TMI Blog2016 (10) TMI 487X X X X Extracts X X X X X X X X Extracts X X X X ..... unt. We find that all the credit entries reflecting in the undisclosed bank account are coming from the disclosed bank account of assessee. In support of this, Ld. AR has filed bank statement along with reconciliation which are placed on record. Ld. DR has not brought any defect in the details filed by assessee. In view of above, we find no undisclosed income / investment has escaped assessment. Therefore, we reverse the order of Authorities Below. AO is directed accordingly. Hence, inter-connected ground of assessee is allowed. Addition u/s 40A - Held that:- As decided in CIT vs. Crescent Export Syndicate [2008 (7) TMI 977 - CALCUTTA HIGH COURT ] the genuineness of the purchase has been accepted by the ld. CIT (Appeal) which has also n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account with UBI, as such the Ld. CIT(A) was wrong in upholding he said addition. 3. For that on the facts of the case, the ld. CIT(A) has failed to consider the Written Submission explaining deposits with AXIS Bank tallied with UBI account and opening balance required consideration ₹ 253,287/- as such the finding in appellate order confirming the addition of ₹ 2,76,150/- is wrong, arbitrary, and illegal. 4. For that on the facts of the 275000/-case, the source of investment in F.D s with AXIS Bank ₹ 27,500/- were deposits out of withdrawal from same bank, as such the Ld. CIT(A) s action in confirming the said addition is erroneous, perverse and illegal. 5. For that on the facts of the case, the addition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om business and interest for ₹ 1,35,762/-. Thereafter the case was selected for scrutiny assessment through CASS module and assessment was framed u/s 143(1) of the Act at ₹ 27,81,470/-. 3. The issues raised in ground no. 2 to 5 are interconnected so they are being clubbed together and disposed by passing consolidate order. The issues relate to the money deposited in the bank accounts which were not disclosed in the return of income. The assessee was maintaining its bank accounts as detailed under:- S.No. Bank name Bank Branch Account No. Remarks 1. Axis Bank Lake Town ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was not disclosed by the assessee in his return of income. Accordingly, the AO proposed to add the same to the total income as from the undisclosed source. In rebuttal, assessee submitted that all the transactions of this bank account are of personal nature and therefore it was not disclosed. However the AO disregarded the plea of the assessee by treating the same as undisclosed income for ₹ 2,76,150/- and accordingly added to the total income of the assessee. 4. Aggrieved, assessee preferred an appeal to ld. CIT(A) who has upheld the order of the AO. Being aggrieved by the order of the ld. CIT(A), the assessee came in second appeal before us. 5. The ld. AR before us filed a paper book comprising of pages from 1 to 71 and submit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the credit entries reflecting in the undisclosed bank statement are representing the income from undisclosed sources. It is because that it is the duty of the lower authorities to establish the exact nature and character of such receipts. The argument placed by Ld AR that these credit entries are reflecting from the disclosed bank account has not been considered by the lower authorities. Ld. AR before us has filed the reconciliation statement of all the entries reflecting in the disclosed and undisclosed bank account. We find that all the credit entries reflecting in the undisclosed bank account are coming from the disclosed bank account of assessee. In support of this, Ld. AR has filed bank statement along with reconciliation which are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... R submitted that payment made by assessee is against the provision of Sec. 40A(3) of the Act. The payment made by assessee also does not fall in any of the exception as specified under Rule 6DD(k) of the IT Rules. Ld. DR also vehemently relied on the order of authorities below. 11. We have heard the rival contentions of both the parties and perused the materials available on record. From the aforesaid discussion, we find that the genuineness of the transaction and identification of the parties have not been doubted by the lower authorities. In the identical case having aforesaid facts and circumstances the Hon ble jurisdictional High Court in the case of CIT vs. Crescent Export Syndicate in ITA No. 202 of 2008 dated 30.07.2008 has gran ..... X X X X Extracts X X X X X X X X Extracts X X X X
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