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TMI Blog2021 (3) TMI 982X X X X Extracts X X X X X X X X Extracts X X X X ..... t the assessee has already repaid ₹ 5.00 lakhs against the loan of ₹ 7.00 lakhs, however, failed to explain the transaction of ₹ 2.00 lakhs and therefore in the peculiar facts and circumstances affirmed the partly addition of ₹ 2.00 lakhs only. We could not find any material and/or circumstances contrary to the conclusion/observation of the ld. CIT(A), hence, are inclined t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The learned Commissioner of Income Tax Appeals (in short 'CIT(A)') having accepted cash deposits in assessee's bank to the extent of ₹ 5,00,000/- ought to have accepted the remaining of ₹ 2,00,000/- when the facts are similar and also is supported by credible evidence. 3. For these and other reasons that are to be urged at the time of hearing of the case the appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m which it was observed by the ld. CIT(A) that the assessee has also repaid ₹ 5.00 lakhs against the loan of ₹ 7.00 lakhs. However, the ld. CIT(A) ultimately held that the assessee failed to explain satisfactory qua transaction of ₹ 2.00 lakhs, hence, addition to the extent of ₹ 2.00 lakhs was confirmed by the ld. CIT(A) against the addition of ₹ 7.00 lakhs. 5. Hea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee has already repaid ₹ 5.00 lakhs against the loan of ₹ 7.00 lakhs, however, failed to explain the transaction of ₹ 2.00 lakhs and therefore in the peculiar facts and circumstances affirmed the partly addition of ₹ 2.00 lakhs only. We could not find any material and/or circumstances contrary to the conclusion/observation of the ld. CIT(A), hence, are inclined to dismis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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