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2016 (4) TMI 650 - AT - Income TaxAddition u/s 69A - sum was deposited after a period of two months from the date of agreement of sale - Held that:- There is no requirement under the law that under the Act assessee has to deposit the entire sale consideration into his bank account immediately. The assessee may retain some amount for his personal or business needs and can subsequently make the deposit as per his convenience. Therefore, the reason on which the Ld. CIT(A) has made the disallowance is, in our opinion, not sustainable. The Hon’ble jurisdictional High Court in the case of D.Yasodamma vs. CIT reported in (1966 (9) TMI 28 - ANDHRA PRADESH High Court ) was seized of a similar issue and has held that the amount withdrawn by the assessee therein two months back must be considered to be available with her for deposit subsequently. Thus, the contention of the assessee is sustainable - Decided in favour of assessee Disallowance of interest on the loans taken by the assessee from three persons - Held that:- The assessee has claimed the interest portion as against the income from other sources and has never claimed under section 24 of the Act. Since the assessee has also not filed any evidence whatsoever in support of its claim before the authorities below or before this Tribunal, we do not see any reason to interfere with the order of the Ld. CIT(A).
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