TMI Blog2018 (1) TMI 599X X X X Extracts X X X X X X X X Extracts X X X X ..... y, the additions made on the basis of Annexure GVS/3 & GVS/4 stands deleted. With regard to the additions made in respect of the seized material marked as Annexure GVS/1, the assessee’s son in question No.4 has stated that the copies of the relevant documents in page Nos.18 to 22 represents the money lending transaction done by his father. This fact was neither disputed by the assessee nor disputed by his son. In the subsequent replies filed before the A.O., the assessee has not disputed the contents of the loose sheets numbered in GVS/1, GVS/18 to 22. In the loose sheets found and seized during the course of search in GVS/1, there was a principal amount as well as the interest recorded which not was disputed by the assessee and did not explain. Therefore, we hold that the amounts recorded in the loose sheets in GVS/1 from page Nos.18 to 22 are related to the money lending transactions of the assessee as stated by the assessee’s son in his statement dated 18.3.2009. Accordingly, we uphold the additions for the assessment years 2005-06 to 2006-07 accordingly - decided partly in favour of assessee - I.T.A.Nos.389 to 392/Vizag/2014 - - - Dated:- 10-1-2018 - SHRI V. DURGA RAO, JU ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 04-05 8 7 70000 2006-07 9 9 30000 2004-05 10 11 80000 2004-05 11 13 80000 2006-07 12 17 20000 2004-05 13 21 40000 2005-06 14 18 50000 2008-09 15 GVS/4/10 180000 2005-06 16 33,45 to 57 309437 2006-07 Quantificatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 459437 Interest - 459437 4 2007-08 2008-09 Nil 5 2008-09 2009-10 Principal 50000 Interest - 50000 4. Aggrieved by the order of the A.O., the assessee went on appeal before the CIT(A) and the Ld. CIT(A) dismissed the appeal of the assessee. 5. Aggrieved by the order of the Ld.CIT(A) the assessee is in appeal before this Tribunal. During the appeal hearing, the Ld. A.R. referring to the his answer in question No. 5 argued that in the statement recorded on 18/03/2009 Shri G.V.V.S.L.N. Subba Rao, son of the assessee had stated that the loose sheets in Annexure No.GVS/3, Page Nos.2,3,7,9,11,13,17,21 were promissory notes executed by his father G. Subba Rao in the period of 2004-05 to 2005-06 in favour of S.V. Ratnam and the addition was made in the hands of the assessee without any evidence to disprove the statement of Sri Subba Rao which is unjustified and required to be deleted. 5.1 The Ld. A.R. referring to page No.15 of paper book submitted that the assessee had explain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sactions recorded in Annexure GVS/3 GVS/4 and the assessee has denied same before the A.O. as well as the DDIT. The assessee has discharged his burden with regard to the ownership of the documents mentioned in Annexure GVS/3 GVS/4 and it is incumbent up on the A.O. to make further verifications of the ownership and the contents of the Annexure GVS/3 GVS/4 and required to be assessed in the hands of the correct person by taking appropriate action as available in law. Though assessee has discharged his burden the A.O. s has not shifted the burden to the assessee. Merely relying on the statement of the assessee s son, the A.O. cannot make addition in the hands of the assessee without bringing any tangible evidence. Once the assessee furnished the details of the transactions, the name and address of the person, the burden of the assessee stands discharged and shifts to the revenue and the revenue has to discharge its burden making necessary enquiries. In this case, even though assessee has discharged the burden, the A.O. has not discharged its burden. Therefore, we hold that the A.O. has not made out a case for making addition in the hands of the assessee and the transactions rec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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