TMI Blog2009 (9) TMI 1001X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the statement of Shri Rajiv Gupta and Ram Avtar Gupta who were handling the business of money lending pertaining to Shri Brij Mohan Gupta have clarified that 5 indicates 5 lacs and 15 indicates 15 lacs. According to the interpretation of Assessing Officer, the above amount of R.20 lacs was handed over to Mr. B.M. Gupta by Mr. Nagar Mal for giving on loan to other persons on interest. This infor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The assessee contended that he had not advanced any money to Shri B.M. Gupta. The Assessing Officer did not accept the contention of the assessee and putting reliance upon the statement of Shri Rajiv Gupta and Ram Avtar, he treated that ₹ 20 lacs mentioned in coded words of the diary seized at the premises of Shri B.M. Gupta as the money of assessee interest of ₹ 49,050/- and brokera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase, the information supplied by the Assessing Officer of Shri B.M. Gupta is only a corroborative piece of evidence. On the basis of this information conclusively it cannot be held that assessee had given any amount to Shri B.M. Gupta for investment. Learned CIT(Appeals) observed that Assessing Officer neither provided copies of the statement of Shri Rajiv Gupta and Ram Avtar nor given opportunity ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficient 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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