TMI Blog2020 (4) TMI 533X X X X Extracts X X X X X X X X Extracts X X X X ..... oing through the statements of the assessee as well as the counter parties, affidavits, the receipts per se and also the observation of the ld. CIT (A) that the receipts are unsigned, we hereby hold that no addition is called for based on these documents and hence, the addition made by the Assessing Officer on this account is hereby directed to be deleted. - Appeal of the assessee is allowed. - ITA No. 4245/Del/2016 - - - Dated:- 7-2-2020 - Sh. N. K. Choudhary, Judicial Member And Dr. B. R. R. Kumar, Accountant Member For the Assessee : Sh. Akshat Jain, CA For the Revenue : Sh. Abhishek Kumar, Sr. DR ORDER PER N. K. CHOUDHARY, JUDICIAL MEMBER: This present appeal has been fi led by the assessee against order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bansal, Advocate for cash loan of ₹ 15 lacs given to him sometimes in October, 2012 and page no. 94 is receipt given by Mahamantra Das for cash loan of ₹ 20 lacs given to him sometimes in April, 2012 out of which ₹ 3.6 lacs has been repaid. 5. The Assessing Officer made an addition u/s 69 of the Income Tax Act, 1961 of ₹ 50,00,000/- on the basis of said lose papers seized and statement recorded of the assessee during the course of search. The ld. CIT (A) confirmed the addition. 6. During the arguments before us, the ld. AR relied on the submissions taken before the ld. CIT (A) and on the paper book containing pages 1 to 84. The ld. DR strongly supported the order of the ld. CIT (A) especially sub-para no. Xii ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and answers which were written by them late in the evening on 31st October 2012. I was not even allowed to read the answers which had been written by the Departmental officers. I believe that I was made to sign all written sheets of papers wherein I had purportedly/allegedly confessed that one Shri Aggarwal from Calcutta helped me in bringing unutilized cash in the form of share capital, share premium, share application and unwarranted loan. The officers also made me sign on some chart of companies which were said to be paper companies from whom share capital, share premium etc has been received. I was also made to sign on a reply framed by the officer that unaccounted cash brought in share capital etc was generated due to suppression of p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ash loan from the assessee. The relevant part of the statement recorded by the Assessing Officer is as under: (page no. 65, 66 marked) Question No. 5: Whether you have taken loan of ₹ 15 lakh from M/s Prakash Industries Ltd. and ₹ 15 lakh from Sh. Ved Prakash Agarwal and when it was repaid? Ans: No. I have not received any loan amount and question of repayment does not arise. Q.No. 6: I am showing you two documents seized during the search operation of corporate office of M/s Prakash Industries Ltd. Srivan, Bijwasan in which receipt of two loans of ₹ 15 lakh each from M/s Prakash Industries Ltd. and Sh. Ved Prakash Agarwal is mentioned. Please comment? Ans.: As stated earlier, I have not taken any kind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Question: Do you had any transaction with Sh. Ved Prakash Agarwasl or M/s Prakash Industries during the last 6 years? Ans.: I had never took loan from Sh. Ved Prakash Agarwal or M/s Prakash Industries Ltd. Question: Now I am showing you receipt of loan for ₹ 20 lakh from Sh. Ved Prakash Agarwal in the F.Y. 2012-13. Please explain on the same? Ans.: This receipt not signed by me and the same does not pertains to me. Question: This receipt was found at the premises of M/s Prakash Industries Ltd. during the course of search and Sh. Ved Prakash Agarwal admitted that unaccounted money of ₹ 20 lakh was given by me to Mahamantra Das. In his statement recorded u/s 132(4) of the I.T. Act what you want to s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Das refuting receipt of loan. 04.03.2016 Statement of Sh. Maha Maya Das recorded. 10.02.2016 Statement of Sh. C.B. Bansal recorded. 16. Having gone through the material facts on record as narrated above viz. the statements of the assessee as well as the counter parties, affidavits, the receipts per se and also the observation of the ld. CIT (A) that the receipts are unsigned, we hereby hold that no addition is called for based on these documents and hence, the addition made by the Assessing Officer on this account is hereby directed to be deleted. 17. In the result, the appeal of the assessee is allowed. Order Pronounced in the O ..... X X X X Extracts X X X X X X X X Extracts X X X X
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