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TMI Blog2012 (9) TMI 832X X X X Extracts X X X X X X X X Extracts X X X X ..... satisfied about the correctness or completeness of the accounts of the assessee or that the method of accounting has not been regularly followed by the assessee, CIT(A) was not justified in rejecting the books of accounts and in estimating the profit. This being so, and keeping in view that the outstanding payment made by the assessee during April, 2006 to October, 2006 was not disbelieved by the A.O., addition sustained by CIT(A) is not sustainable in law and accordingly the same is deleted. Addition u/s 68 - unsecured loans - non-confirmation - Held that:- It is observed that assessee at this stage has filed the same along with the PAN with a request to admit the same as an additional evidence. Matter remitted back to decide the same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... He required the assessee to furnish the names and addresses of the persons to whom the payments were made and also submit confirmation from all the parties. The assessee submitted that the labourers were migrating from place to place and they were staying in temporary sheds or tent till the completion of work and subsequently they moved to other site and, therefore, it is not possible to file confirmation. It was contended that the entire payment was made from April 2006 to October 2006 by means of cheque and cash. The A.O. did not accept the reply on the ground that if the assessee had made the payment after six months, then it is possible for the assessee to file confirmation but the same was not filed. He further relied on the remarks of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the material available on record. We find that the facts are not in dispute. We further find that it is also not in dispute that the A.O. neither rejected the books of accounts u/s 145 of the Act nor applied the percentage of profit on the gross receipt of Rs. 2,37,87,238/-. The ld. CIT(A) without giving any opportunity of being heard to the assessee has rejected the books of account and applied the percentage of profit at 8% on the turnover of Rs. 2,37,87,238/-. In the absence of any finding recorded by the ld. CIT(A) that he is not satisfied about the correctness or completeness of the accounts of the assessee or that the method of accounting has not been regularly followed by the assessee, we are of the view that the ld. CIT(A) was not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... refully considered the submissions of the rival parties and perused the material available on record. We find that the facts are not in dispute inasmuch as it is also not in dispute that the assessee has not filed any confirmation letter from Mahesh Kumar either before the A.O. or before the ld. CIT(A). However, at this stage he has filed the same along with the PAN with a request to admit the same as an additional evidence. After considering the reason shown by the assessee, we admit the same and consider it fair and reasonable the matter should go back to the file of the A.O. and accordingly we set aside the order passed by the Revenue Authorities on this account and send back the matter to the file of the A.O. to decide the same afresh i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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