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2016 (7) TMI 134 - AT - Income TaxAddition on account of undisclosed income - introduction of unaccounted money in the guise of loan or gift or capital gain - disclosure made by the assessee’s husband - Held that:- We find that the entire addition of ₹ 1 crore made by the Learned AO was merely based on the disclosure made by the assessee’s husband while making total disclosure of ₹ 7.5 crores for the total group as a whole and the assessee’s name has been included in the figure of ₹ 1 crore only in order to make the total disclosure to ₹ 7.5 crores. We find that no incriminating materials whatsoever was found during the course of search representing undisclosed income or undisclosed assets belonging to the assessee justifying the disclosure made in the sum of ₹ 1 crore. Under these circumstances, it is right on the part of the assessee to have retracted from the earlier disclosure while filing her return of income for the Asst Year 2010-11. Thus we hold that the Learned CIT-A had rightly deleted the addition made in the sum of ₹ 1 crore. Cash deposit in the bank account - Held that:- We find that the assessee had claimed that no such cash deposits to that extent was made in her bank accounts. We also find that this claim of the assessee was never verified by the Learned AO for want of time which is not disputed by the revenue before us. We find that the Learned AR had fairly agreed for setting aside of this issue to the file of the Learned AO to enable him to make a detailed verification of this factual aspect for which the Learned DR before us agreed for the same. We direct accordingly.
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