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2016 (2) TMI 467 - ITAT DELHI

2016 (2) TMI 467 - ITAT DELHI - TMI - Addition u/s 69A - CIT(A) deleted the addition made by the AO - Held that:- It is clear that the Assessing Officer failed to establish any case against the appellant. The impugned order does not throw any light on any inquiry/investigation carried out by the Assessing Officer that could corroborate the entries found in the seized material and justify the additions made in the case of the assessee. Further inquiry/investigation, was required to be carried out .....

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the assessee's possession, which could substantiate the alleged addition. It is not at all the case where the assessee has made an unexplained investment of cash. The Assessing Officer merely summarized the salient features of the assessment proceedings relating to Shri Brij Mohan Gupta and thereafter summarily rejected the reply of the assessee as 'not acceptable'. Therefore, the Assessing Officer was not justified in making the addition of ₹ 20,00,000/-. - Decided against revenue - ITA N .....

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dition of ₹ 20,00,000/- made by the Assessing Officer u/s 69A of the I.T. Act. 2. On the facts and in the circumstances of the case the ld. CIT(A)-XXV, New Delhi has erred in concluding that assessee has received loan from Sh. Brij Mohan Gupta Group of cases whereas assessee as per incriminating documents is a loan provider. 3. The appellant craves leave for reserving the right to amend, modify, alter, add or forego any grounds of appeal at any time before or during the hearing of this app .....

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the AO received an information regarding the present assessee. Accordingly, the ld. AO issued show cause notice. Detailed reasons for reopening of the case u/s 148 were given and the assessee was asked to furnish the details mentioned therein. 2.2. In response to the aforementioned notice issued by the ld. AO the assessee filed a letter dated 17/12/08 in which it was claimed that no transaction has taken place between the assessee and Shri Brij Mohan Gupta Group. The assessee also confirmed tha .....

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er of the ld. CIT(A). This Tribunal, vide its order dated 19/03/2010, set aside the issue to the files of the AO, with a direction that opportunity may be granted to the asessee to cross examine the deponents on the basis of which the addition was made by the AO. It was also open for the AO to make any further enquiry/investigation, as may be necessary for deciding the issue. The assessee was given opportunity to produce further evidence in support of its case and also any rebuttal of the additi .....

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arch u/s 131 of the I.T. Act. The ld. AO also issued fresh notice to all these persons u/s 131 of the Act. The assessee was asked to remain present for cross examining these three persons and also to confront the statements and the documents recorded originally in the course of search proceedings. In the fresh statement and cross examining of Shri Ram Avtar and Shri Rajeev Gupta it was stated that they were involved in the business of Shri Brij Mohan Gupta and acted as per the instructions/direc .....

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of the AO the assessee preferred an appeal before the ld. CIT(A). 3.1. Before the ld. CIT(A) the assessee submitted that there is no evidence before AO to show that the assessee has taken any cash loan or hundi loan and that the issue has been examined in detail by the previous CIT(A), during the course of the appellate proceedings in the first round of appeal. It was also submitted before the ld. CIT(A) that no documents that have been seized belongs to the assessee and, therefore, no adverse .....

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ajeev Gupta (son of Late Shri B.M. Gupta) and Ram Avtar Singhal (Accountant of Late B.M. Gupta), in the course of the cross examination before the AO have clearly denied any sought of dealings with the assessee and that they identify the assessee. Even in the affidavits filed by these persons before the ld. AO they have denied that Shri B.M. Gupta knew the assessee and that they have never come across any transaction of ₹ 20 lacs or any other financial transaction between Late Shri B.M. Gu .....

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