9911796707
TMI Blog2013 (4) TMI 172X X X X Extracts X X X X X X X X Extracts X X X X ..... difference of Rs.27 only which required reconciliation between the two parties and not on a non- existing party alone which amount owed was shown at Rs.1,53,578. Incidentally AO has brought to tax the same insofar as the information from the ITO,flowed in respect to the assessee only and not because the Private Limited Company, which never existed, is only a method of acknowledging that the different items sold by M/s.Parvati Agencies, Rayagada was to be acknowledged by the assessee on payment against purchases on account of crusher and otherwise. Thus AO erred in holding a view that the sum of Rs.1,53,551 should be added in the hands of the assessee as unexplained cash credit when AO has accepted the purchases in accordance with the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... explain or reconcile the difference before the Assessing Officer when the Assessing Officer held the same as undisclosed income in the hands of the assessee and brought it to tax by including the same in the returned income. 3. Aggrieved the assessee appealed before the first appellate authority and it was brought to the notice of the learned CIT(A) that the sum of Rs.1,53,578 is the balance held by the said M/s.Parvati Agencies, Rayagada in the name of Shri Ram Constructions Pvt. Ltd., which is not the assessee therefore could not be taxed in the hands of the assessee who held that the assessee could not produce any evidence with respect to Shri Ram Constructions Pvt. Ltd., whether existed or was a name given by M/s.Parvati Agencies, Ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me against cash. He prayed that the amount be directed to be deleted on the basis of facts as were available to both the authorities below. 5. The learned DR supported the orders of the authorities below for his part of submissions. He submitted that it is a change of stance before the Tribunal by the assessee insofar as it was categorically enquired as to whether Shri Ram Constructions, the assessee does not have any assessee by the name of Shri Ram Constructions Pvt. Ltd., as the names are similar. 6. We have heard the rival parties and perused the material available on record. On our careful consideration of the facts and circumstances of case as brought on record by the authorities below, we are inclined to find the submissions of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
