9911796707
TMI Blog2014 (7) TMI 504X X X X Extracts X X X X X X X X Extracts X X X X ..... a firm stated to be engaged in the activity of manufacturing and selling of sugar. Assessee filed its return of income for A.Y. 06-07 on 31.12.2006 declaring total loss of Rs. 19,136/-. The case was selected for scrutiny and thereafter the assessment was framed under section 143(3) vide order dated 26.12.2008 and the total income was determined at Rs. 13,97,800/-. Aggrieved by the order of A.O, Assessee carried the matter before CIT(A). CIT(A) vide order dated 28.12.2010 granted substantial relief to the Assessee. Aggrieved by the order of CIT(A), Revenue is now in appeal before us and has raised the following ground:- 1. On the facts and in the circumstances of the case in law, the ld. CIT(A), Surat has erred in deleting the addition of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i and Co was also produced. The source of capital introduction to this exent is to be held as explained. As regards, Shri Bipinbhia H. Aghera, the only reason given by the A.O. is that bank statement was not produced. It is seen that production of bank statement was irrelevant as capital introduction was in cash, and the source - sale of tempo and agricultural income - which were also in cash. The appellant had submitted the sale agreement, R.C. book and extracts of agricultural holding. In my opinion, the source of capital introduced by Shri Bipinbhia H. Aghera is explained. As regards, Shri Jitendrabhai Hanslia and Shri Kishorbhai A. Hansalia, the reason given by the A.O is that they had not filed I.T. returns and no bank statements have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l shows loan from Shri Jagdish Vasania (Indl.) whereas it has been actually given by Shri Jagdish Vasania & Co., firm. The bank statement shows that the funds came from Shri Jagdish Vasania & Co., a fact not disproved by the A.O. and therefore it cannot be considered as unexplained in the hands of the assessee firm. The sources of capital introduction by Shri Hiteshbhai D. Patel is held as explained in view of the evidences produced. As regards, Shri Maganlal Jhaviya, it is seen that he has introduced an amount of Rs. 2,00,000/- as capital into the firm. The only evidences produced in support of this claim is that Sliri Maganlal Jhaviya is an agriculturist holding 3 acres of land. No other sources of income on fund has been shown as availab ..... X X X X Extracts X X X X X X X X Extracts X X X X
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