TMI Blog2018 (10) TMI 781X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings, the entries in the said loose papers were, first of all shown to be belonging to M/s. Gahoi Builwell Ltd., in whose case during scrutiny proceedings, exactly the same documents have been examined and verified and no addition has been made in the case of the said company; and secondly, the contents noted in the loose paper were reflected in the books of K4U. Once these facts are undisputed, ostensibly these additions could not have been made in the hands of the assessee at all. CIT (A) was thus correct on facts in directing the Assessing Officer to verify these facts and delete the additions. - Decided against revenue. - I.T.A. No.4131/DEL/2014 - - - Dated:- 23-7-2018 - Shri Amit Shukla, Judicial Member And Shri Prashant Maha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring the year which has been tabulated by the Assessing Officer in the impugned assessment order which can be summarized hereunder:- (i) 51,16,912 For loose paper no. 145/Ann. A-3 solely for the reason that there is excess payment of funds [90,86,912 39,70,000] when the availability of funds as reflected in books of account with the assessee is computed; and (ii) 37,81,800 For loose paper no. 144/Ann. A-3 by adding up all the figures mentioned therein [21,58,600 + 14,53,600 + 1,69,600] as unexplained misc. expenses. 88,98,712 Total 3. The assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was submitted that all the transactions mentioned in the seized document were found to be recorded in the books of account in the normal course of business and therefore, no such addition of excess funds could have been made in the individual hands of the assessee. Apart from that, certain clarification with regard to the miscellaneous expenditure was given which were as under:- (i) inclusion of figure of ₹ 1,69,600 in the impugned addition is wholly erroneous as the same represents the sum of various expenses 63,000+26,000+1,600+3,000+11,000+20,000+1,000+4,000+25,00 0+15,000) marked. (ii) On a reading of said loose paper, it is evident that there as receipts of ₹ 21,58,600 and expenditure of ₹ 14,53,600 and bala ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mar Kurele Vinay Kurele These transactions are appearing in the various accounts of K4U Services wherein Vinay Kurele is partner, copy of a/c enclosed. 6. Ld. CIT (A) after considering the submissions of the assessee and on perusal of the entire material placed on record deleted the addition after observing and holding as under:- I have considered entire arguments of Ld. AR. Apparently Ld. assessing officer has not considered the submission of the appellant that these papers are related to the concerns where he is a director or a partner, I direct the assessing officer to verify whether entries claimed to belong to M/s Gahoi Buildwell Ltd. was explained in that case no addition wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the income disclosed by him. Thus, the very basis on which the ground has been raised is erroneous as application of Section 40A (3) was never a dispute. Be that as it may be, it has been clearly brought on record by the assessee that not only during the course of assessment proceedings but also during the course of appellate proceedings, the entries in the said loose papers were, first of all shown to be belonging to M/s. Gahoi Builwell Ltd., in whose case during scrutiny proceedings, exactly the same documents have been examined and verified and no addition has been made in the case of the said company; and I.T.A. No.4131/DEL/2014 7 secondly, the contents noted in the loose paper, page no.145 were reflected in the books of K4U. Once thes ..... X X X X Extracts X X X X X X X X Extracts X X X X
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