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TMI Blog2013 (6) TMI 308X X X X Extracts X X X X X X X X Extracts X X X X ..... ttery. Further, there is nothing on record to indicate that assessee had any dealing with I.C. Khurana. In the absence of such material, it is not understandable as to how the AO could infer that assessee earned incentives @ 1% of total turnover. AO has also not brought any material to suggest that assessee ever received any incentive from the persons with whom assessee had any dealings. - Decided in favor of assessee. - ITA No. 329 of 2005 - - - Dated:- 3-5-2012 - MR. AJAY KUMAR MITTAL. AND MR. G.S. SANDHAWALIA. JJ. PRESENT: Mr. Rajesh Katoch, Advocate for the appellant. AJAY KUMAR MITTAL, J. 1. This order shall dispose of ITA Nos. 329 and 330 of 2005 as according to the learned counsel for the appellant, the identical ques ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at Rs.2,01,40,979/-. Firstly, the undisclosed income was worked out at Rs.52,38,859/- for the block period on account of incentive income by applying the rate of 1% on the total turnover and secondly the undisclosed income on account of unaccounted investment in lottery business was worked out at Rs.1,37,49,079/- by invoking the provisions of Section 69 of the Act. Feeling aggrieved, the assessee filed an appeal before the Tribunal. The Tribunal vide order dated 16.8.2004 allowed the appeal and deleted both the undisclosed incomes of Rs.52,38,895/- and Rs.1,37,49,079/-. Hence, the present appeal by the revenue. 5. We have heard learned counsel for the revenue and have perused the record. 6. The issues that arise for adjudication in thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting any payment in cash outside the books of account regarding purchase of lottery tickets. Wherever the auditors found investment in assets outside the books of account, the same had been listed separately with which we are not concerned in these appeals. The finding of special auditors that PWT were returned in lieu of payment remains unrebutted. Hence, the finding of AO that assessee made unaccounted investment in purchase of tickets is vacated. Consequently, the addition of Rs.1,37,49,079/- in the case of Pusham Bansal and of Rs.15,14,88,845/- in the case of Vijay Kumar Bansal are hereby deleted. 8. In light of the aforesaid findings, in which no fault could be pointed out by learned counsel for the revenue with reference to any mat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urther, there is nothing on record to indicate that assessee had any dealing with I.C. Khurana. In the absence of such material, it is not understandable as to how the AO could infer that assessee earned incentives @ 1% of total turnover. AO has also not brought any material to suggest that assessee ever received any incentive from the persons with whom assessee had any dealings. Hence, no addition could be made on the basis of assumptions/suspicion or surmises. Accordingly, the orders of AO are set aside on this issue in both the cases and consequently, the addition of Rs.52,38,859/- in the case of Pusham Bansal and of Rs.6,23,09,547/- in the case of Vijay Kumar Bansal are hereby deleted. 10. The said finding has not been shown to be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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