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TMI Blog2013 (4) TMI 174X X X X Extracts X X X X X X X X Extracts X X X X ..... through the bank accounts as well as the confirmations filed by the assessee from Tea Brokers (Guwahati) Pvt. Ltd. it is seen that ultimately the amount came to the bank account of the assessee's proprietorship concern, i.e. Giriraj Steel Traders of Rs.2 lakhs on 7.3.2001 and Rs.3 lakhs on 21.3.2001 by way of transfer from G. D. Enterprises. This is apart from the fact that the assessee has received a sum of Rs.5,35,858/- from M/s. Tea Brokers (Guwahati) Pvt. Ltd. as refund of the loan earlier advanced by the assessee along with interest thereon. M/s. Tea Brokers (Guwahati) Pvt. Ltd. is an income-tax assessee, the identity of which is not doubted. The amount has been received through cheque and has duly come in the bank account of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce of the capital introduced in the firm orders to delete the addition - in favour of assessee. - I.T.A. No.103/Kol/2010 - - - Dated:- 14-2-2013 - Shri P. K. Bansal, A.M. And Shri George Mathan, J.M.,JJ. For the Appellant : Shri K.K.Sarkar For the Respondent : Shri Asoke Kumar Dey, Sr.D.R. ORDER This appeal has been filed by the assessee against the order of the CIT(A), Guwahati dated 5th April, 2010 for the assessment year 2001-2002 by taking the following effective grounds. "i) For that the learned CIT (Appeals) was not justified in upholding the addition made by A.O. of Rs.1,64,500/- on account of two Sundry Creditors under the head Income from Other Sources. ii) For that the learned CIT(A) is not justified in uphol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut that the advances received from these parties duly got adjusted in the subsequent year against the sales made to these parties. The authorities below did not consider the submissions of the assessee but made the addition. The ld. D.R., on the other hand, relied on the order of the authorities below. 4. We have heard the rival submissions and carefully considered the same. In our opinion, the advances received by the assessee from these two parties i.e. Howrah Iron Foundry and Kalimata Iron were duly adjusted in the subsequent year against the sales made by the assessee to both the parties. Since the advances received were duly adjusted and set off against the sales, which were made to these parties and there remained no advances in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irmed the order of the AO on this ground. 6. Before us, the ld. A.R. filed the confirmation received from M/s. Tea Brokers (Guwahati) Pvt. Ltd., which is available at page 19 of the paper book along with Permanent Account Number. The ld. A.R. further submitted that the assessee is having three bank accounts with Punjab National Bank in current a/c. nos. 3831, 13474 and 12001. The assessee has given temporary loan to Tea Brokers (Guwahati) Pvt. Ltd., out of which current account no.3831 amounting to Rs.5 lakhs, Rs.2 lakhs on 8.6.2000 and Rs.3 lakhs on 21.6.2000, out of his proprietorship concern M/s. Giriraj Steel. For this, our attention was drawn towards page no.21 back and 22. It was pointed out that M/s. Tea Brokers (Guwahati) Pvt. Ltd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appear in the bank account of the assessee. The amount is clearly available in the bank account. The amount was received ultimately on 7.3.2001 and 29.3.2001 amounting to Rs.2 lakhs and 3 lakhs respectively. Thus, it was contended that the addition made must be deleted. On the other hand, the ld. D.R. relied on the order of the AO. 7. We have heard the rival submissions and carefully perused the materials available on record. In this case, the addition had been made by the AO, which was disclosed as an investment under section 69 of the Income-tax Act and according to AO, the assessee could not explain the source of the amount. We have gone through the bank accounts as well as the confirmations filed by the assessee from Tea Brokers (Guw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed from its withdrawals from the bank account of the assessee but on going through the bank account and cash book and keeping in view of the documents of the assessee, we are not satisfied with the explanation of the assessee. We, therefore, do not find any infirmity in the order of the CIT(A) and confirm the order of the CIT(A) of Rs.65,000/-. Accordingly, we dismiss this ground. The addition of Rs.65,000/- is sustained. 10. Fourth ground of the appeal relates to the addition of Rs.90,020/- made by the AO on account of the introduction to the capital in the proprietorship concern but sustained by the CIT(A). 11. We have heard the rival submissions and carefully gone through the same. We noted that both the authorities below confirmed t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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