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TMI Blog2020 (9) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... icient cause for the delay of 2 days on the part of the assessee in filing this appeal before the Tribunal. Even the learned DR has not raised any objection in this regard. The said delay is accordingly condoned and this appeal of the assessee is being disposed of on merit. 3. The issue raised in ground no. 1 relates to the addition of Rs. 7,40,000/- made by the AO and confirmed by the Ld. CIT(A) on account of investment found to be made by the assessee in bank deposits by treating the same as unexplained. 4. The assessee in the present case is an invidivual who is engaged in the business of dealing in lottery ticket in the name and style of his proprietary concern M/s. Gupta Associates. The return of income for the year under considerati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see. 5. The addition of Rs. 7,40,000/- made by the AO on account of alleged unexplained investment made in the bank deposit was challenged by the assessee in the appeal filed before the Ld. CIT(A). During the course of appellate proceedings before the Ld. CIT(A), it was reiterated on behalf of the assessee that the deposit of Rs. 7,40,000/- in question having made by transfer of funds from the disclosed bank account, there was no question of treating the said deposit as unexplained. The Ld. CIT(A) however found that immediately before the transfer of Rs. 7,40,000/- from his bank account towards the fixed deposit in question, the assessee had deposited cash of Rs. 7,43,000/- in his bank account and since the assessee failed to establish th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of the assessee as regards the source of cash deposits of Rs. 7,43,000/- made in the bank account before making the impugned investment in bank deposit. Ground No. 1 of the assessee's appeal is accordingly treated as allowed for statistical purpose. 7. The issue involved in ground no. 2 relates to the addition of Rs. 1,69,000/- made by the AO and sustained by the Ld. CIT(A) on account of investment made by the assessee in purchase of flat by treating the same as unexplained. 8. During the assessment proceedings, it was found by the AO that the assessee has made investment of Rs. 8,73,000/- in purchase of flat during the year under consideration. Since the said investment only to the extent of Rs. 4,04,000/- was reflected in the audit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 1,69,000/- could not be explained by the assessee on evidence, he treated the same as unexplained. The addition made by the AO on this issue amounting to Rs. 4,69,000/- thus was sustained by him to the extent of Rs. 1,69,000/-. 10. I have heard the arguments of both the sides and also perused the relevant material available on record. The learned counsel for the assessee has submitted that the cash payments in question amounting to Rs. 1,69,000/- were also made by the assessee from the withdrawals made from his proprietary concern and since the said withdrawals were duly reflected in the audited books of account of the proprietary concern of the assessee, the same could not be treated as unexplained. He has urged that this matter may al ..... X X X X Extracts X X X X X X X X Extracts X X X X
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