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2013 (11) TMI 267 - ITAT HYDERABADAddition on account of investment in M/S SVMDM – Addition on account of unexplained investment u/s 69 of the Income Tax Act - Department has not adduced any evidence for utilisation of the monies withdrawn for any other purpose or has not disproved the cash flow statement given by the assessee, except making general statement that money withdrawn was utilised for other purposes. The department has not specifically counted the cash flow statement filed by the assessee and accepted by the CIT(A) – Held that:- Assessee's income was increased by a sum of Rs. 11 lakhs for the assessment years 2002-2003 and 2003-2004 and the assessee has shown the withdrawal of the same. Further, the facts regarding addition of Rs.11 lakhs made for the earlier years and the fact that the assessee had shown as having withdrawn the amount, has not been disputed by the Revenue. Addition made in the earlier years will be available for investment in the current year. The department has not produced any proof regarding utilisation of that amount for any other purpose. Hence, amounts added for the earlier years and shown as having been withdrawn in the books should be considered as being available for investment in the current year – Decided against the Revenue.
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