TMI Blog2011 (6) TMI 877X X X X Extracts X X X X X X X X Extracts X X X X ..... see on the basis of incriminating documents found during the course of search in the group cases of Shri Brij Mohan Gupta, wherein he had admitted of being involved in the unaccounted hundi transactions/cash loans on behalf of various parties and had disclosed the brokerage income earned by him in respect of such transactions. Accordingly based on those documents, following additions were made in the case of the assessee: - S.No. A.Y. Unexplained investment u/s 69A Undisclosed interest on such investment Total addition 1. 2001-02 46,00,000/- 5,52,500/- 51,52,500/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s found during the course of search conducted on Shri B.M. Gupta and those additions were deleted by ld. CIT(A) and the Tribunal has upheld the order of CIT(A). He has produced before us a copy of such order which is in the case of ITO Vs. Anil Kumar Bansal (HUF) (Del.) (order dated 11th September, 2009 in ITA No. 1156/Del/09 A.Y. 2005-06) and also in the case of ITO Vs. M/s P.C. Chemicals (Del.) and is dated 25.02.2011 in ITA Nos. 4421 to 4424/Del/09 in respect of assessment years 2001-02 to 2003-04 2005-06 CO Nos. 8 to 11/Del/09 for assessment years 2001-02 to 2003-04 2005-06, wherein the cross objections filed by the assessee were dismissed on account of being not pressed and the appeals of the department were also dismissed by fol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned CIT(Appeals) dated 30.01.2009 passed for assessment year 2005-06. The solitary grievance of revenue is that learned CIT(Appeals) has erred in deleting the addition of ₹ 20,98,550/- which was added by the Assessing Officer on account of income from undisclosed source. 2. The brief facts of the case are that assessee is an HUF and running a proprietary concern in the name and style of M/s. Ram Kishore Sons which deals in trading of BOP Films, polyester and gift packing sheets. A search and seizure operation was carried out on 15.12.2004 in the case of Shri Brij Mohan Gupta, 1281-Gali Hinga Beg. Statement of Shri Rajiv Gupta S/o Shri BM Gupta and Shri Ram Avtar, accountant was recorded. In the search, a diary inventorized as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons after the death of Mr.Nagar Mal, the alleged amount of ₹ 20 lacs has been considered as advanced by the assessee to Shri BM Gupta. 3. The assessee contended that he had not advanced any money to Shri BM Gupta. The Assessing Officer did not accept the contention of the assessee and putting reliance upon the statement of Shri Rajiv Gupta Ram Avtar, he treated that ₹ 20 lacs mentioned in coded words of the diary seized at the premises of Shri BM Gupta as the money of assessee interest of ₹ 49,050/- and brokerage of ₹ 56,100/- were calculated by the Assessing Officer. He made an addition of ₹ 20,98,550 which include interest also. 4. On appeal, learned CIT(Appeals) has deleted the addition on the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gar Mal was available in the alleged seized material. The name of Shri Nagar Mal was found to be recorded by a third person in his books. It can only be a corroborative piece of evidence but solely on the basis of any entry found in the diary of any third person cannot be considered sufficient to hold that unexplained investment was made by the assessee. There is no evidence on the record which can connect the assessee even with the seized material. More so, learned CIT(Appeals) has recorded a finding that a loan was taken from Shri Rajiv Gupta and not given. In such situation, addition on account of unexplained investment cannot be made. Learned CIT(Appeals) has appreciated the facts and circumstances in right perspective and no addition i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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