Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (11) TMI 368 - ITAT SURATAssessment u/s 153A - addition on account of unaccounted income - notings in seized material decoded and deciphered by the assessing officer - AO rejected the contention of the assessee and observed that during the course of search proceedings certain loose papers were found and seized and cash was found - document seized from the branch office belonged to the assessee and the responsibility to explain the content of seized document lies with the assessee - CIT-A deleted the addition - HELD THAT:- CIT(A) held that income arising from business activities carried out at the premises at Kolkata, subjected to search action u/s. 132, has been owned up and offered to tax by Shri Rajendrakumar Ramdas Patel for relevant assessment years and this has been accepted by both Investigation-Wing & assessing officer at Ahmedabad. The assessing officer of assessee firm at Surat has deviated from this view, however, he has not given/placed on record any cogent evidences or given any discernible line of reasoning. There is no whisper in assessment order, as to the reason for not accepting the above view. Therefore, Ld. CIT(A) held that there is no reason to make any addition in hands of assessee-firm, as the addition in the hands of Shri Rajendrakumar Ramdas Patel (one of the partners of the assessee firm) was deleted. Accordingly, the impugned additions for assessment years 2011-12 and assessment year 2014-15 were deleted. That being so, we decline to interfere with the order of Ld. CIT(A) in deleting the aforesaid additions. His order on this addition is, therefore, upheld and the grounds of appeal of the Revenue of both appeals, are dismissed. Addition made on protective basis on account of cash seized - CIT-A deleted the addition - as per revenue actual effect of ROI filed in the case of Shri Rajendra Ramdas Patel for A.Y. 2014-15 wherein the income offered to tax on account of disclosure u/s. 132(4) has been reduced by claiming set off of unallowable bad debt and thereby substantially reducing incidence of tax on the income disclosed u/s. 132(4) of the Act - HELD THAT:- We note that during the appellate proceedings, the Ld. CIT(A) observed that assessing officer has made addition in respect of cash found during search action u/s. 132 at the premises in Kolkata in the hands of assessee-firm on protective basis. The Ld. CIT(A) noted that when the cash found is owned up and offered by Shri Rajendrakumar Ramdas Patel in his Income Tax Return and also assessed accordingly by the Jurisdictional assessing officer in his hands. Hence based on this factual position, Ld. CIT(A) deleted the addition. The conclusions arrived at by the CIT(A) are, therefore, correct and admit no interference by us. We, approve and confirm the order of the CIT(A) and dismiss the ground raised by the Revenue.
|