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2023 (7) TMI 4 - ITAT DELHIUnexplained investment - case of the Revenue that the investments in fixed deposits have not been explained by the assessee and therefore the same were added as income - contention of the assessee that the fixed deposits made by the assessee with Kotak Mahindra Bank are out of the savings and salary income - HELD THAT:- AR has pointed to the bank statements of the bank and from those bank statement he has demonstrated the receipt of salary and has also co-related the making of fixed deposits to be out of the salary received by him. Assessee has also demonstrated that the fixed deposits made are out of the salary income earned by the assessee. The copy of the bank statement filed by the assessee reveals that there are sweep in and sweep out of the deposits and the making of the fixed deposits from the saving bank account has also been certified by the bank. Before us Revenue has not pointed that the submissions of the assessee are false or incorrect - We are of the view that the AO was not justified in making the addition as unexplained investment. We therefore direct the AO to delete the addition made. Thus the grounds of the assessee are allowed.
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