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TMI Blog2013 (6) TMI 406X X X X Extracts X X X X X X X X Extracts X X X X ..... ned, there is no reason to uphold the addition of Rs.3 lacs. As regards amount of Rs.18,000/- the amount is too small and was claimed to have been received on marriage anniversary of the assessee which should have been accepted by AO.In favour of assessee. Addition of Rs.59,440/- on account of share trading profit - Held that:- The same was declared as income in the financial year 2002- 03 and the same was received in the year under consideration as apparent from copy of bank account. Therefore this amount cannot be considered as unexplained. In favour of assessee. - ITA No. 202/DEL/ 2012 - - - Dated:- 7-6-2013 - Shri U. B. S. Bedi And Shri T. S. Kapoor,JJ. For the Petitioner : Shri S. D. Kapila Shri R. R. Maurya, Advs For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her before or at the time of hearing of the appeal." 2. The brief facts of the case are that the return of income declaring a total income of Rs.6,88,910/- was filed on 21.10.2004. Subsequently there was an information from Director of Income Tax Investigation that Shri Rajesh Chandra Rastogi had received accommodation entries through cheques from entry provider. Therefore after recording the reasons notice u/s148 was issued and in response the assessee filed return of income on 07.06.2008. 3. During course of re-assessment proceedings, the assessee was asked to furnish bank statement of his own and bank statement of M/s MKM Finsec (P) Ltd. and Shri Raj Kumar Gupta from whom alleged accommodation entries were obtained. In response the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld a world make belief to claim a bogus gift/ share trading profit to cheat the Department and artificially created white money without paying any tax and all the facts and circumstances also show that the entire transaction is not at all genuine and accordingly, the appeal of the assessee is dismissed and additions made by Assessing Officer is confirmed." 5. Aggrieved, the assessee is in appeal before us. At the outset, the Ld. AR submitted that the assessee Mr. Mohit Rastogi is not an original assessee but is a legal heir of Mr. Rajesh Chandra Rastogi. In this respect, our attention was invited to assessment order and also on paper book page 23 where a copy of death certificate of Mr. Rajesh Chandra Rastogi was placed. Regarding re-open ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to another party M/s MKM Finsec (P) Ltd., who was not cooperating with the assessee. 6. The Ld. AR further submitted that notice u/s 131 was dated 15.12.2008. Whereas, the Assessing Officer passed the order on 20.12.2008. It was further argued that assessee had provided all information but Assessing Officer without affording any opportunity made the additions. Regarding amount of Rs.59,940/- as taken in ground no.3, the Ld. AR submitted that the amount was received against sale of shares and our attention was invited to paper book page 17, wherein a copy of income and expenditure account for the year ending 31.03.2003 was placed and in the balance sheet as on 31.03.2003 the amount was shown as receivable. Regarding ground no.4, the Ld. AR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is not required to go deep into the facts for reopening. It is sufficient if Assessing Officer is of the view that income has escaped assessment. However ground 1(a) taken by assessee is altogether different which was not pressed by Ld. AR therefore, it is dismissed. 9. As regards merits of the case, we are of the view that there were two entries of Rs.3 lacs and Rs.59,940/- respectively which were received by the assessee. The assessee had furnished copy of bank statement of Shri Raj Kumar Gupta donor of Rs.3 lacs and also had explained the source of source by furnishing the details of credit side of entry in the pass book of Shri Raj Kumar Gupta. The Assessing Officer made the addition only on the basis that assessee could not produce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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