TMI Blog2010 (10) TMI 1140X X X X Extracts X X X X X X X X Extracts X X X X ..... ressed this ground. It is accordingly rejected. 5. Ground of appeal No.2 of the assessee is as under- The Appellate Authority sustained the addition of ₹ 26,75,912/- alleging that the books of accounts were audited and credited in the P L A/c. as an interest, ignoring that it is a mere book entry and no such account accrued/receivable as an interest from 6 years. 6. Learned counsel for the assessee submitted that the addition of ₹ 26.75 lakhs was wrongly made as the amount credited to the Profit Loss Account as interest was merely a book entry and no such amount of interest was in fact accrued or received by the assessee. He referred to the assessee's reply filed with the Assessing Officer and also copy of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and has not revised its account statements before the finalization of the assessment by the Assessing Officer. He submitted that the CIT(A) has observed that the confirmation filed by M/s. G.A.Pai and Co. was only a self-serving document and could not be relied upon. The Learned Departmental Representative submitted that the CIT(A) has discussed the ratio of a number of decisions in his appellate order. 8. We have considered the rival submissions carefully. We find that the assessee has made credit entries in respect of interest amount in its books of account and books were audited and certified by its Chartered Accountant. The assessee could have revised his accounts at any point of time before the completion of the assessment proceedin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g any valid reason and without verifying past records. 10. Learned counsel for the assessee submitted that in the immediately preceding assessment year, viz. assessment year 200506, the Assessing Officer has accepted the agricultural income of the assessee declared at ₹ 8.67 lakhs, and therefore, there is no justification for making the impugned addition of ₹ 1 lakh. He submitted that the assessee owns 40 acres of fertile land. 11. Learned Departmental Representative has opposed the submissions of the assessee and contended that the Assessing Officer has not discussed the matter relating to the agricultural income shown by the assessee, for the assessment year 2005-06. He relied on the orders of the Assessing Officer and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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