9911796707
TMI Blog2014 (1) TMI 835X X X X Extracts X X X X X X X X Extracts X X X X ..... l by Revenue is arising out of the order of CIT(A)-XIX, Kolkata vide his Appeal No.174/CIT(A)-XIX/ITO,Wd-31(4),Kol/10-11 dated 30.11.2011 for the assessment year 2008-09. Assessment was framed by ITO, Ward-31(4), Kolkata for the assessment year 2008-09 under section 143(3) of the Income-Tax Act, 1961 (hereinafter referred to as 'the Act') vide his order dated 28.12.2010. 2. The only issue in this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sit with Indian Bank vide cheque no.705987 from the disclosed bank account of Indian Overseas Bank. As the AO was not convinced, he added this amount of Rs.20 lakhs as unexplained investment. Aggrieved, the assessee preferred appeal before the CIT(A). The CIT(A), after noticing the bank account of Indian Overseas Bank and copy of ledger account of M/s. Rub-Chem (India), that this amount of Rs.20 l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on careful consideration of the facts and in law I am of the opinion that the AO was not justified in making the addition of Rs.20,00,000/- on account of fixed deposit. In the assessment order, nowhere, the AO has mentioned that the fixed deposit of Rs.20,00,000/- was taken by the appellant firm from undisclosed sources or undisclosed bank account. In the course of assessment proceedings it was s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .20 lacs subsequently and duly recorded in the books of account. On perusal of assessment order it is observed that the AO has not doubted the explanation submitted before him and same was not found to be incorrect or false. I am of the opinion that since all the transactions are duly transacted through the disclosed bank accounts of the appellant firm, merely for the reason that there was a mista ..... X X X X Extracts X X X X X X X X Extracts X X X X
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