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TMI Blog2012 (10) TMI 329X X X X Extracts X X X X X X X X Extracts X X X X ..... ls II) has erred in law and facts in confirming an addition of Rs.31,91,414/- on account of alleged undisclosed investment in Bardana without appreciating the facts and merits of the case. 2. That having regard to the facts & circumstances of the case, the ld. CIT (Appeals II) has erred in law & facts in confirming an addition of Rs.3,47,272/- on account of alleged unaccounted interest received on Farmers advances that too in the hands of the appellant when the same stood already taxed in the hands of one of constituent of group concerns namely Shri Vijay Kumar Agarwal. 3. That the appellant craves, leave to add, modify, amend or delete any of the ground of appeal at the time of hearing and all the above grounds are without prejudice to e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so a fact that unexplained investment has been found in the impounded material and Sh. Vijay Kumar Agarwal is not running any cold storage in his personal capacity. In such a scenario the investment made has to be considered in the hands of cold storages. I am of the opinion that as the investment made cannot be bifurcated cold storage wise on the basis of impounded material, therefore, the AO has rightly apportioned the same in the proportion of rent received by each cold storage. Thus, the addition made by the AO is confirmed." 4.2 I have considered the rival contentions and for the same reasons as given while deciding ground no.1 the addition made by the AO is confirmed." 6. We have heard the ld. Representatives of the parties and reco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... B153 to 155) Purchase from bardana account Rs.21,26,114 (refer PB 156) Total Rs.80,87,014/- The appellant share in the total receipts of the all the cold storages in the group was 27.50%. Therefore, 27.5% of Rs.80,87,014/- i.e. Rs.22,23,928/- were added to the disclosed income. In this regards the assessee begs to submit that the very basic allegation of the Id. AO that the investment in Bardana to the tune of Rs.80,87,014/- is from undisclosed sources is erroneous in so far as the entire investment has been made from the account captioned as Vijay Bhai Agarwal shown at PB 157- 158. Your honour kind attention is invited to this account. The account clearly shows a peak Rs.1,63,95,005/- on 18.06.2007. This amount stands fully explained & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been included in the income of Shri Vijay Kumar Agarwal as is also evident from the affidavit of Shri Vijay Kumar Agarwal and forms part of his total income. This fact has also been stated in the course of assessment proceedings of Shri Vijay Kumar Agarwal. The copy of which is given at PB 106 & 110A. Hence the entire amount of interest stands taxed already in the case of Shri Vijay Kumar Agarwal. Further, the AO has accepted the return of income of Shri Vijay Kumar Agarwal wherein the course of assessment proceedings u/s.143(3) it was categorically stated by him on oath that the income of Rs.8,53,428/- belonged to him and was thus included in the return of income. Here it will not be out of place to mention that the entire income of Rs.8,5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs.9,74,659/- is pertaining to A.Y. 2008-09 which has been offered to tax by surrender of income by Vijay Bhai in A.Y. 2008-09. Similarly, interest received was also offered to tax in the hands of Shri Vijay Kumar Agarwal by surrendering the amount in A.Y. 2008-09. It was submission of the assessee that transaction relating to Bardana and interest has been explained by the assessee and the same has been offered to tax in the hands of Shri Vijay Kumar Agarwal. Therefore, no separate addition is warranted in the hands of Smt. Charu Agarwal. On perusal of order of CIT(A), we notice that the CIT(A) simply reproduced the A.O.'s finding and assessee's submission and confirmed the addition without any discussion and his finding in respect of s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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