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2015 (2) TMI 497 - ITAT MUMBAIUndisclosed cash credit u/s 68 - peak credit balance of both the bank accounts - addition of ₹ 26,38,754/- made by the AO, the ld. CIT(A) has sustained the addition to the tune of ₹ 13,68,828/- - Held that:- The assessee has to explain the deposits made in odd figures, failing which the same is liable to be assessed to tax. From the summary of cash transactions, we ourselves worked out the deposits made in the round figures of ₹ 2000/- and above for the period started from 01.8.2007 to 25.3.2008, i.e., the period starting from first major withdrawal.The cash withdrawals made by the assessee from 13.6.2007 to 25.3.2008 works out to about ₹ 14,00,000/-. On comparison of both the amounts and in the absence of any other material, we are of the view that the assessee should, out of cash withdrawals of about ₹ 14,00,000/-, have utilized a sum of ₹ 11,18,000/- only for making re-deposits in the banks account. However, our computation, referred above, needs to be verified by both the parties. In our view, the Assessee may be given set off of aggregate amount of deposits made at a sum of ₹ 2,000/- and above during the period mentioned above against the cash deposit of ₹ 26,38,404/-. The AO is directed to verify the above said computation along with the assessee and give set off of the amount as arrived at by both, if the above said figure of ₹ 11,18,000/- is found to be erroneous. Since the remaining amounts of deposits after giving such set off remain unexplained, we sustain the same. Accordingly, we modify the order of ld. CIT(A) and direct the AO to sustain the addition of balance amount after giving set off of the deposit of ₹ 11,18,000/- or such other sum that may be arrived at by the AO. - Decided partly in favour of asessee. Unaccounted share transactions - CIT(A) deleted the addition ₹ 30,72,971/- as against ₹ 45,58,634/- - Held that:- d CIT(A) has noticed that the assessee has realized a sum of profit of ₹ 2,72,425/- out of share trading. Accordingly, the ld. CIT(A) has directed the AO to assess above amount as “Short Term Capital Gain”. In addition to the above, the Assessee has also received a sum of ₹ 2101/- from the share broker as interest and reward amount. The Ld CIT(A) has directed that the same to be assessed. Though we notice that the ld. CIT(A) has taken a conscious decision after analyzing the share transactions carried out by the Assessee and we notice that the revenue could not find any defect with the said analysis made by the ld. CIT(A). - Decided against revenue.
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