TMI Blog2005 (12) TMI 594X X X X Extracts X X X X X X X X Extracts X X X X ..... order passed by the CIT(A) on 16-3-2005 in relation to Assessment year 1990-91. 2. First two grounds are regarding confirmation of addition of ₹ 97,960 made by the Assessing Officer by rejecting the loss claimed by the assessee in gram. 3. Facts relating to these grounds are that the assessee had shown total loss of ₹ 97,960 in this account, which occurred due to tran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h as agreement or contract between the assessee and M/s. Kashiram Trilokchand for doing any business. It was pointed out by the assessee that in adhat business, no formal documents were required and transactions were entered into on the basis of verbal discussion and also through telephone. The Assessing Officer observed that the assessee throughout the year had substantial credit balance in his b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer in the assessment order. It is also an admitted position that the assessee had no relation with the partners of M/s. Kashiram Trilokchand. Apart from that, it is noticed from the copy of account of the assessee in the books of M/s. Kashiram Trilokchand that apart from purchases and sales, adhat of ₹ 4629.88 was also charged by that party in addition to other selling expenses, wareho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stant case, I find that the assessee had led necessary evidence before the Assessing Officer, who rejected the same without showing as to how it was not reliable. Considering all the facts in entirety, I am of the considered opinion that the ld. CIT(A) was not justified in sustaining the disallowance. By reversing the impugned order, I direct the deletion of this addition. An announcement to this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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