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2017 (6) TMI 584 - ITAT KOLKATAAddition invoking the provisions of Sec.69 or 69A - revenue has contended that the security deposit in question ought to have been shown in the asset side of the Balance sheet - Held that:- In both the aforesaid provisions, the requirement is that the investments or unexplained money, bullion, jewellery or other valuable article should not have been found recorded in the books of accounts of the Assessee. From the explanation given by the Assessee, which has not been shown to be incorrect by the Revenue, it is clear that the security deposit with M/S.Future Plus Enterprise Pvt.Ltd., is duly reflected in the books of accounts of the Assessee. As we have already seen this has been taken into account by reduction in the liability side of the Balance Sheet and therefore the effect is one and the same. As we have already stated the addition can be made only when the investment is not recorded in the books of accounts. Since the investment is found to be recorded in the books of accounts, I am of the view that there was no reason to interfere with the order of the CIT(A) and hold that the addition was rightly deleted by the CIT(A). - Decided in favour of assessee.
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