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2019 (1) TMI 402 - AT - Income TaxAddition of undisclosed payments towards credit cards - Held that:- Deposit in one credit card is repaid by withdrawal from another credit card. Naturally, if the assessee has availed credit facilities in one credit card account to repay the other outstanding, it does not necessary lead to the additions merely because of the fact that the assessee is holding very large number of credit cards. Further the ld CIT(A) has also made the observations in para 8.13 about cash deposit in the bank accounts. The assessee was neither asked to show the source of the cash deposit and there is no mention of any notice issued by the ld CIT(A) for enhancement. In any case, as the lower authorities have not verified the whole transaction cycle carried out by the assessee of withdrawing from one credit card and depositing it in the second credit card, we set aside the whole matter back to the file of the ld AO with a direction to the assessee to substantiate the inter credit card transaction and also the deposit of cash in various bank accounts. The ld AO may verify the same and examine the whole issue afresh. Accordingly, ground of the appeal is set aside to the file of the ld AO with above direction. Short term capital gain addition - Addition based on the information received from M/s. Multiplex Capital Ltd u/s 133(6) - Held that:- The claim of the assessee is that he has incurred the loss of ₹ 146160/- in trading of shares and ₹ 43851/- for future and option trading. It is further stated that he has also earned profit of ₹ 20632/- from the jobbing activities. As while calculating the income, the opening and closing stock of securities have not been considered by the AO, respect to different account of transactions entered into by the assessee for future and option as well as of jobbing, further, the claim of the assessee that he has incurred loss of ₹ 146160/- in trading of shares, we set aside the whole issue back to the file of the ld AO with a direction to the assessee to demonstrate before the ld AO about the amount of the profit earned by the assessee or loss incurred by the assessee in various transaction. The ld AO may examine the same and decide the issue afresh Addition on account of payment by the assessee to M/s. Multiplexes capital ltd. - assessee failed to show the source of payment to the broker and hence additions was made - Held that:- The dispute here is that the revenue authorities have understood that the payment is made by the assessee to the broker but the assessee claimed that it is payment made by the broker to the assessee. The copy of the account at page No. 20 which is also ledger account from the books of broker shows that the above amount is credited to the account of the assessee. However, as the issue of profit or loss earned from the same broker is also set aside by us to the file of the ld AO vide ground No. 2 of the appeal, we also set aside this ground also the file of the ld AO for fresh verification. Appeal of the assessee is partly allowed for statistical purposes.
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