9911796707
TMI Blog2014 (1) TMI 978X X X X Extracts X X X X X X X X Extracts X X X X ..... the books of accounts - Following ACIT Vs Prasant Ahluwalia [2004 (6) TMI 260 - ITAT CUTTACK] - Amounts noted in round figures clearly indicate that they were rough estimates and because they were not actually expended, all the figures were in round figures - As no corroborative material was brought on record by the AO for rejecting assessee's contention that jotting on the piece of paper was an estimate and not actually expended, additions based on chit papers and presumption of the AO could not be sustained in the absence of any corroborative material or evidence - Decided against Revenue. - I.T.A. No. 4126/Mum/2012 - - - Dated:- 8-1-2014 - Shri B. R. Mittal, JM And Shri N. K. Billaiya, AM,JJ. For the Appellant : Shri Pritam Sing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO observed that the assessee did not give any explanation in respect of the remaining expenditure of Rs. 50,05,000/- which was found recorded in the said seized document. The assessee was further given an opportunity to explain why this expense of Rs. 50,05,000/- should not be considered as unexplained and deemed to be the income of the assessee u/s. 69C of the Act. The assessee explained that the seized document contains estimated entries and not fair entries and it was contended that the assessee did not incur these expenses. The submissions of the assessee did not find any favour from the AO who was of the belief that most of the entries mentioned in the seized documents in the nature of expenditure incurred are found debited in the bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estimated in nature which is apparent from the fact that the AO has himself allowed a benefit of Rs. 2 lakhs out of estimated expenditure of Rs. 11 lakhs in the name of Anant Tare which was recorded in the books of accounts of the assessee. The Ld. CIT(A) further observed that no other corroborative evidence have been found during the course of search to suggest that such expenditure was made by the assessee for acquiring such property. According to the Ld. CIT(A), any addition made on the basis of conjecture and surmises cannot be sustained in the eyes of law without there being a substantiation. The Ld. CIT(A) accordingly deleted the addition. 5. Aggrieved by this, Revenue is before us. The Ld. Departmental Representative strongly supp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eover, in the name of Anant Tare 11 lakhs is mentioned out of which the AO has accepted Rs. 2 lakhs as explained but no verification is found to be done from Anant Tare and also from other persons whose names are mentioned in the said seized documents. No evidence has been brought on record which could suggest that the AO has made investigations from the seller of the property to verify whether a sum of Rs. 50,05,000/- has been paid to them over and above the amount recorded in the books of accounts. The assessee's explanation that these figures are only estimated figures cannot be brushed aside lightly as in such transactions some estimates are also made which may not materialize. Moreover, the loose paper relied upon by the AO has no intr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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