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TMI Blog2013 (12) TMI 640X X X X Extracts X X X X X X X X Extracts X X X X ..... – The deduction of opening balance of bank account shall be allowed – Decided in favour of assessee. - ITA Nos. 1349 to 1355/Kol/2012 - - - Dated:- 4-2-2013 - Shri P. K. Bansal And Shri George Mathan,JJ. For the Appellant : Shri Sunil Surana For the Respondent : Shri R. P. Nag ORDER Per Bench These are seven appeals filed by the assessee against orders of the learned Commission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as fairly agreed by the learned counsel for the assessee that the said bank account had not been disclosed in the returns filed by the assessee for the relevant assessment years under appeal. It was submitted that the AO in the course of assessments had added the total credits being the cheque and cash deposits during the relevant assessment years under appeal. It was the submission that for all t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... putation after claiming said deductions. 4. In reply, the learned Sr.DR did not make any specific submission in respect of the said claims. It was the submission by the learned Sr.DR that in respect of the claim of peak credits the assessee had been given opportunity by the AO to which the assessee had not made any submission. It was the submission that the learned CIT(A) had categorically given ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear as also the deduction u/s. 80L of the Act. Further, as it is noticed that the Auto Sweep has been done from the said account and the same has also been credited back to the said account during subsequent assessment years in respect of various investments. The addition must be restricted by considering only one of the transaction and not both. Further, the AO shall also grant the assessee the b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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