9911796707
TMI Blog2022 (12) TMI 334X X X X Extracts X X X X X X X X Extracts X X X X ..... ced by the A.O. in his remand report dated 08/11/2017 that most of the credit entries corresponding to salary, which was already offered to tax in the ITR for the period under consideration: inter bank transfers within the accounts held by the assessee and loan repayment by friends/relatives which is not an income of the assessee for the period under consideration. A.O. has noticed that only income of Rs. 11,76,379/- had not been shown by the assessee in his return of income for the year under consideration, which has been later offered by the assessee himself for taxation and paid the tax. Therefore, the Ld.CIT (A) has rightly restricted the addition of Rs. 11,76,379/. The approach of the Ld.CIT(A) is in order which is not erroneous an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d on 24/10/2016 by making an addition of RS. 4,21,47,611/-. The Ld. A.O was of the opinion that the assessee could not in substantiate its claim of amount credited in the foreign bank account held by the assessee. The Ld. A.O. has treated the said amount of Rs. 4,21,47,611/- as disclosed in the peak credit column of the Income Tax Return as income of the assessee. 4. As against the assessment order dated 24/10/2016, the assessee has preferred an appeal before the CIT (A). The Ld.CIT(A) vide order dated 10/01/2018, partly allowed the appeal by restricting the addition made by the Assessing Officer to Rs. 11,76,379/-. 5. As against the order of the Ld.CIT(A) dated 10/01/2018, the Revenue has preferred the present appeal on the grounds m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee, on account of unexplained credits in the foreign bank accounts of the assessee. Addition of Rs. 4,21,47,611/- was made on account of undisclosed foreign income of the assessee as he failed to provide any explanation for the source of the aforementioned amount credited into his foreign bank accounts. The assessee has now submitted bank statements of his foreign bank accounts. A letter F.No. DCIT/C- 2/GGN/17-18/6145-46 dt. 21.08.2017 was issued to the assessee thereby providing him an opportunity of being heard on 29.08.2017. In response, the A.R. of the assessee attended the proceedings and submitted written reply. On the perusal of the bank statements submitted by the assessee as additional evidence under Rule 46A, it w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Capital refunded + Interest 111.98 24.01.2014 2401.15 Interest 2401.15 TOTAL 11,958,72 The A.R. of the assessee has also agreed that the above mentioned interest income at 11,76,379/- had not been shown by the assessee in his l.T.R. for the period under consideration. The A.R. also mentioned that taxes have now been paid on this amount by the assessee. The issue may please be decided on the merit of this case. 9. The above said report of the A.O. has been provided to the assessee and the assessee has replied as under:- T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ced by the A.O. in his remand report dated 08/11/2017 that most of the credit entries corresponding to salary, which was already offered to tax in the ITR for the period under consideration: inter bank transfers within the accounts held by the assessee and loan repayment by friends/relatives which is not an income of the assessee for the period under consideration. 11. Further, the A.O. has noticed that only income of Rs. 11,76,379/- had not been shown by the assessee in his return of income for the year under consideration, which has been later offered by the assessee himself for taxation and paid the tax. Therefore, the Ld.CIT (A) has rightly restricted the addition of Rs. 11,76,379/. The approach of the Ld.CIT(A) is in order which is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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