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TMI Blog2012 (7) TMI 369X X X X Extracts X X X X X X X X Extracts X X X X ..... ted:- 22-6-2012 - SHRI BHAVNESH SAINI, AND SHRI A.L. GEHLOT, JJ. Appellant by : Shri Waseem Arshad, Sr. D.R. Respondent by : None ORDER PER A.L. GEHLOT, ACCOUNTANT MEMBER: This is an appeal filed by the Revenue against the order dated 29.04.2011 passed by the ld. CIT(A), Gwalior for the Assessment Year 2004-05 on the following grounds:- 1. On the facts and in the circumstances of the case the Ld. CIT (Appeals) has erred in deleting the addition of Rs.23,50,000/- made on account of unexplained credit ? 2. The appellant reserves his right to add, amend or alter the grounds of appeals on or before the date, the appeal is finally heard for disposal. 2. Earlier the case was fixed on 12.04.2012. On the date of hearing, none was appeared. However, the case was adjourned to 19.06.2012. The notice sent to the assessee was returned by the Postal Authorities with the remark that the assessee has refused to take the notice. Under the circumstances, after hearing the ld. Departmental Representative, we proceed to decide this appeal on merit. 3. The brief facts of the case are that a search action was carried out on 04.08.2006 05.08.2006 in the case of Go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ended from time to time with Kalicharan Sharma and produced necessary books of account. The query letter issued for the Assessment Year 2004-05 by the A.O. are properly replied. The written submissions are kept on record and verified with books of account with relevant papers and after discussion the total income of the assessee for A.Y. 01-02 to 07-08 (except A.Y. 04-05) are accepted as shown on in the return of those years. As various facts of the case discussed as above an addition of Rs.23,50,000/- on account of unsecured loan is hereby added to the returned income of the assessee on protective basis, even though this amount of unsecured loan of Rs.23,50,000/- in the name of Shri Kali Charan Sharma has been surrendered by Shri Harishankar Goyal and paid taxes thereon amounting to Rs.7,11,323/- on 31.05.07 and interest amounting to Rs.2,42482/- paid on 03.07.07, as part of true and full disclosure made before the settlement commission by Late Shri Harishankar Goyal. However, considering the fact that assessment in the case of Shri Harishankar Goyal is still pending with the A.O. (ACIT Caicle-2, Gwalior) on the basis of High Courts order No date . ., the addition as afo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome comes to Rs.86,29,327/-. However, in her report under Rule 9 submitted to the Hon'ble Commission, jurisdictional CIT has estimated total income in case of Shri Harishankar Goyal for Rs.47,59,38,644/- for the years 2001-02 to 2007-08. Vide its order dtd. 31.3.08, Hon'ble Settlement Commission, while accepting the additional income as disclosed by various applicants of Goyal family has further directed that within a period of six months from the date of receipt of its order or by 31.10.08, whichever is later, the C1T may conduct comprehensive enquiries into all the issues involved and submit a report to Commission for appreciation as to whether full and true disclosure has been made by the applicant. It is in this context that final assessment order; has been stayed by Hon'ble MP. High Court vide order dtd. 20.9.2010 in Writ Petition No.5531/2010 filed by Shri Harishankar Goyal through his legal heirs. It is pertinent to mention here that the then CIT, Gwalior, on the basis of reports of the A.O. and concerned JCIT, has categorically mentioned before Hon'ble Settlement Commission that additional income of Rs.23,71,076/- offered by Shri Harishankar Goyal for the asstt. year unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yed by the Hon ble High Court due to huge variation in total income declared by various applicants of Goyal group before Settlement Commission and as reported by the jurisdictional CIT in her report. However, the CIT(A) noted the fact that for the assessment year under consideration there was no dispute in as much as both the CIT and Settlement commission has accepted the undisclosed income of Rs.23,71,076/-, which includes impugned amount of Rs.23,50,000/-, in the hands of late Shri Harishankar Goyal or now his legal heirs. The CIT(A) while deleting the addition recorded the fact that this amount of Rs.23,50,000/- has been disclosed substantially in the hands of Shri Hari Shankar Gaoyall/Legal Heir and this fact has been admitted by the CIT(A) in her report. The CIT(A) found that the same fact has been found in the order of Settlement Commission that the amount has already been offered for taxation by Hari Shankr Goyal/Legal Heir, who is the employer of the assessee before the Settlement Commission, and the Settlement Commission has accepted the same. Therefore, though papers found at the time of search was in the name of the assessee, but the related amount of Rs.23,50,000/- has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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