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2022 (5) TMI 618 - AT - Income TaxAddition u/s 69A - Undisclosed investment in cash deposits and transfer of cheque - unexplained investment - additional evidences submitted under the Rule 46A of the ITAT Rules - HELD THAT:- Addition made by the AO on various counts and during the appellate proceedings these documents were being placed before the ld.CIT(A) and the ld.CIT(A) called for remand report, since additional documents were being placed by invoking Rule 46A. As it can be seen from the remand report and rebuttal filed by the assessee, the factum of the transactions were clearly brought on for each addition with documentary evidences, and also the three immovable properties stated to have been purchased by the assessee only in his capacity as partner of the firm and the transactions were being shown as ‘stock-in-trade’ in its balance sheet, which is also assessed to tax and scrutiny assessment has also been passed on 21.3.2014 in the case of the partnership firm M/s.Monarch Infra Venture. Considering the above facts, the ld.CIT(A) deleted the additions made by the AO. During the course of hearing before us, the ld.DR could not able to produce any contrary view or evidence on the deletion made by the ld.CIT(A). Therefore, we are of the considered opinion that deletion made by the CIT(A) does not require any interference and grounds raised by the Revenue are hereby rejected. Consequently, cross objection filed by the assessee being in support of the order of the ld.CIT(A), becomes infructuous, and disposed off accordingly.
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