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2013 (12) TMI 130 - ITAT MUMBAIAccomodation entries – Held that:- The assessee and his brother are engaged in providing hawala entries to the Naphtha dealers against the cash which was being deposited in the bank account and after deducting their commission income the amount was released to the dealers in the garb of sales - The relevant document were filed before the CIT(A) which show that the assessee’s bank account was operated by Shri Naresh Vora the brother of the assessee - The deposit found in the assessee’s bank account has been considered in the assessment of assessee’s brother Shri Naresh Vora and an addition @ 4% on account of unaccounted commission has been made in the hand of the brother of the assessee - There cannot be a double addition of the same amount when it has already been made in the hand of the assessee’s brother - This fact that the deposit of cash in the bank account in the case of the assessee has already been considered for addition on account of commission income in the hand of the assessee’s brother Shri Naresh Vora is required to be verified at the level of the Assessing Officer – The issue was restored for fresh adjudication. Cash deposits out of sale of chemicals – Held that:- The CIT(A) has confirmed the addition made by the AO on the ground that no document/material was available on record to support the fact of cash deposits being already included in the aggregate of cash deposits as computed in the hand of Shri Naresh Vora - Neither the AO nor the CIT(A) has given any finding on the issue that out of the total cash deposit in the bank certain amount is regarding the sales made by the assessee during the year on which the net profit has been declared in the return of income – The issue was restored for fresh decision. Loan received - Addition u/s 68 – Held that:- No fresh loan taken by the assessee during the current year under consideration - The CIT(A) has compared the unsecured loan as on 31.3.1993 to 31.3.1995 - The outstanding balance of unsecured loan as on 31.3.1994 has not been taken into account so as to compare with the unsecured loan as on 31.3.1995 in order to find out any increase of unsecured loan during the year –It would be justified to verify the amount of fresh loan taken during the year under consideration - The issue was restored for fresh decision.
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