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2021 (2) TMI 424 - AT - Income TaxUnexplained investment u/s 69 - HELD THAT:- Considering the fact that the assessee’s business is confined to that of finance broker and this business is consistently been followed since many years and further since the Ld. A.O has not brought any corroborative evidence on record by calling for necessary information from the various parties whose names are mentioned in the seized document, the case of the revenue becomes weak. In the paper book assessee has filed ledger account of various parties and the names of most of them are also appearing in the seized document BS-28 and these confirmation accounts clearly reveals that there were regular transactions with these parties through account payee cheques with regard to the loan given by the lenders and received by the borrowers and the repayment there after. No evidence have been brought on record that any of these parties have accepted to have taken loan in cash from the assessee - we find no reason to interfere in the finding of Ld. CIT(A) deleting the addition. - Decided against revenue Unaccounted interest income - addition made by Ld. A.O on the basis of seized document BS-28 observing that the alleged interest income is received by the assessee on monthly basis on cash loan given - as per assessee there was no cash loan given and all the transactions were through account payee cheques which have been duly accounted in the books - CIT(A) deleted the addition - HELD THAT:- AO has picked up transactions which have narration as interest received in cash, however, did not discuss about the interest portion received through cheques. The interest portion received through cheques is also not recorded in books of appellant, if the AO has treated interest received in cash as undisclosed interest income they why the interest received through cheques is not charged to tax. The one and only reason for not making addition on account of interest received through cheque was that the interest has been actually received by the lender and not by the appellant. Thus, the AO was not justified in making additions on assumption and presumption basis - DR failed to rebut the finding of Ld. CIT(A) by placing any material in its favour and thus we find no reason to interfere in the finding of Ld. CIT(A) deleting the addition. - Decided in favour of assessee.
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