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TMI Blog2012 (7) TMI 396X X X X Extracts X X X X X X X X Extracts X X X X ..... Addition u/s 68 read with section 41(1) of the Act - being difference between sundry creditors and sundry debtors – there was excess credit on comparing sundry creditors with sundry debtors, the source of which requires to be proved - onus is on the assessee to establish that the sundry creditors and sundry debtors are genuine – Held that:- Assessee had not furnished any details of the sundry creditors or the sundry debtors - AO was lenient enough to tax only the excess credit over the debtors for want of proof of source – In favor of revenue Addition on account of unexplained investment and loans and advances – Held that:- Assessee has not discharged her onus by producing sufficient information and details to establish her bona fide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment was completed u/s 144 of the IT Act on 28-12-2007 wherein various additions were made. 4. Ground No.1 deleting addition of Rs. 2,09,475/- out of total addition of Rs.4,18,950/-. The learned AO made addition of Rs.4,18,950/- since the assessee had not produced any details of the expenditure incurred for the conduct of business such as telephone expenses, traveling expenses etc. Further, the assessee had not cooperated during the assessment proceedings by showing her personal appearance or by representing the case with appropriate representative. Since the onus was on the assessee to prove that the expenditure incurred was of revenue in nature, wholly and exclusively incurred for the purpose of business and for the relevant assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, we subscribe to the view of the learned CIT(A) and hereby confirm his order. Thus, ground No.1 of the appeal of the revenue is dismissed. 7. Ground No.2 addition made for Rs.2,78,118/- being difference in figures of sundry creditors and sundry debtors. The learned AO had made addition of Rs.2,78,118/- u/s 68 of the Act being difference between sundry creditors of Rs.12,10,340/- and sundry debtors of Rs.9,32,222/-. The learned AO made such addition since the assessee did not produce any details pertaining to the sundry creditors and sundry debtors. The learned CIT(A) deleted the addition by stating that without bringing any material on record addition cannot be made. 8. The learned DR forcefully submitted that the learned AO had jud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 69A and 69B of the IT Act being unexplained investment and loans and advances. During the course of assessment proceedings it was observed by the learned AO that the assessee had extended advances of Rs.34,66,600/- and made investments of Rs.66,510/-, but the assessee did not furnish any explanation for the genuineness of the transactions with cogent evidence for the sources of such investments. Further, the assessee had not cooperated during the assessment proceedings with proper representation. Therefore, the learned AO made addition of the entire amount of Rs.35,33,110/-. The learned CIT(A) deleted the addition in one stroke by stating that the addition has been made without any basis and that all the loans and advances appearing in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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