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2022 (11) TMI 411 - AT - Income TaxAddition u/s.69 - unexplained investment - for maturity of the fixed deposit the assessee failed to make any satisfactory explanation - HELD THAT:- On perusal of the details of the FDR, we find that these FDR were created in the earlier year and therefore if any addition is warranted then it can only be in the year in which such FDRs were created and not in the year of the maturity of fixed deposit. It is for the reason the investment was made in the earlier year and which was matured in the year under consideration. As such the amount matured in the year under consideration does not represent the unexplained investment merely on the reasoning that it was credited in the bank account of the assessee - it the source of money which has been used for the purpose of the FDR and the same can only be brought to tax and that too in the year in which such FDR were created. Thus, after considering the necessary fact as discussed above, we set aside the findings of the of CIT(A) and direct the AO to delete the addition made by him. Hence, the ground of appeal of the assessee is allowed.
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