TMI Blog2023 (3) TMI 1229X X X X Extracts X X X X X X X X Extracts X X X X ..... as turnover paid the tax accordingly. The stock and purchase was never be disputed by the revenue. As relying on Om Overseas [ 2008 (3) TMI 44 - HIGH COURT PUNJAB AND HARYANA ] assessee s books of account were rejected by the AO and the addition was made without pointing out any specific defect in the books of account, impugned addition was rightly deleted - thus addition made by the ld. AO is liable to be quashed. In verification of the loan creditors the assessee has filed the document related to identity, transaction, the entire transaction was made through bank account which was produced before the bench. We set aside the order of the ld. CIT(A). The addition amount related to loan creditors u/s 68 of the Act is liable to be qua ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as on 09.11.2016. 3. That Ld. A.O. unlawfully made and worthy CIT(A) has unlawfully confirmed addition of Rs. 9,00,000 being the amount of fresh unsecured loan although the same had been received through regular banking system from genuine, identifiable credit worthy lenders of were duly recorded in books of account' which were duly audited by qualified chartered accountants. 4. That Ld. A.O. unlawfully applied worthy CIT(A) has unlawfully confirmed the applicability of Section 68 (unexplained credits in books) is corresponding application of section 115BBE for computation of income tax. 5. That order of worthy CIT (A) in bad in law is on facts. 6. That the assessee craves to add/modify or amend any ground o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the state authority for the period 01.04.2016 to 02.11.2016 and all the books of account. After verification of the documents of the assessee the state authority calculated the discrepancy of the stock and collected tax accordingly. The assessee claimed that there is a sufficient stock and purchase related to sale during demonetisation period. In paper book the assessee filed a copy of the order of the designated officer of the State Excise and Taxation department at APB page 16-17. The copy of trading account from 01.04.2016 to 02.11.2016is enclosed in APB page 18 and copy of month wise trading account for F.Y. 2016-17 is enclosed in APB page 19. 3.1 The ld. Counsel for the assessee further argued in relation to addition of the unsecur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other sources (Sale of opening stock) - Assessment year 2014-15 - Assessee was engaged in business of textiles - All sales undertaken by assessee were in cash only - Noting such peculiarities, Revenue decided for spot verification at place from where assessee purportedly carried on business - Survey revealed that business premises was abandoned and that there was no proof of any business undertaken by assessee - Based on survey report, Assessing Officer concluded that entire cash deposit found in assessee's bank account was unexplained income and not sale proceeds - Additions were thus made towards unexplained income - On appeal, Tribunal recorded that assessee had closed business in July, 2015 and survey was carried out in November, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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