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2021 (10) TMI 683 - AT - Income TaxAddition on account of difference of stock value - CIT-A deleted the addition as no valid basis of making the addition further, the alleged difference will also cannot be said to be undisclosed income - HELD THAT:- We do not find any infirmity in the order of the Ld. CIT(A) on this issue. We find an identical issue had come up before the Tribunal in assessee’s own case in the immediately succeeding A.Y. 2014-2015 [2019 (8) TMI 292 - ITAT DELHI] - We uphold the order of the Ld. CIT(A) on this issue and the ground of appeal number.1 raised by the Revenue on this issue is dismissed. Addition on account of difference in cash statement given to the bank and as per books of account - CIT(A) deleted the addition on the ground that addition made by the A.O. is not based on any valid evidence and merely based on the statement given to the bank which is a third party evidence - HELD THAT:- Since the Ld. CIT(A) while deleting the addition has relied upon the decision of Commissioner of Income Tax vs., Sidhu Rice and General Mills [2004 (7) TMI 12 - PUNJAB AND HARYANA HIGH COURT] therefore, in the absence of any contrary material brought to our notice against the decision of the Hon’ble jurisdictional High Court relied upon by the Ld. CIT(A), we do not find any infirmity in his order deleting the addition. Accordingly, ground of appeal number 2 raised by the Revenue is dismissed. Addition of low house hold withdrawals - addition towards house hold expenses is very low keeping in view the rising of price day by day and the minimum expenses required for sustaining the family - CIT-A deleted the addition - HELD THAT:- As stated earlier, the family of the assessee consists of self and his wife and the two children are earning separately and are residing in Pune and Chandigarh respectively. The assessee also owns ancestral agricultural land of about 10 acres and the income from agriculture is also used for meeting the house hold expenses. Apart from the above, the assessee is staying in his own house in a small town. Therefore, in the absence of any evidence before the A.O. to show that the assessee has incurred any extravagant expenditure for maintaining a lavish life style or has performed any marriage function etc., estimating the addition on presumption and surmises, in our opinion, is not sustainable in Law. In view of the above discussion and respectfully following the decision of the Tribunal in assessee’s own case in the succeeding assessment year [2019 (8) TMI 292 - ITAT DELHI] - we uphold the order of the Ld. CIT(A) on this issue - Decided against revenue.
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