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2016 (8) TMI 870 - ITAT CHENNAIUnexplained investments - non furnishing on clarifications on the Balance loan amount - Held that:- Authorised Representative drew our attention to the certificate dated 19.02.2010 issued by the Karnataka Bank Ltd that ₹ 40,29,328/- was received from Standard Chartered Bank towards loan account of assessee on 22.03.2007 and the assessee’s saving bank account was credited with ₹ 66,21,768/- on 30.03.2007 and supported the loan transactions with bank statements, certificates and loan against properties letter dated 15.03.2007. Further, we found that on comparison with the value of property disclosed by the assessee as on 31.03.2006 is ₹ 49,03,162/- and the said value as of 31.03.2007 is ₹ 1,24,45,907/- and the differential value of construction cost spent during the financial year is ₹ 75,42,745/- and the assessee supported the cost with Karnataka Bank loan and disbursement from the Standard Chartered Bank Housing loan amount of ₹ 1,07,00,000/-. Further, the loan source cannot be treated as income for assessment. Therefore, we are of the opinion that Commissioner of Income Tax (Appeals) has elaborately discussed viz-a-viz considered the assessee submissions and the loan documents and allowed the appeal. We do not find any infirmity in the order of Commissioner of Income Tax (Appeals) and dismiss the grounds of the Revenue. - Decided in favour of assessee.
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