9911796707
TMI Blog2016 (11) TMI 450X X X X Extracts X X X X X X X X Extracts X X X X ..... of books of accounts, ld. Assessing Officer observed that gross total receipt of Rs. 44,95,417/- has been shown. On cross verification of the gross receipts shown and in the profits and loss account with gross contract amount shown in form 26AS on income-tax web-site ld. Assessing Officer observed that the figures shown in the web site stood at Rs. 60,98,324/- as against Rs. 44,95,417/- shown in the books. Ld. Assessing Officer was of the view that assessee has suppressed receipts of Rs. 16,02,907/- and accordingly made addition of this undisclosed receipts. It was also observed that cash on various dates was deposited in S.B. a/c with ICICI bank Ahmedabad totaling to Rs. 39,12,381/- and in lack of necessary details and evidences from assessee, ld. Assessing Officer invoked the provisions of section 68 and made addition on account of unexplained cash credit at Rs. 39,21,381/-. In total after making an addition of Rs. 55,24,288 (16,02,907/- + 39,21,381/-) income was assessed at Rs. 57,27,578/-. 3. In appeal before the first appellate authority, assessee got part relief. 4. Now Revenue is in appeal before the Tribunal. 5. None appeared on behalf of the assessee. 6. Since none app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant for previous year was examined (A print out copy is enclosed with this order as Ann. -A for ready reference,) This form show details in the form of name of the payer/parties from whom appellant received transportation charges, total such received or credited, amount of TDS including surcharges etc. deducted out of such payment and date of deposit of such TDS. A party wise summary is prepared reflecting the total amount of hire charges received from one party and TDS deducted on it. The same is as follows: Payer or Parties from whom transportation charge received. Amount paid/credited TDS deducted 1. Maruti Cargo and Chemicals Pvt. Ltd. 23,82,540 24,540 2. Gulshan Sugars & Chemicals Ltd. 47,127 971 3. Jaimurty Minerals & Chemicals Pvt. Ltd. 20,52,841 46,519 4. Calchem Industries (India) Ltd. 16,16,816 36,618 Total ; 60,98,324 1,08,648 Shown by appellant 44,95,316 72,417 Balance 16,03,008 36,231 It is also gathered from the details of return of income filed by appellant that, TDS amount of Rs. 72,417/- was claimed by appellant and not Rs. 1,08,6487- as per this detail. Further the tax audit report in form 3CB & 3CD dt. 21/09/2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O. is therefore directed to adopt the figure of Rs. 1,60,3007- for addition at the place of Rs. 16,02,907/-. The addition to this extent is upheld and confirmed. The balance amount of Rs. 14,42,607/-(16,02,907 - 1,60,300) is directed to be deleted. The appellant gets relief accordingly. As per demand notice u/s 156 of the Act dt. 17/10/11, it is gathered that interest u/s 244A of Rs. 5,687/- is charged i.e. the appellant was granted refund while processing u/s 143(1) of the Act. Therefore though no such ground is made by appellant in grounds of appeal but the basis of addition is on account of form 26AS and TDS deduction, the A.O. is directed to verify about the credit of TDS given to appellant and the same should be as per form 26AS in the case of appellant i.e. at Rs. 1,08,6487- instead of as claimed by appellant in return of income at Rs. 72,417-. 10. From going through the findings of ld. CIT(A) we are of the view that the impugned undisclosed receipt was on account of payments directly made by the parties of assessee to the truck owners and tax was deducted at source in the name of assessee. There was a reasonable cause on the part of assessee in not being able to enter such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nous with that of A.O. and to replace the part or portion of asstt. order with my own order. It is in this regard, I treat such addition by A.O. in substance u/s 69 of the Act. This grounds is therefore dismissed as far as technicality is concerned. On merit, the appellant contended that the bank account reflect the deposit of cash from the hire receipt and withdrawal of cash from the same account and alternatively if A.O. wants to make any addition, only the peak amount can be added. It is in this regard, a copy of appellant's bank account no. 624401518551 with ICICl bank, Maninagar branch was examined for the period 01/04/08 to 31/03/09. It is worth noting at this moment that this bank account is duly reflected by appellant in his books of account since the closing bank balance of Rs. 2,224/- is duly tallied in its audited balance sheet.ylt is verified that the appellant deposited Rs. 70,49,895/- (both cash & cheque including transfer entries) in this account and withdrawn Rs. 70.59.164/- (both cash & cheque includina transfer entries) during the previous year. It is also verified that out of total deposit of Rs. 70,49,895/- an amount of Rs. 31,28,413/- is deposited through c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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