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2016 (4) TMI 668 - AT - Income TaxAddition on account of peak deposits in HSBC, Geneva account and interest thereon - CIT(A) deleted the addition - Held that:- Since the principle amount in the HSBC Geneva Bank account is itself not taxable due to the non-resident status of the assessee, and as there is no proof that the income has accrued or arisen in India consequently, there can’t be any addition on account of interest income on the amount of deposits in the same bank account. - Decided in favour of assessee Addition on account of alleged non-utilisation of capital gains earned within the statutory period of three years - Held that:- Since the total expenditure incurred by the assessee for construction of new house property at Sonali Farms (at Westend Greens, NH-8) far exceeded the capital gains of ₹ 1.58 crores accrued on sale of property at Colaba, Mumbai, we are of the opinion that the amount of ₹ 58,00,000/- lying in the account of the assessee should have been deemed to have utilized for acquiring the new asset and the revenue ought not to have made the addition on this count. This addition is, therefore, deleted.- Decided in favour of assessee.
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