9911796707
TMI Blog2013 (8) TMI 514X X X X Extracts X X X X X X X X Extracts X X X X ..... said that such debit balance was either loan or advance by M/s Daisy Motors Pvt. Ltd. to the assessee - Following decision of CIT Vs. Creative Dyeing and Printing P.Ltd. [2009 (9) TMI 43 - DELHI HIGH COURT] and CIT Vs. Ambassador Travels P.Ltd. [2008 (4) TMI 428 - DELHI HIGH COURT] - Decided in favour of Assessee. Unexplained expenditure - Household expenses - Held that:- considering the size of the assessee's family and the status of the assessee, the estimate of household expenditure of ₹ 30,000/- per month is quite fair and reasonable - while considering the household expenditure, withdrawal by the assessee's wife should also have been considered - Addition on account of unexplained expenditure reduced - Decided against Assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere was only a current account between the assessee and M/s Daisy Motors Pvt. Ltd. He, therefore, submitted that on the facts of the assessee's case, Section 2(22)(e) is not applicable. In support of his contention, he relied upon the decision of Hon'ble Jurisdictional High Court in the case of CIT Vs. Ambassador Travels P.Ltd. - [2009] 318 ITR 376 (Delhi) and CIT Vs. Creative Dyeing and Printing P.Ltd. - [2009] 318 ITR 476 (Delhi). 5. Learned DR, on the other hand, relied upon the orders of authorities below. He stated that before the Assessing Officer, the assessee claimed the amount to have been received from M/s Daisy Motors Pvt. Ltd. towards the sale of property. However, since the assessee was unable to produce any evidence ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... crore remains for more than two months and credit balance of more than ₹ 20 lakhs remains for more than six months. From the copy of account, it is evident that the assessee also made purchase of ten vehicles. Thus, the account is clearly in the nature of a running current account and merely because for a few days there was a debit balance of ₹ 2,08,212/-, it cannot be said that such debit balance was either loan or advance by M/s Daisy Motors Pvt. Ltd. to the assessee. On these facts, the decision of Hon'ble Jurisdictional High Court in the case of Ambassador Travels P.Ltd. (supra), wherein their Lordships held as under, would be squarely applicable:- 5. We are of the view that the order passed by the Tribunal does no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tal household expenditure disclosed by the assessee was only ₹ 2,76,490/-. The Assessing Officer estimated the same at ₹ 30,000/- per month and, accordingly, made the addition of ₹ 83,510/- (3,60,000 - 2,76,490). 10. At the time of hearing before us, it is stated by the learned counsel that the expenditure disclosed by the assessee is quite fair and reasonable and the Assessing Officer has brought on record no evidence that the assessee incurred more expenditure than what was debited in the books of account. He also referred to the reply filed before the Assessing Officer in which it is claimed that apart from the withdrawal of ₹ 2,76,490/-, there was a withdrawal of ₹ 35,000/- by the assessee's wife. He ..... X X X X Extracts X X X X X X X X Extracts X X X X
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