TMI Blog2012 (10) TMI 359X X X X Extracts X X X X X X X X Extracts X X X X ..... the ITAT in the case of builder, when Revenue have not placed any material, controverting the aforesaid findings. Therefore we are unable to take a different view in the matter. Appeal decides in favour of assessee - ITA No. 5883/Del/2011 - - - Dated:- 13-7-2012 - SHRI RJPAL YADAV, SHRI A.N. PAHUJA, JJ. Assessee by Shri P.C. Yadav, AR Revenue by Smt. Veena Joshi, DR O R D E R A.N.Pahuja:- This appeal filed on 30.12.2011 by the Revenue against an order dated 31.10.2011 of the ld. CIT(A)-VIII, New Delhi, raises the following grounds:- 1 On the facts and circumstances of the case and in law, the ld. CIT(A) has erred in deleting the addition of Rs.26,80,000/- made by the AO on account of unexplained investment. 2. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Pvt. Ltd. to the extent of Rs.26,80,000/- were recorded in the books of account nor the assessee produced the said creditor before the AO, the aforesaid amount of Rs.26,80,000/- was added by way of unexplained investment. 3. On appeal, the ld. CIT(A) deleted the addition in the light of findings of the ITAT in the case of M/s Das s Friend Builders Pvt. Ltd., in the following terms:- I have carefully considered the submissions made on behalf of the appellant company and the findings recorded by the Id. AO. I have also carefully perused the documents filed by the Id. counsel for the appellant and the assessment records requisitioned in the course of appellate proceedings. On consideration, I find that the addition in question has been m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled. As regards three different confirmations filed by the appellant company before the AO, it has been pointed out that apart from Rs.2650000/- paid during the year under consideration, the appellant company has also made two separate bookings of Rs.15 lacs and 10 lacs respectively in the earlier years. Thus, according to the Id. counsel as on 31.03.2003 the total advance given by the appellant company to MIs Dass' Friends Builders (P) Ltd. was Rs.51.80 lacs out of which Rs.25 lacs was paid in the earlier years. In support of the aforesaid, copy of the balance sheet for the accounting period ended on 31.03.2003 alongwith corresponding figures for FY 2001-02 has been filed. In view of the aforesaid, I am in agreement with the Id. counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, it cannot be said that these companies were having no funds and the appellant company has deposited its own unaccounted money through these companies. 2.6 The figures of balance shown in assessment order either do not include opening balance or there is some clerical mistake. From the perusal of copies of accounts for previous years taken from the books of appellant as well as copies of accounts taken from the hooks of these companies, it is clear that there is no difference in balance. 2.7 As regards sale of flats to these companies against the deposits, the appellant has submitted that though no sale deed was executed this year, but flats to these companies have been sold in subsequent year and appellant has also filed copies of su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 000/- was paid to M/s Das s Friend Builders Pvt. Ltd. on 13th August, 2002 out of their amount outstanding with M/s Friends Builders to the extent of Rs.1,97,25,000/-. Since source of payment is explained while similar addition made in the case of M/s Das s Friend Builders Pvt. Ltd. has been deleted, no addition is called for in this case. 5. We have heard both the parties and gone through the facts of the case. Indisputably, amount of Rs.26,80,000/- was paid out of balance of the assessee available with Friends Builders.. The amount of Rs.26,50,000/- was refunded to the assessee by Friends Builders on 13.8.2002 out of total deposits of Rs.19725000/-as appearing in the confirmation placed on page 21 of the paper book. The ld. CIT(A) found ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re the respective Income-tax Officer admitting that they were allowing their names to be lent without giving loans as creditors of different asses sees. In those circumstances, the Tribunal came to the conclusion that the assessee had discharged the burden that lay on him. In these circumstances, Hon ble Apex Court held that the Tribunal's conclusion was not unreasonable or perverse or based on no evidence and accordingly, further held that no question of law as such had arisen for consideration. In view of the foregoing and in the light of findings of the ITAT in the case of M/s Das s Friends Builders (P) Ltd, especially when the Revenue have not placed before us any material, controverting the aforesaid findings of the ld. CIT(A) so as to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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