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2021 (8) TMI 1215 - ITAT HYDERABADUnexplained u/s.68 - un-explained cash credit addition - Huge amount withdrawn from bank - self made vouchers for expenses - AO observed that expenses were not supported by bills/vouchers and no TDS was made on such amounts - loose sheets found during survey proceedings - HELD THAT:- This assessee is admittedly a company engaged in construction and building of infrastructure projects/facilities. The department had carried out the survey in question dt.03-10-2012 at its premises. It came across the alleged impounded document forming part of case records before us - This crucial document found at assessee’s premises during survey makes it clear that it is in the nature of assessee’s “INVESTMENT STATEMENT FROM 10-09-2007 TO 10-08-2012” wherein it had duly recorded payment, fund transfers, site payments involving group companies, other payments and administrative expenses along with working capital limits, term loans from banks other loans funds, other group companies’ funds received from sites and ‘other’ receipts indicating varying sums - the impounded document is assessee’s “INVESTMENT STATEMENT FROM 10-09-2007 TO 10-08-2012” wherein its Managing Director had duly pointed out the same in the nature of investments and loans which ought to be treated as un-explained u/s.68 of the Act only. The assessee’s further argument that the impugned sum “is merely an estimate also fails to inspire confidence since there is no material before us which could suggest the factual position to be different than that found during the course of “survey”. It appears that assessee’s failure in filing its cogent explanation only led the AO to add the impugned sums in all these assessment years. We thus restore this un-explained cash credit addition in these facts and circumstances in AY.2010-11. The CIT(A)’s findings under challenge stand reversed therefore. Revenue succeeds in its instant identical latter substantive ground.
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