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2015 (11) TMI 402 - AT - Income TaxAddition on account of third party evidence - additions on account of unaccounted sales - search and seizure action under section 132 - assessment u/s.153A - Gross profit ratio @ 35% of unaccounted sales - Held that:- The facts of the present case are identical to the facts before Pune Bench of Tribunal in Shri Vinit Ranawat Vs. ACIT (2015 (6) TMI 608 - ITAT PUNE) and where the assessee has denied to have received any payment from M/s. DIL through Shri Sohan Raj Mehta and in the absence of any incriminating documents having been found from the residence of the assessee during the course of search on 20.01.2010 and where the assessee is not dealing with M/s. DIL in his individual capacity, the ratio laid down by the earlier decision of Tribunal as referred to in Shri Vinit Ranawat Vs. ACIT (supra) , is squarely applicable to the facts of the present case. The company Pragatiram Pvt. Ltd., in which the assessee is a director was supplying raw material to M/s. DIL and the assessee is not supplier of any items of raw material to M/s. DIL. In the above said facts and circumstances, where it is not established that name PC Jain of Mumbai written in the said document was in fact the assessee before us and in the absence of any evidence having been found to establish that the assessee before us has received the said amounts from Shri Sohan Raj Mehta on account of M/s. DIL group, we find no merit in the aforesaid addition made in the hands of the assessee. In view thereof, we set-aside the order of CIT(A) and direct the Assessing Officer to delete the addition of ₹ 1.76 crores in assessment year 2004- 05. In view of our deleting the said addition in the hands of the assessee, there is no merit in estimating any gross profit on such undisclosed receipts. Accordingly, the main objections raised by the assessee are allowed and the ground of appeal raised on alternate base is dismissed. The grounds of appeal raised by the Revenue are also dismissed. - Decided in favour of assessee.
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