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2022 (12) TMI 334 - AT - Income TaxUnexplained credits in the foreign bank accounts - addition on account of peak balance lying in the foreign bank accounts - most of the credit entry corresponded to the salary and interbank transfer within the account held by the assessee and loan payment by the friends and colleagues - CIT-A deleted the addition - HELD THAT:- As rightly observed by the CIT(A) that out of the total addition made by the A.O on account of peak balance lying in the foreign bank accounts only the interest income credited to the Natvest Account 954336157165 was not accounted for the return filed by the appellant. It is also noticed by the A.O. in his remand report dated 08/11/2017 that most of the credit entries corresponding to salary, which was already offered to tax in the ITR for the period under consideration: inter bank transfers within the accounts held by the assessee and loan repayment by friends/relatives which is not an income of the assessee for the period under consideration. A.O. has noticed that only income of Rs. 11,76,379/- had not been shown by the assessee in his return of income for the year under consideration, which has been later offered by the assessee himself for taxation and paid the tax. Therefore, the Ld.CIT (A) has rightly restricted the addition of Rs. 11,76,379/. The approach of the Ld.CIT(A) is in order which is not erroneous and the same requires no interference at our hands. Thus, we do not find any merit in the grounds of appeal of the Revenue.
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