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TMI Blog2012 (7) TMI 239X X X X Extracts X X X X X X X X Extracts X X X X ..... ingly, the addition made by the Assessing Officer is not sustainable. As for unexplained investment in gold ornaments and unaccounted rental income the assessee could not explain the source of acquisition of gold ornaments, the AO has correctly made addition. Addition in respect of purchase of tanker - Held that:- As the AO has not properly evaluated the documents filed to explain the source of investment in tanker, restore this ground back to the file of the Assessing Officer for deciding afresh - I.T.(SS).A.No. 24/Ind/2012 I.T.(SS).A.No. 25/Ind/2012 - - - Dated:- 30-5-2012 - SHRI JOGINDER SINGH, SHRI R.C.SHARMA, JJ. Appellant by : Shri H.P.Verma, Shri Girish Agarwal and Shri Ashish Goyal, Advocates Respondent by : Shr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... block period 01/04/1985 to 28/02/1996. 5. The learned Assessing Officer erred in making an addition of Rs. 9,31,410 as undisclosed income without passing a speaking order and elaborately dealing with each item of addition either by raising queries as well as considering and /or rebutting the submissions made by the assessee on each item of addition for each assessment year comprised in the Block Period 01/04/1985 to 28/02/1996. 6. The ld. Assessing Officer erred initiating penalty u/s 158BFA(2) of the Act. 3. Following grounds have been taken in I.T.(SS).A.Nos. 25/Ind/2012 :- 2. The learned Assessing Officer erred in passing the assessment order which is contrary to the material on records and provisions of the Act, unjust and bad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer erred initiating penalty u/s 158BFA(2) of the Act. I.T(SS).A.No. 25/Ind/2012 : 4. Rival contentions have been heard and records perused. Brief facts of the case are that block assessment order u/s 158BD/143(3) dated 30.03.1999 was passed by ACIT, Circle-2, Bhopal, determining total undisclosed income of Rs. 7,36,540/-. The ld. I.T.A.T., Indore Bench, Indore, vide para-4 of the appellate order dated 26.04.2004 in appeal I.T.A.No. 10/Ind/1999, set-aside the block assessment order and directed the Assessing Officer to afford adequate opportunity of being heard to the assessee and make the assessment afresh. In the set-aside proceedings, the assessee made written submission and furnished the same on 14.10.2011 which is available on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee could not explain the source of deposit. Accordingly, we confirm the addition made by Assessing Officer in the assessment year 1988-89. 5. In the assessment year 1989-90, addition of Rs. 12,902/- was made out of which Rs. 12,000/- was fresh deposited in the Bank account. In view of the income assessed in assessment year 1988-89, as per considered view, the assessee was having sufficient cash for deposit in the Bank account. Accordingly, the addition made by the Assessing Officer is not sustainable. 6. In the assessment year 1990-91, an addition of Rs. 27,512/- was made for deposit in the Bank account. 7. Similar addition was made in the assessment year 1991-92 and 1992-93 amounting to Rs. 37,000/- and Rs. 22,500/- on account of deposit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... result, the appeal of the assessee is allowed in part. I.T.(SS).A.No. 24/Ind/2012 : 12. As discussed in the case of Smt. Geeta Devi, the additions were made in the hands of Shri Kumar Dhiendera in the set aside proceedings, on the plea that no fresh evidence was furnished during the set-aside assessment proceedings. 13. As already discussed in the case of Smt. Geeta Devi in terms of decision of Jurisdictional High Court in the case of Surendra Kumar Lahoti (supra), where the income is below taxable limit and the assessed income in that year is below taxable, the same may not be treated as undisclosed income of the assessee. There is also no dispute to the proposition that where in block assessment, income of some of the years are belo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ift of Rs. 15,000/- and loan from father of Rs.45,000/-. In terms of our observations in the assessment year 1990-91, the matter is restored back to the file of the Assessing Officer for deciding afresh. 16. In the assessment year 1992-93, the Assessing Officer has disallowed the interest payment to Betala Finance at Rs. 19,000/-. As per our discussion, in the assessment year 1990- 91, we restore the matter back to the file of the Assessing Officer for deciding after verifying the genuineness of loan taken from Betala Finance. 17. In assessment year 1993-94, addition was made on account of loan taken from Pradeep Kumar at Rs. 45,000/-. It was contended by ld. Authorized Representative that loan was given by draft no. 0329587 dated 15.5. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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