TMI Blog2022 (7) TMI 394X X X X Extracts X X X X X X X X Extracts X X X X ..... itted that unaccounted stock, which was lying there, has been surrendered as undisclosed income for Assessment Year 2015-16. These factual statements of the assessee have neither been controverted nor demolished by the Assessing Officer by bringing cogent material evidence on record. In our considered opinion, the entire additions made by the Assessing Officer are on the basis of surmises and conjectures devoid of any supporting evidence. Statements referred to and relied upon by the Assessing Officer are that of Shri Himanshu Kohli, who, in fact, has admitted the transactions done by himself in the name of his father. Therefore, qua the presumption u/ss 132(4A) and 292C of the Act, the entire additions, if any, should have been made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ses on 25.04.2014 and simultaneously, premises of the assessee and his son Shri Himanshu Kohli were also searched. Various incriminating documents etc. were found and seized. Statements of various persons were recorded on oath u/s 132(4) of the Act. 4. An analysis of the documents found and seized revealed that Dua group was involved in unaccounted sale and purchase of non-ferrous metals. The son of the assessee, namely, Shri Himanshu Kohli was the key person who handled out of books sale/purchase of the metals for Dua group. Shri Himanshu Kohli, in his statement recorded on oath u/s 132(4) of the Act, admitted that out of books sale and purchase of metal trading of Dua group was done through him for which, he was paid commission of Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espective Assessment Years and, further made addition on account of investment in these unaccounted transactions after reducing the gross profit added and further made additions, 7. The Assessing Officer also made addition of remaining 70% of gross profit and peak investment on protective basis observing that substantive addition shall be made in the hands of Shri Pawan Kumar Dua. 8. Additions were challenged before the ld. CIT(A). 9. The ld. CIT(A) was convinced that since the addition has been made on substantive basis in the hands of Shri Pawan Kumar Dua, the same was deleted from the hands of the assessee. Addition on account of payment of commission to Shri Himanshu Kohli has also been upheld for Assessment Years 2013-14 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lhi, which is exhibited at pages 67 to 86 of the paper book, at Para 4.2, which is at page 77 of the paper book, the assessee has specifically mentioned that majority of purchase/sale transactions were of Dua group in respect of which his son Shri Himanshu Kohli had received commission and at Para 4.4, which is at page 79 of the paper book, the assessee has again mentioned that 30% of the transactions represents unaccounted business looked after by Shri Himanshu Kohli and at para 4.6 which is at page 80 of the paper book, the assessee categorically stated that Shri Himanshu Kohli was doing metal business on commission basis for Dua group. While doing it for them, some of the off-books cash business of metal he began doing it for himself usi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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