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2014 (11) TMI 173 - AT - Income TaxDeletion of GP rate – Held that:- The assessee had submitted the copy of audited balance sheet and profit and loss account along with the auditor’s report, copy of sales tax returns, copy of bank account of the assessee, copy of details of ledger account of assessee, copy of VAT paid by the assessee and confirmation from debtors and creditors etc. – AO had not pointed out any specific defect in the books of accounts - There was no basis to estimate such income - It was completely baseless addition, thus, the order of the CIT(A) is upheld – Decided against revenue. Deletion on account of gifts - Opportunity to cross examine the donor not provided by CIT(A) - the assessee has not produced the donor, Shri Dinesh Bansal before the AO - CIT (A) should have granted an opportunity to the AO also for cross examination of Shri Dinesh Bansal who appeared before him - It is against the basic principle of natural justice – thus, the matter is to be remitted back to the AO for cross examination of Shri Dinesh Bansal (Donor) with regard to the gifts given to the assessee – Decided in favour of revenue. Deletion of unsecured loan – Held that:- The assessee has submitted loan confirmation from all these parties - The loan shown from Smt. Raj Rani was outstanding from previous year and it was a carry forward balance and this amount was not taken during the year - The confirmation has been submitted with regard to the loan taken of ₹ 1,30,000/- from M/s. Pardeep Bansal HUF and the details of the bank statement and the income-tax details of the persons from whom amount was taken, was also submitted - Similarly with regard to amount of ₹ 1,68,000/- received from Smt. Preeti Bansal, sister-in-law, necessary confirmation was submitted - Copy of the return of income was also submitted along with the copy of bank statement – thus, the order of the CIT(A) is upheld – Decided against revenue.
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