TMI Blog2019 (1) TMI 652X X X X Extracts X X X X X X X X Extracts X X X X ..... ition - decided against revenue. - ITA No.455/Ind/2017 - - - Dated:- 11-1-2019 - MR KUL BHARAT, JUDICIAL MEMBER AND MR MANISH BORAD, ACCOUNTANT MEMBER For The Revenue : Smt. Ashima Gupta, CIT For The Assessee : Shri Sumit Nema, Sr.Adv And Gagan Tiwari, Adv ORDER PER MANISH BORAD, AM. The above captioned appeal is filed at the instance of Revenue pertaining to Assessment Year 2013-14 and is directed against the orders of Ld. Commissioner of Income Tax (Appeals)-3 (in short Ld.CIT(A) ], Indore dated 28.03.2017 which is arising out of the order u/s 143(3) of the Income Tax Act 1961(In short the Act ) dated 16.03.2014 framed by DCIT(Central)-I, Indore. 3. Revenue had raised following grounds of appeal; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed assessee preferred an appeal before Ld. CIT(A) and succeeded. 6. Now the revenue is in appeal against the deletion of addition made by the Ld.A.O. 7. Ld. Departmental representative vehemently argued and supported the order of Ld. A.O. 8. The Ld. Counsel for the assessee supporting the finding of Ld. CIT(A) submitted that the alleged amount of ₹ 1,70,77,904/- has been duly accounted for in the regular books of accounts and they relates to bank fixed deposit of ₹ 1.70 crores and accrued interest on FD at ₹ 77,904/-. 9. We have heard rival contentions and records placed before us. Revenue is aggrieved with the deletion of addition of ₹ 1,70,77,904/- which was made by Ld. A.O treating the sum as unaccount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... serves in various flies for making the necessary payments for exchange dealings. In fact the amount ₹ 1,70,00,000/- mentioned against the assessee's name is the amount of FDR with Canara Bank, Siyaganj Br., Indore held by the company in which the accrued interest amount of ₹ 77,904/ - is further shown. .. 4.1 The Assessing Officer held that the appellant had failed to explain the entries on the said document. He also did not accept the appellant's contention that the said entry is related to the FDR with Canara Bank as no documentary evidence was filed to justify the said claim. 4.2 The appellant has submitted in the appeal proceedings that the seized page no. 62 of LPS-B 1 /5 is a dumb document and no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otal payment of ₹ 51,87,06,923.01 to Desai (Mum) and Rajesh (Mum) Mumbai . The last column (Col.16) is titled Diff and mentions:amount of ₹ 28,77,469.06. The amounts recorded are precise to the last rupee. 4.3.1 In the written submissions filed by the group before the Investigation Wing during post search inquiries and in the reply given to the questionnaire issued by the Assessing Officer, this seized paper was explained as a rough document prepared by the accountant to work out cash flow available with the Group. 4.3.2 The appellant and the other group members submitted before the Hon'ble Settlement Commission in the SOF that the bottom row entries against 10 entities of' the group are reflecting sales ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of income in the Settlement Applications has been made by the appellant and other members of the group on account of the page no. 62 of LPS-B 1/5. The Settlement Commission observed that applicants cannot accept/explain part of the document and treat the other half as rough document of no value. 4.3.5 Thus; it is clear that part of the document has entries which are substantiated with deposits in the bank accounts of the entities of the group and also the tally accounts maintained for the various entities. In view of the above, it is held that page no. 62 of LPS-B1/5 is not a dumb document. 5. The appellant has submitted the copies of the fixed deposits with Canara Bank. It is seen that the appellant company is having two FDRs w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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