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2022 (12) TMI 1004 - AT - Income TaxUnexplained deposits in bank account - assessee stated that the money was withdrawn for the purpose of making investment in house property, however, that could not be materialized - CIT(Appeals) has treated 1/3rd of such sum being available for redeposit - HELD THAT:- As undisputedly the assessee had withdrawn out of his bank account a sum of Rs. 16,44,000/-. Out of this amount the assessee has claimed that he had deposited a sum of Rs. 10,96,500/-. Therefore, the authorities below were not justified in confirming the addition to the extent of Rs. 5,48,500/-. Revenue has not brought any material to suggest that the money as withdrawn by the assessee was utilized for any other purpose. Even if it is presumed that 1/3rd of such amount was utilized for house-hold expenses, still the assessee had 2/3rd of such amount. Therefore, Assessing officer was not justified in making the addition of the entire amount and the learned CIT(Appeals) was not justified in restricting the relief to the extent of 1/3rd of the total amount. Assessee appeal allowed.
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