TMI Blog2013 (9) TMI 975X X X X Extracts X X X X X X X X Extracts X X X X ..... nd report from the AO. The AO has accepted the credits in the name of Sri Dule Chand Pandey, and Smt. Shyam Kumari Dubey. M/s. Dube Lands and Finance Ltd., has duly shown the amount in question in their books of accounts - No justification to make any addition – Decided against the Revenue. - Income Tax Appeal No. - 95 of 2005 - - - Dated:- 14-8-2013 - Hon'ble Rajiv Sharma And Hon'ble Dr. Satish Chandra,JJ. For the Appellant : D. D. Chopra For the Respondent : P. Agarwal,Rahit Nandan Shukla ORDER The present appeal has been filed by the Department under Section 260A of the Income-Tax Act, 1961 against the judgment and order dated 10.09.2004, passed by the Income Tax Appellate Tribunal, Lucknow in Appeal No. I.T.A. No. 757/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he additions and the Tribunal vide its impugned order dated 10.09.2004 has confirmed the order passed by the CIT(A). Still not being satisfied, the Department has filed the present appeal. With this background, Sri D.D. Chopra, learned counsel for the Department, at the strength of written submission, has justified the order passed by the AO. He submits that the order passed by the learned Tribunal is erroneous. To support his arguments, he relied on the ratio laid down by the jurisdictional High Court in the case of CIT, Lucknow vs. Kapoor Brothers, 118 ITR 741, where it was held that where explanation for deposit in the books of the firm in the names of partners was disbelieved, such deposit should be treated as income of firm and not a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -tax, (2005) 273 ITR 50 (SC). We have heard both the parties and also gone through the material available on record. It may be mentioned that Section 28(iv) on reproduction reads as under:- Section 28(iv). "the value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession." Under the above provisions, the AO made the addition of Rs.44,70,702/-, received from the allottees. As per the AO, this amount was received by the assessee-firm in the course of its business and its non-payment is a benefit arising from the business and, therefore, taxable as profit and gain from the business under Section 28(iv) of the I.T. Act. But fact remains that the assessee-firm was alread ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO that the assessee-firm has not explained these credits and, therefore, the amount was added as unexplained credit. However, the first appellate authority has found that the correct amount is Rs.11,11,851/- only and not Rs.11,73,325/-. From the record, it appears that Sri Dule Chand Pandey has sold the land to the assessee-firm. The amount of Rs.2,40,000/- was taken as a loan from Smt. Shyam Kumari Dubey, who was regularly assessed to the income-tax. M/s. Dube Lands and Finance Ltd., was also regularly assessed to the income-tax. The said amount was duly reflected in their income-tax returns, as mentioned by the CIT(A). Necessary confirmation certificate was furnished before the appellate authority, who has asked the remand report from ..... X X X X Extracts X X X X X X X X Extracts X X X X
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