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2014 (8) TMI 201 - AT - Income TaxUnaccounted cash receipts Held that:- It is very much essential to know how the payments have been treated at the hands of the company - Neither the assessment order nor any other material brought on record could even remotely establish that payments to the extent indicated in the loose sheet were actually made to the assessee - neither the AO nor the CIT(A) have conducted any enquiry to ascertain the real fact - Solely relying upon the single piece of paper addition cannot be made at the hands of the assessee considering the fact that there is serious doubt with regard to authenticity of notings made - As it appears, the AO has made the addition merely on presumption without making any enquiry to establish the fact that payments as per the impounded document was actually received by assessee - the order of the CIT(A) is set aside and the matter is remitted back to the AO for fresh consideration Decided in favour of Assessee. Addition of accrued interest Held that:- It contains notings of certain amounts on specific dates against the name of some persons - one of the noting is for an amount in the name of Raji - assessee cannot blow hot and cold at the same time - When the assessee accepts a part of the seized material by offering the amounts mentioned as his unexplained income, he cannot reject the interest on advance forming part of the same seized material - when the assessee accepts the advances mentioned in the seized material as his income, the interest calculated on the amount advanced as noted in the very same seized material certainly have to be considered to have been earned/received by the assessee thus, there was no infirmity in the order of the CIT(A) Decided against the assessee.
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