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2022 (11) TMI 376 - AT - Income TaxUnexplained cash credit u/s. 68 - undisclosed investment - addition by taking view that withdrawn from Dena Bank was made through ATM and deposits in ICICI Bank is after 2 to 3 days in some instances gap between withdrawals and deposits are more than 20 to 30 days - HELD THAT:- The entire credit in the bank account cannot be added as undisclosed income by ignoring the debit entry, particularly when the assessee has shown that cash deposit was made out of withdrawal from Dena Bank. Therefore, I restore back the case to the file of assessing officer to reconsider the issue afresh and pass order in accidence with law. The assessee is at liberty to prove that the cash deposit was out of the withdrawal from Dena Bank and remaining credit in ICICI bank was also a result of share transaction. Needless to direct that before passing the order afresh, the assessing officer shall grant opportunity of hearing to the assessee. The assessee is also directed to provide complete details, evidences and information to the assessing officer and not to take adjournment without any valid reasons. In the result, the grounds of appeal raised by the assessee are allowed for statistical purpose.
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