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Tanmoy Chatterjee Versus Commissioner of Income Tax, Kolkata

2016 (7) TMI 525 - CALCUTTA HIGH COURT

Addition u/s 69C - undisclosed bank account deposits - Whether the Tribunal was justified upholding the addition to the extent of ₹ 16,15,261/- under section 69 when the authorities below had variously relied upon sections 69A and 69C ? - Held that:- There is no dispute on the fact that that the assessee deposited some thing between ₹ 44 laksh and ₹ 49 lakhs with the bank, which he did not disclose in his return. His explanation was restricted to a sum of ₹ 2,65,500/-. Th .....

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ated a remand. All the facts were there before the learned Tribunal.- Decided against assessee - ITA 9 of 2011 - Dated:- 16-6-2016 - Girish Chandra Gupta And Asha Arora, JJ. For the Appellant : Mr. J.P.Khaitan, Sr.Advocate For the Respondent : Mrs. Smita Das De, Advocate ORDER The Court : This appeal is directed against a judgement and order dated 30TH July, 2010 passed by the learned Income Tax Appellate Tribunal, A Bench, Kolkata in Income Tax Appeal bearing ITA No.1434/Kol/ pertaining to the .....

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ent of ₹ 16,15,261/- on the basis of the following reasons: 3.7 We further observe that the AO made the addition of ₹ 49 lakhs by observing that there were unexplained expenditure by way of withdrawal from the said bank account of ₹ 42 lakhs. However, on perusal of the details stated by the AO in para 4 at page 3 of the assessment order, the total comes to ₹ 49.09 lakhs. Therefore, the Ld. CIT(A) has considered the aggregate amount of the deposits as ₹ 49.09 lakhs a .....

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rawal from the said bank account and again deposited the same as the assessee could not utilize the withdrawal amount for the purpose of which it was withdrawn. No doubt the assessee has not stated any where the purpose for which the amount was withdrawn from time to time. The assessee has also placed the bank statement at page 7 of the paper book. Considering the said bank statement, the extract of which has been given by the Ld. CIT(A) at page 3 of the impugned order, which has already been re .....

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