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TMI Blog2013 (2) TMI 576X X X X Extracts X X X X X X X X Extracts X X X X ..... t in law and on facts in confirming the order passed by CIT(A) deleting the addition of Rs.12 lakhs made on the basis of signed cheques and hundis found during the course of search action? [B] Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by CIT(A) deleting the addition of Rs.1,35,928/- made on account of interest on loan? [C] Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by CIT(A) deleting the addition of Rs.41 lakhs being entries mentioned on seized documents? 2. Heard learned senior counsel Mr.Manish Bhatt appearing for the Revenue and with his assistance examined the material on record placed before this Court. 3. Assessing Officer found during ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... basis of presumption on the ground that the cheques were received on cash loan advances to Shri Rakesh Patel . Tribunal also held that there was no corroborative material for sustaining such presumption. This issue is purely factual in nature. Tribunal and CIT(Appeals) both have concurrently held in favour of respondent. In absence of any relevant material on record, when they found that the addition was made purely on the basis of surmises and conjectures , this issue requires no interference. 7. Second question pertains to addition of Rs.1,35,928/- made on account of interest on loan. As the cheque issued by one Shri Archit Shah was to the tune of Rs.13,50,000/- against the debit balance of Rs.12,14,072/- , difference was added by Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in dispute that the recovery of principal amount of Rs.12,14,072/- was itself doubtful because fo the above dishonoring of the cheques. In the above circumstances, it cannot be held that any real income got accrued to the assessee or received by the assessee in respect of the said dishonored cheque of Rs.13,50,000/- . It is an establish position of law, even when the assessee maintains mercantile system of account that what is assessable under the income tax act is real income and not any notional income. On the above facts, we find that the department could not bring on record any material to show that the assessee actually received interest of Rs.1,35,928/- at any point of time or realization of the same was free from doubt at any poin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... indings of CIT(Appeals), it concurred with the findings of CIT(Appeals) by holding that the addition was made only on the basis of the noting on the piece of papers without there being any evidence. Tribunal also held that the onus was on the Department to bring forth cogent material, so as to satisfy that the amount was unexplained investment of the respondent. In absence thereof, it upheld the order of the CIT(Appeals). Again this issue is also factual in nature. As apparent from the record, there was no material worth the name for Tribunal to hold in favour of the Department and with noting having been pointed out contrary to the findings of both adjudicating authorities, this Tax Appeal merits no acceptance and it therefore, dismissed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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