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2014 (6) TMI 209 - ITAT DELHIDeletion towards investment in purchase of property – Held that:- The credit entries in the Axis bank account reflected the amounts received from various persons to whom the properties were sold by him as mediator earning commissions from transactions - the debit entries in the said bank account represented the amounts of purchase price handed over to the sellers after retaining commission on sale properties - the assessee’s explanation about the source of deposits in the bank account has not been contradicted by the AO, who chose to make addition by considering only the credit entries in the Pass book by virtually ignoring that there were debit entries in the same bank account – the order of the CIT(A) is upheld - Decided against Revenue. Deletion of unexplained credit in bank account – Held that:- The assessee tendered an explanation to the effect that he received a sum of Rs. 10 lakh against the tentative purchase of property from Shri Ram Karan Garg - the assessee gave explanation about the source of deposit along with complete particulars of the party issuing cheque, there remains nothing with the Revenue to make any addition on this account, more so, when the explanation so given by the assessee has not been faulted with – thus, the order of the CIT(A) is upheld - Decided against Revenue. Estimated addition of Dhaba income – Held that:- The assessee filed his return declaring income from Dhaba at Rs. 68,193/- against the gross receipts at Rs. 1,60,683 - A copy of Income and Expenditure account is available on record - When the amount of gross receipt is not disputed at Rs.1.60 lakh, there is no logic in sustaining the estimated income of Rs. 2 lakh from Dhaba – the order of the CIT(A) is upheld – Decided against Revenue.
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