TMI Blog2007 (6) TMI 310X X X X Extracts X X X X X X X X Extracts X X X X ..... l by the Department against the order of the learned CIT(A) relating to block period from 1-4-1990 to 26-9-2000. 2. The Department is objecting in deleting the addition of Rs. 15 lakhs made by the Assessing Officer on account of undisclosed income. 2.1 The briefly stated facts of the case are that during the course of search computer CD marked Annex. O was seized from the office of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... davit of confirmation from Gautam Gupta that no disbursement had actually taken place for the said cash loan. The assessee had failed to come up with any plausible explanation and any form of evidence. Therefore, the Assessing Officer treated by observing that the assessee has taken this loan in cash and utilized the same for his business. However, repayment is reflected in bank statements. Even o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... returned to G . Accordingly, the CIT(A) deleted the addition made by the Assessing Officer. Now the Department is in appeal here before the Tribunal. 4. The learned Departmental Representative strongly placed reliance on the order of the Assessing Officer. Part of the order of the Assessing Officer was read by the learned Departmental Representative. It was further submitted that the CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ition can be made on account of undisclosed income because there was no evidence at all that the assessee has paid the amount of Rs. 15 lakhs out of his undisclosed income. 5. After considering the orders of the Assessing Officer and CIT(A) and the submissions, we find no infirmity in the findings of the learned CIT(A). The learned CIT(A), in para 24 of his order has recorded that even if the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and if it is presumed that the amount is taken as loan then it has to be presumed that the same was available with the assessee for making repayment of the amount. Therefore, in view of these facts and circumstances and in view of the reasoning given by the CIT(A), we confirm his order in this regard. 7. In the result, the appeal of the Department is dismissed. - - TaxTMI - TMITax - Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X
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