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2018 (5) TMI 1598 - ITAT RANCHIDisallowance of expenses by the AO - CIT(A) allowed the claim of assessee - Held that:- initiation of proceedings made u/s 148 by issuing notice cannot be held to be invalid merely stating that it was issued after passing of 7 days from the date of survey operation - assessee objected to issue of notice which needs to be disposed off in the light of decision of Hon Tale Supreme Court in the case of M/s GKN Driveshaft Co. Ltd. - assessee has attended the course of re-assessment proceedings - thus appeal is dismissed Addition on account of difference in FDR as per bank and as per balance sheet - Held that:- AO was not justified in issuing the letter dated 06.03.2014 which was received at 01:30PM and the appellant was asked to submit the details of FDR by 05.00 PM on same date itself - thus addition made by the AO is hereby deleted - decided in favor of assessee Additions on the ground that the shares were held by a non-existent company - Held that:- assessee have enclosed the company master data in his submission, but failed to provide these requisite details at the time of assessment proceedings before the AO - thus AO was justified in adding ₹ 2,00,000/- on account of unexplained share capital - Decided against the assessee Chargeable of interest u/s 234B - Held that:- as per the decision of Hon’ble High Court in the case of Ajay Prakash Verma in TA no. 38 of 2010 reported in 2013(1) TMI 140, AO is directed to modify the interest calculation u/s 234B - appeal is partly allowed.
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