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2016 (1) TMI 1129 - ITAT MUMBAI

2016 (1) TMI 1129 - ITAT MUMBAI - TMI - Income received more than what is declared - addition on the basis of AIR information - Held that:- Undisputedly, out of 1,479 entries as per AIR data, only 161 entries, according to the allegation of the Assessing Officer, remained un-reconciled by the assessee. It is also not disputed that apart from AIR information, there is no other evidence or material available before the Assessing Officer to indicate that assessee has received income more than what .....

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ils submitted by the assessee, there is no reason why the Department should be aggrieved. Prima-facie, as could be seen, the learned Commissioner (Appeals) has directed the Assessing Officer to give effect only to the entries reconciled by the assessee. Moreover, on a perusal of the relevant case laws cited by the learned counsel, we find that the consistent view of the Tribunal in these decisions are, only on the basis of AIR information no addition can be made when there is no other materials .....

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sioner (Appeals) which is upheld - Decided against revenue - ITA No. 3800/Mum./2014 - Dated:- 29-1-2016 - SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI ASHWANI TANEJA, ACCOUNTANT MEMBER Revenue by: Shri Nitin Waghmode Assessee by: Shri Saurabh Soparkar ORDER PER SAKTIJIT DEY, J.M. Instant appeal of the Department is directed against the order dated 8th March 2014, passed by the learned Commissioner (Appeals)- 13, Mumbai, for the assessment year 2008-09. Department has raised following grounds:- &q .....

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fect, may be after obtaining an indemnity Bond from the appellant". 2. The Learned CIT(A) has erred on facts and in law in directing the Assessing Officer to allow credit of TDS and grant interest u/s 244A after making the verification without properly appreciating the legal and factual matrix as clearly brought out by the Assessing Officer." 2. As could be seen from the above grounds, the issue raised by the Department is confined to learned Commissioner (Appeals)'s direction to t .....

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nt concerning 1,479 entries as found from E-TDS return of various tax payer parties. In response to the query raised by the Assessing Officer, assessee submitted its reply reconciling the entries. However, the Assessing Officer was of the view that out of 1,479 entries, assessee could not reconcile 161 entries relating to transactions aggregating to 1,94,80,915. He, therefore, added back the said amount to the income of the assessee as a result of which the loss was determined at ₹ 34,69,8 .....

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ses, he found that invoice date is beyond F.Y. 2007-08. He also found some discrepancies in respect of certain other entries. However, considering the fact that for majority of entries assessee was able to furnish details, learned Commissioner (Appeals) directed the Assessing Officer to verify the entries as per reconciliation statement submitted by the assessee by cross checking with AIR information and given effect to them after obtaining indemnity bond from the assessee. 5. The learned Depart .....

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g the order of the learned Commissioner (Appeals), submitted that on the basis of AIR data alone no addition can be made. He submitted, not only before the Assessing Officer but also before the learned Commissioner (Appeals), assessee has furnished all relevant details relating to un-reconciled entries and learned Commissioner (Appeals) being satisfied with the evidence brought on record directed, the Assessing Officer to verify and give effect. Therefore, Department should not have any grievanc .....

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tries as per AIR data, only 161 entries, according to the allegation of the Assessing Officer, remained un-reconciled by the assessee. It is also not disputed that apart from AIR information, there is no other evidence or material available before the Assessing Officer to indicate that assessee has received income more than what is declared in Profit & Loss account. It is also a fact on record that in course of hearing of appeal, assessee has reconciled 161 un-reconciled entries by furnishin .....

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