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2020 (9) TMI 188 - AT - Income TaxRejection of the books of account - HELD THAT:- CIT(A) has observed that the assessee did not filed the books of account whereas the books of account has filed lies at page no. 264-265 of the paper book. Anyhow taking into account all the facts and circumstances, we are of the view that each and every explanation is liable to be considered while accepting or rejecting the books of account, hence, we set aside the finding of the CIT(A) on this issue and restore the issue before the AO to decide the matter of controversy afresh specifically in view of the explanation given by assessee in view of the letter dated 20.02.2015. Accordingly, we decide this issue in favour of the assessee against the revenue. Unexplained investment - addition on the basis of scrips - as per assessee AO nowhere provided company letter of scrips before addition, therefore, in the interest of justice, the company letter/material should be given before raising the addition in accordance with law, hence addition is not liable to be sustainable - HELD THAT:- Addition is liable to be examined once again by the necessary documents/opportunity to the assessee in accordance with law. Addition of unexplained deposits - HELD THAT:- Since this addition are required to be confirmed, therefore, we set aside the finding of the CIT(A) on this issue and restore the issue before the AO to decide the matter of controversy afresh in the light of evidence mentioned above in accordance with law. Accordingly, this issue is decided in favour of the assessee against the revenue. Addition of share of profit from partnership firm - HELD THAT:- As specifically argued that the final figure is not on record, therefore, the issue is liable to be restored to the file of the AO to decide the matter of controversy afresh to adopt the final figure of profit determined in case of M/s. Sunrise Enterprises in the hands of the assessee. Anyhow when the profit figure has been taken from the M/s. Sunrise Enterprises, therefore, it is necessary to determine the matter of controversy on the basis of the final figure of profit determined in the case of M/s. Sunrise Enterprises - direct the AO to decide the matter of controversy afresh, after obtaining the final figure of the profit determining in the case of M/s. Sunrise Enterprises. Disallowance u/s 14A - Disallowance of interest expenditure - HELD THAT:- Since the assessee had not earned any exempt income during the year relevant to the assessment year under consideration, we direct the AO to allow the deduction in respect of interest accrued and calculate @ 12% per annum in terms of the order passed by the coordinate Bench in the case of Sudhir Mehta vs. DCIT [2017 (12) TMI 1668 - ITAT MUMBAI]. Unexplained investment in shares - discrepancies has been explained after due verification of the claim and CIT-A deleted addition - HELD THAT:- Nothing came into noticed that which scrips has not been explained by assessee. The transaction has been explained satisfactorily. Since the CIT(A) has allowed the claim of the assessee on the basis of satisfactorily explanation of the assessee in connection with the transaction in question, therefore, we nowhere found any ground to interfere with the finding of the CIT(A) in question. Accordingly, we decide this issue in favour of the assessee against the revenue.
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