Assessing Officer had issued notice under section 148 having received information with regard to time deposits made by assessee, a US resident involved in retail business in USA, with Canara Bank and addition was made under section 69B based on unexplained investment in time deposits. Commissioner (Appeals) carried out an inquiry in matter by exercising his powers under section 250(4) and evidence was sought with regard to remittances made to NRE Account maintained with Canara Bank and having discovered that actual time deposits made in Assessment year 2012-13 were of lesser amount and difference in two amounts was wrongly quoted by Canara Bank, and as regards balance sum, since source of remittances was income earned by assessee in USA, he had deleted entire addition. Tribunal affirmed the Order of the CIT(A). On appeal the Court held that since Commissioner (Appeals) had exercised his powers under section 250(4) which was co-equal to that of Assessing Officer and it also took note of fact that notice was issued to concerned branch of Canara Bank under section 133(6) and it was only after information was received from Canara Bank and material evidence furnished by assessee, that addition was deleted. Order of Tribunal is affirmed. (AY. 2012-13)