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2022 (9) TMI 921 - AT - Income TaxUnexplained investment in purchase of house property - Source of investment from realization of closing stock and debtors as on 31st March, 2011 - HELD THAT:- As regards the claim of realization from debtors it is apparent from the balance-sheet filed by the assessee during the proceedings before the CIT(A) for the preceding assessment year showing closing balance of sundry debtors therefore, this claim of realization is contrary to the balance of debtors as on 31st March, 2011. However, without going into these unreliable claims and figures which are not matching to each other if this amount is considered as available to the assessee for making the investment after realizing the closing stock as well as debtors, then the estimation made by the CIT(A) on this account of Rs. 5,00,000/- would be unjustified and without any basis. Hence, in the facts and circumstances of the case, when the CIT(A) has accepted the correct figure of Rs. 9,08,300/- as shown in the return of income, then to that extent, the source from realization of closing stock and debtors ought to have been accepted. Accordingly, the addition sustained by the CIT(A) of Rs. 6,00,000/- is restricted to Rs.1,81,700/- - Appeal of the assessee is partly allowed.
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