter. See Anjum Ghaswala (2001 (10) TMI 4 - SUPREME Court )
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