2012 (5) TMI 855

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..... wing grounds: 2 That on the facts and in the circumstances and legal position of the case, the worthy CIT(A) has erred in confirming the action of the Assessing Officer wherein he had erred in making an addition of ₹ 4,00,000/- on account of alleged unaccounted cash even when the same was duly accounted in the books and even further when the same was also covered within other surrender o .....

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..... had erred in making an addition of ₹ 10,00,000/- on account of alleged unaccounted cash payment for purchase of property even when the same was duly recorded inbooks and even further when the same was also covered within other surrender of ₹ 83.50 lakhs on account of additional income which was not credited to books of accounts by the appellant. 2. After hearing both the parties we .....

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..... nd ₹ 10.00 lakhs on account of payment against the agreement to sell were required to be telescoped. When the Assessing Officer confronted the assessee with the submissions recorded during the survey it was agreed that the gross receipts recorded in the diary amounting to ₹ 83.50 lakhs income from immigration business may be added to the income of the assessee. However, benefit of tele .....

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..... n the other hand, the ld. DR for the revenue referred to various portions of the submissions recorded during survey and submitted that the assessee has 3clearly surrendered these three items separately and therefore, the additions were correctly upheld by the ld. CIT(A) and in this regard he strongly relied on para 3.3.9 of the appellate order. 6. We have heard the rival submissions carefully a .....

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..... ₹ 4.00 lakhs, ₹ 4.00 lakhs deposited in the bank and ₹ 10.00 lakhs paid on account of agreement to sell for purchase certain properties. Therefore, these amounts should have been telescoped against the income of ₹ 83.50 lakhs. Accordingly we allow the benefit of telescoping and deleted the addition of ₹ 18.00 lakhs on account of addition of said three items. According .....

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