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2022 (4) TMI 1309 - AT - Income TaxDifference in the rent receipt as appearing in the form 26AS received and as declared by the assessee in its return of income - HELD THAT:- Before the ld. CIT(A), the assessee had clearly given the documentary evidences that the property was jointly owned and the rent income which has been received by the assessee for a sum aggregating to ₹ 15,56,136/-, out of which ₹ 6,00,000/- has been paid to other owner, Sri Vallabha Investment Ltd.. It is undisputed fact that the said party had shown it as a rental income in its return of income which is evident from its computation of income. The assessee might have received the rent entirely for the said assessment year but has paid the part of the rent to other co-owner who has also declared it as its income; therefore, we do not find any reason for sustaining the addition on account of difference of rent; firstly, the assessee had shown rental income of ₹ 9,56,136/- and the other owner has also shown rental income of ₹ 6,00,000/-, thus there was no difference in the rental income and accordingly, the addition is deleted. Addition being cash deposited in his bank account - nature of unexplained deposits in terms of section 69A of the Income Tax Act, 1961 - HELD THAT:- CIT(A) has deleted the credits for which the source was explained. However, the other cash deposits are concerned the same has been confirmed. Before us, ld. counsel had given the cash flow statement duly supported by the bank statement wherein he has shown that assessee had huge withdrawals during the year itself and day-to-day cash flow chart have also been filed which is appearing at pages 56 to 63 of the paper book. From bare perusal of the same, it cannot be disputed that assessee had availability of cash in the form of withdrawals and the same is shown in the cash flow statement filed before the ld. CIT(A). Thus we do not find any reason to sustain the addition. Accordingly, the same is also deleted.
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