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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 ..... eing 50% of addition made u/s. 37 of Rs.418950/-. 2. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made of Rs.278118/- beign the difference in figures of Sundry Creditors and Sundry Debtors and added u/s. 68 r. w. s 41(1). 3. On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition made of Rs.35,33,110/- u/s 69 r. w. s. 69A & 69B being unexplained investment and Loans and Advances." 3. The assessee an individual filed her return of income on 31-10- 2005 declaring total income of Rs.15,00,000/-. The case was selected for scrutiny and the assessment was completed u/s 144 of the IT Act on 28-12-2007 wherein various additions were made. 4. Gr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d allowable as provided under the Act. On the other hand, the learned AR relied on the order of the learned CIT(A). 6. We have heard the rival submissions and perused the materials placed before us carefully. In business, to earn profit, necessarily one has to incur expenditure. In the given case, the assessee did not furnish the details of the expenditure claimed by her. Keeping in view of the general business conditions, the learned CIT(A) had gracefully deleted 50% of the addition made by the learned AO on the premises that in business the appellant would have to incur some expenses. Keeping in view the facts and circumstances of the case, we subscribe to the view of the learned CIT(A) and hereby confirm his order. Thus, ground No.1 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... observations of the learned CIT(A) since he simply held without stating any reason that addition cannot be made without bringing any materials on record when the fact remains that no materials was brought on record by the assessee for consideration. The onus is on the assessee to establish that the sundry creditors and sundry debtors are genuine. In the present case, the learned AO was lenient enough to tax only the excess credit over the debtors for want of proof of source. We therefore confirm the order of the learned AO. Thus this ground of the revenue is allowed. 10. Ground No.3 - addition of Rs.35,33,110/- made u/s 69 read with section 69A and 69B of the IT Act being unexplained investment and loans and advances. During the course of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ources for making such investments and granting such loans and advances. Since, no information was coming forthwith from the assessee, the learned AO had no other option but to bring the entire loans and advances and investments under the net of tax. However, keeping in view of the high value of transactions amounting to Rs.35,33,110/- and the background of the assessee, we are of the considered view that the assessee should be granted with one more opportunity to establish her claim. Therefore, in the interest of justice, we hereby remit back the issue to the file of the learned AO for denova consideration. Ground No.3 of the appeal is accordingly disposed off. The assessee is hereby directed to co-operate before the revenue in its proceed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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