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2019 (4) TMI 1028 - AT - Income TaxUnexplained cash deposits u/s 68 - Addition on account of deposit in bank account maintained with Oriental Bank of Commerce - HELD THAT:- Computation of income for earlier year as well as assessment year under appeal, details of sales, purchase and debtors along with cash flow statement, which would show that assessee has been filing the return of income under section 44AD as such, assessee was not required to maintain books of account. The assessee has disclosed interest income in the return of income from both the Bank Accounts, therefore, it cannot be said that Oriental Bank of Commerce have not been disclosed to the Revenue Department. The material on record clearly suggest that assessee was doing business activities and different sale proceeds amounts received from the debtors, which have been deposited in the Bank Accounts. One Bank account accepted by the Ld. CIT(A) because it was disclosed in the return of income. Interest from both the Bank Accounts have been disclosed in the computation of income filed with the return of income, as such, the CIT(A) on the same reasoning should not have made the addition against the assessee. The assessee has explained the source of cash deposited in Oriental Bank of Commerce. A.O. has taken only the cash deposits in the Bank Account ignoring the amounts withdrawn from the same Bank account, which should have also been considered by the authorities below. Thus, the assessee explained the source of the Bank deposits through the evidences admitted on record. No justification to sustain the addition. We, accordingly, set aside the Orders of the authorities below and delete the entire addition.- Decided in favour of assessee.
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