9911796707
TMI Blog2014 (4) TMI 1005X X X X Extracts X X X X X X X X Extracts X X X X ..... cheque, chose not to question the amount- the issue is factual issue thus, cannot be considered – Decided against Revenue. Addition of undisclosed income from safari business – Held that:- The Tribunal also sustained the order of the CIT(A) by holding that Rakesh Thakkar in his individual capacity had accepted that the amounts – it had been offered by way of tax since he was the proprietor of Satya Developers - only on the ground that some loose papers were found from the office premises of the assessee, the AO have concluded that financial transaction concerned the assessee - in absence of any contrary material having been brought either before both the authorities or before the Court, neither CIT nor the Tribunal committed any error i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... considering the findings of the Assessing Officer recorded in the assessment order as well as in para-3.1.1 of the remand report dated 22.05.2007? (D) Whether the Appellate Tribunal has substantially erred in law and on facts in confirming the order passed by the CIT(Appeals) deleting the addition of Rs.1,44,56,390/-made on account of undisclosed income from 'sarafi' business found recorded on seized document at page-138 to 140 at Annexure-A20 without considering the contents of the seized document and finding of the Assessing Officer? (E) Whether the Appellate Tribunal has substantially erred in law and on facts in deleting the above additions by observing that the transaction is between Rakeshbhai Thakkar in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mount, aggregate amount of cash credit in respect of 10 persons of Rs.1,76,83,518/-, according to the Assessing Officer had remained unexplained. This amount included a sum of Rs.17,0,11,830/- from Hari builders, where one Shri Raju Vaghela was the proprietor of Hari builders. When this addition was made, challenge was taken to the CIT(Appeals) and CIT(Appeals) had called for a remand report and on receipt of the same it noticed that Hari builders had given the confirmation and his PAN number also came on record and his bank statement clearly reflected that person had capacity to lend the money. The CIT(Appeals) therefore, noted that if the return was not filed by Hari builders that itself cannot be ground to treat this amount as unexplaine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nking channels which is verifiable from the bank statement of the creditor (which is on record), the source of the credit and genuineness of the transaction is established. The identity of the person is already established as he is having PA Number. In rebuttal of this position, nothing has been brought on record by the Revenue. Therefore, we are not inclined to interfere with the order of learned CIT(A) and the same is hereby upheld. s Grounds nos.4 and 5 of the Revenue's appeal are dismissed. 7. As could be noticed from the orders of both the CIT(Appeals) and the Tribunal, in this entire addition of Rs.3.55 crores(rounded off), the names of 52 persons were reflected in the books of assessee respondent. The authorities having found ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of this concern. As against this the appellant has clearly shown that the transactions are between Rakesh Thakkar individual and his proprietary concern Satya Developers. Copies of account are also furnished. This fact is also explained by Rakesh Thakar in is individual case. The AO was, therefore, not justified in making the addition in the case of the appellant on the basis of these loose papers. The issues raised herein are discussed in the appellate order in the case of Rakesh Thakkar for AY 2005-06 where the AO had made additions of Rs.50 lakh on the basis of the same loose paper and I have deleted such addition in that case. As discussed in the said order, as the transactions are duly recorded in the books of Satya Developers an Rak ..... X X X X Extracts X X X X X X X X Extracts X X X X
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