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2023 (2) TMI 111 - ITAT KOLKATACash deposits into the bank account from unexplained sources being cash deposited into the bank account by the assesse during demonetisation period - HELD THAT:- We have gone through the contents of the agreement to sell and found that the assessee has received consideration on various dates by cheques as well as in cash which has been substantiated and testified with the said agreement to sell. Under these circumstances, we are not in a position to subscribe to the views of both the lower authorities as there is sufficient source of cash deposits into the bank accounts of the assessee.The authorities below has failed to make any further enquiries and bring on records any other materials to prove the source of cash deposits from any other source. Consequently, we set aside the order of the ld. CIT(A) and direct the AO to delete the addition - The ground no.3 is consequently allowed. Deduction under Chapter VIA by ld CIT(A) - HELD THAT:- After hearing the rival parties and perusing the materials on records we are of the view that the assessee is entitled to deduction under Chapter VIA of the Act but subject to verification by the AO. Accordingly the AO is directed to examine the issue and allow the deduction to the assessee. The ground no. 4 is also allowed in terms of our aforesaid direction. Appeal of the assessee is allowed.
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