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2015 (8) TMI 1164 - AT - Income TaxUndisclosed income added by the AO on account of cash shortage - CIT(A) confirmed part addition - Held that:- The bank authorities have certified that assessee has withdrawn ₹ 8,90,000/-on 20.11.2005 which was entered in the bank register on 21.11.2005. The Standard Chartered Bank on these days were working for 365 days. It is normal practice of Bank that any transaction made by 365 days working branch on holidays is reported on Monday in case transaction is made on Sunday or on subsequent working day. This aspect was also admitted by Shri Nitin Gupta, Manager (Operations) in his statement dated 10.09.2008 before the AO. The AO used the statement recorded under section 131 of Shri Nitin Gupta in piece meal not in its entirety and also has not given copy to the assessee which is against the principles of natural justice as any evidence collected by the revenue that is to be confronted with the assessee before its use. The assessee asked to supply copy of the statement which was supplied by the AO at the appellate stage. Further assessee also filed the evidences of cash payment to M/s. Jai Hanumant on 20.02.2006 that on same day assessee received ₹ 8,00,000/- from M/s. Goodwill Fincom Pvt. Ltd. against an agreement to sale his shop situated at B-22, Transport Nagar, Jaipur for ₹ 21 lacs entered on 20.02.2006. These evidences were produced before the AO but ld. AO doubted these evidences without any adverse material brought on record. The company is a legal entity under the law. The evidences furnished before the AO which had not been appreciated properly. The ld. CIT (A) also passed a cryptic order. No specific finding has been given by her in her order dated 31.01.2013. She simply reduced ₹ 8,00,000/- from ₹ 12,85,082/- and confirmed the addition of ₹ 4,85,082/-, but no finding regarding the cash received by the assessee from the Standard Chartered Bank on 20.11.2005 has been given by her. Therefore, we reverse the order of ld. CIT (A) and allow the assessee’s appeal. - Decided in favour of assessee.
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