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2020 (2) TMI 413 - AT - Income TaxUndisclosed cash receipts - not giving telescoping benefit to the above income against the income offered during the course of survey - HELD THAT:- As relying on ANANTHARAM VEERASINGAIAH AND CO. VERSUS COMMISSIONER OF INCOME-TAX, AP [1980 (4) TMI 2 - SUPREME COURT] since the assessee during survey operation on 16.01.2013 had already offered undisclosed income of ₹ 95 lacs which includes ₹ 45 lacs for this assessment year and since all other entries found in the diary SKS-5 has already been tallied with the cash book, we are of the opinion that the assessee has been able to give a plausible explanation to this amount of ₹ 14,50,000/- dated 18.06.2012 since this amount is entered in the cash book prior to survey and this amount get subsumed in the ₹ 45 lakhs surrendered by the assessee for this assessment year. Therefore, no other addition was warranted and we delete the addition of ₹ 14,50,000/-. Therefore, this ground of appeal of assessee is allowed. Undisclosed rental income - survey operation u/s. 133A - HELD THAT:- We note that the assessee had received rental income of ₹ 3,36,000/- in this assessment year which has been rightly taxed by the AO. However the only limited prayer of the Ld. AR is that the standard deduction on the rental income should be granted. Needless to say, since this amount is on account of rental income, then standard deduction needs to be granted to the assessee and the AO is directed to do so in accordance to law. So, this ground of appeal of assessee is partly allowed.
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