TMI Blog2023 (7) TMI 4X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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. - ITA No. 1058/Del/2021 - - - Dated:- 31-3-2023 - SH. ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SH. N.K CHOUDHRY, JUDICIAL MEMBER Assessee by Shri Manoj Kumar, CA Revenue by Shri Arvind Bansal, Sr. DR ORDER PER ANIL CHATURV ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he addition made by the learned AO amounting to Rs.73,10,000 as unexplained investment under section 69 on account of investment in fixed Deposit in bank by referring to AIR Information Report. 2. The CIT(A) erred in rejecting the explanation regarding nature and source of deposit in bank account and investment in fixed deposits merely for the sake of rejecting the same ignoring the legal purport of the documentary evidences and on suspicion, irrelevant, factually incorrect and untenable grounds before erroneously confirming of section 69 . 3. He failed to appreciate and ought to have held that: a. The Appellant had fully explained such investment by producing documentary evidence. b. The Appellant has activated the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t prays that entire proceeding before AO as well as CIT(A) is void ab initio and should be quashed. The Appellant craves leave to add, amend, alter or delete any of the above grounds of appeal as may be advised in due course. 6. Before us at the outset, Ld. AR submitted that though the assessee has raised various grounds but the sole controversy is with respect to the addition of Rs. 73,10,000/- made as unexplained investment. 7. AO has noted that as per the individual transactions statement it was noticed that assessee had deposited of Rs. 73,10,000/- on different dates during the FY 2010-11 relevant to A.Y. 2011-12 and the assessee was therefore asked to explain as to why the amount should not be added to the taxable income. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... statement of the Kotak Mahindra Bank and from that statement he had pointed to the deposits of salary account, the amount swept out as fixed deposit account and the same fixed deposit being credited back to the saving account on maturity or premature closure. He submitted that assessee has co-related the fixed deposit amount from the saving bank account and had also explained the source of investment but however CIT(A) have wrongly concluded that no evidence was furnished by the assessee to demonstrate that the fixed deposits are made out of the salary income. Before us Ld. AR pointed to the copy of the bank statement placed at page 9 to 42 of the paper book and from those statements, he pointed to the amount being credited from his salary ..... X X X X Extracts X X X X X X X X Extracts X X X X
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