TMI Blog2017 (9) TMI 1515X X X X Extracts X X X X X X X X Extracts X X X X ..... n and presumption basis. CIT-A made an observation that it was not on record that as to what was the version of M/s. Mahesh Mehta group about this entry recorded in the "bahi" found at his residence. Under such circumstances when even the third party from whose premises the alleged documents were found, has not confirmed that the said entry belong to the assessee, there was no question of any assumption or belief that the entry belonged to the assessee. any entry found on loose papers in the premises of the third party without any corroborative evidence, cannot be made basis for addition in the case of the assessee. During the course of search at the premises of the assessee, no incriminating material relating to the above stated entry h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... heques were received back on April 2, 2008 and April 3, 2008 respectively after making cash payment in lieu of the said cheque amount. The concerned Assessing Officer in the case of M/s. Mahesh Mehta group observed that it appeared that both the parties had made some unaccounted transactions. The Assessing Officer of M/s. Mahesh Gupta group accordingly requested the Assessing Officer of the assessee to take necessary action against the assessee as per law. On intimation received in this respect, the Assessing Officer of the assessee reopened the assessment against the assessee. During the reopened assessment proceedings under section 147 of the Income-tax Act, 1961 (in short the Act ), the assessee submitted that the assessee had not enter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee and confirmed the addition so made by the Assessing Officer. Being aggrieved by the above order of the Commissioner of Income-tax (Appeals), the assessee has come in appeal before us. 4. We have heard the rival contentions and have also gone through the records. At page 6 of the impugned order of the Commissioner of Income- tax (Appeals), the scanned copy of the alleged entry has been reproduced. The learned authorised representative of the assessee has brought our attention to the name of the party which is written as Cosmos . The learned counsel has stated that the word Cosmos cannot ipso facto be interpreted to represent the name of the assessee which is M/s. Cosmos Infra Engineering Ltd . There may be any party, company o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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