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2019 (1) TMI 204 - AT - Income TaxUnexplained income u/s 69A - Held that:- We agree with the contention of the ld. AR that the foundation itself is weak and the addition should not survive. AO made the addition on the strength of the statement of Shri Rohtash wherein he has admitted that ₹ 1 crore has been received. Exhibit 85 of the paper books reveals that on the date of receipt of the impugned amount, the same was returned back to Amrapali Group by M/s Bihariji group. The entries of ₹ 50 lakhs each on 11.12.2012 and 01.02.2013 can be seen from the said Exhibit 85 of the paper book. This means that the date on which the alleged ₹ 1 crore was received, on the very same day the same was returned back. There is no mention of the assessee’s name in the impugned document. AO has simply assumed that the reference to the impugned amount is in relation to the assessee. No addition can be made on the basis of presumptions and surmises. Assuming, yet not accepting that the amounts were received by the assessee, the same were returned back on the very same date as per Exhibit 85 of the paper book. Even on this count, addition is uncalled for. - Decided against revenue. Unexplained share application money - Held that:- There is no dispute that the purchase of shares of the aforesaid companies has been accepted by the Assessing Officer. Assuming, yet not accepting that the sale consideration is bogus, then the question which has to be answered by the Assessing Officer is that where did the purchase money go since he has accepted the purchase of shares of two companies? Considering the facts of the case in hand in totality, we do not find any error in the findings of the CIT(A). This ground is also dismissed. Rent payment expenditure - Held that:- DR also could not demonstrate that the assessee has actually made any payment to M/s Trinity Shipping and Allied Services Pvt Ltd. That being the fact of the matter, no interference is called for. This ground is dismissed.
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