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2018 (8) TMI 127 - AT - Income TaxAddition on account of income from undisclosed sources - Held that:- We note that assessee has candidly admitted the fact that the impugned seized document was written by himself. It has been also stated by the assessee that in the letter filed before the AO that this page contains a brief summary of future fund flow position. Thereafter, the assessee has also given explanation about the transactions stated therein. Now, in these circumstances, this document cannot be considered to be a dumb document, as considered by the first appellate authority while deleting the entire addition made by the Assessing Officer. The first part is of ₹ 1,40,00,000/- whereby it has been written that the same has been "given already", which denotes the payments made by the assessee. The transaction mentioned therein has also been explained by the assessee as recorded in the books of accounts. In this regard the assessee has placed before us copy of the ledger account in the Paper Book. Thus, the contention of the Ld. DR that assessee has failed to discharge its onus that the transactions are accounted for in the books of accounts, is not correct. When such transactions have been recorded in the books of accounts, there is no justification for making addition of the same in the hands of the assessee. The ld. CIT(A) has correctly deleted the addition of ₹ 1.40 crore. As regards the balance of ₹ 31,04,166/- the nature of amounts aggregating to ₹ 32.00 lakhs (Rs.25.00 lacs, ₹ 2.00 lacs and ₹ 5.00 lacs as given/paid to MMTL, Aeroplast and towards S. Tax respectively as noted on the paper). These amounts of ₹ 25.00 lakhs and ₹ 2.00 lakhs should, therefore, be considered as payment by the assessee, as also explained before us with reference to PB 32 and ₹ 5.00 lakhs is accepted by the Assessing Officer itself as explained. Taking all the above figures into account, in our considered opinion, it would be justified to sustain the addition to the extent of ₹ 31,04,166/- Accordingly, the addition made by the Assessing Officer deserves to be restricted to ₹ 31,04,166/- and the ld. CIT(A) was not justified in deleting the entire addition made by the Assessing Officer. As a result, the appeal of the Revenue deserves to be allowed in part by restricting the addition to ₹ 31,04,166/- as against ₹ 1,87,04,166/- made by the Assessing Officer. - Appeal of the Revenue is partly allowed.
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