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2015 (10) TMI 2379 - HC - Income TaxAddition u/s 69 - Whether ITAT has erred in not appreciating that once the entries appearing on any seized document in the course of search are credible and shows that outstanding liability of the assessee amounting to ₹ 1,28,89,362/- was in respect of an investment and by virtue of section 69 of the Act should have been treated as income and could not have been restricted to part payment? - Held that:- CIT(A) restricted the addition of ₹ 59,43,115/- as against the addition of ₹ 1,28,69,362/- made by the Assessing Officer as the said amount depicted the payments actually made to Mr. Monga. The amount paid to Mr. Monga was to the tune to ₹ 46,43,115/- and the balance was shown as receivable by Mr. Monga and his family members from the assessee vide letter dated 10.08.2008. A sum of ₹ 13,00,000/- as mentioned in the said letter was also received by him. In totality thus the total payments made by the assessee to Mr. Monga were of ₹ 46,43,115/- + ₹ 13,00,000/- and the addition had been restricted to ₹ 59,43,115/-. The Assessing Officer had erred in making addition of ₹ 1,28,69,362/- to the income of the assessee. The balance amount payable by the assessee to Shri Monga and his family members which was shown in the books of account of the assessee as outstanding could not be termed as undisclosed income and included in the total income of the assessee. The CIT(A) and the Tribunal were right in sustaining the addition of ₹ 59,43,115/- in the hands of the assessee for the assessment year 2009-10. - Decided against revenue.
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