9911796707
TMI Blog2013 (7) TMI 1199X X X X Extracts X X X X X X X X Extracts X X X X ..... he surviving grounds No.1 and 2 are reproduced herein under:- 1 On the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in restricting the addition at Rs.1,79,818/- regarding [a] unexplained cash deposit of Rs.10,21,500/-, [b] closing balance of unaccounted bank a/c. with ICICI bank of Rs.25,054/- and [c] closing balance of share a/c. which was not shown in the return of income were added by the A. O. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in directing to allow the set-off or carry forward capital loss incurred in share transactions of Rs.1,81,708/- which was not shown in the return of income. 3. The facts of the case are that the assessee is an indi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... When the matter was brought before the learned CIT(A), the learned CIT(A) restricted the addition to Rs.1,79,818/- being the investment in shares which was more than the peak balance/credit of Rs.1,65,544/- recorded in the ICICI Bank account. The learned CIT(A) made the following detailed observations while arriving at this conclusion:- 6. I have gone through the assessment order and also submissions of the appellant. After carefully going through the facts of the case, I am of the opinion that the addition made by the A. O. is not in conformity with the facts due to following reasons: I. It is not a denying fact that the transactions related to the bank a/c were not disclosed in the return of income by the appellant. When it was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... losed source and further enhanced it to Rs.1,79,818/- being the investment in shares out of such deposits, since the closing balance of the bank account was only Rs.25,054/- for the relevant previous year. Considering the facts and circumstances of the case, we are of the view that the decision of the learned CIT(A) is balanced and judicious. Therefore, we do not find it necessary to interfere with the order of the learned CIT(A). Accordingly, this ground raised by the revenue is dismissed. 7. On the other ground raised by the revenue with respect to setoff and carry forward of losses incurred in share transaction for Rs.1,81,708/- which was not disclosed in the return of income, we find that the learned CIT(A) has remitted back the issu ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
