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TMI Blog2014 (7) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... eld that:- Tribunal noticed that the assessee had surrendered a sum of Rs.15 lacs, the credit of which was allowed to him - once the assessee had surrendered the amount, necessary credit could not be denied to him - It could not be shown that the approach of the Tribunal was erroneous in any manner - thus, no interference is called for in the findings recorded by the Tribunal – Decided against Revenue. - ITA No. 37 of 2011 (O&M) - - - Dated:- 19-5-2014 - Ajay Kumar Mittal And Jaspal Singh,JJ. For the Appellant : Mr. Rajesh Katoch, Advocate For the Respondent : Mr. Sachin Bhardwaj, Advocate ORDER Ajay Kumar Mittal,J. 1. This order shall dispose of ITA Nos.37 and 38 of 2011 as learned counsel for the parties are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deleting the addition by applying rate of 0.5% as against 1% applied by the Assessing Officer? 2. Whether on the facts and in the circumstances of the case, the Hon'ble ITAT is right in upholding the order of CIT(A) dated 29.9.2008, thereby deleting the addition of Rs.64,86,705/- made by the Assessing Officer on account of unexplained investment? Question No.1 stands concluded by the order dated 14.11.2011 passed by this Court in ITA No.36 of 2011 titled 'The Commissioner of Income Tax-III, Ludhiana v. B.K.Jain'. Therefore, question No.1 does not arise for consideration. Notice of motion for 30.1.2012 in respect of question No.2. 4. The admission order passed on 31.1.2012 reads thus:- Admitted on the following ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... carried out under Section 133A of the Act at the office of the assessee on 15.6.2004 and it was discovered that the assessee was engaged in giving accommodation/book entries on account of long/short term capital gains/gifts/loans by charging commission. The cash received from different beneficiaries was deposited in various bank accounts of the assessee, his family members and other share brokers from where cheques were issued in favour of the clients for bogus capital gains/share profits/gifts etc. The assessee in his statement recorded during the course of survey on 15.6.2004 admitted these facts. Simultaneous survey operation under section 133A of the Act was carried out at the business premises of other brokers at Ludhiana and they admi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vestment in the purchase of shares was deleted. Both the assessee and the department filed appeals before the Tribunal. Vide order dated 29.4.2010, Annexure 3, the Tribunal dismissed the appeal of the revenue in ITA Nos.1087 to 1089/Chd/2009 and partly allowed the appeal of the assessee in ITA Nos.1094 to 1096/Chd/2008. Hence the present appeals by the revenue. 8. We have heard learned counsel for the parties and perused the record. 9. Learned counsel for the revenue submitted that while remanding the issue to the Assessing Officer, the Tribunal had erred in directing that telescoping should be done on the basis of income assessed in the earlier years while computing the unexplained investments. It was urged by the learned counsel for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A No.38 of 2011, the Tribunal had recorded the following findings:- 49. The Assessing Officer in the present case had worked out the additional income to be included in the hands of the assessee on the basis of various evidences found during the survey operations. The assessee during the course of survey had surrendered an additional income of Rs. 15 lakhs relating to assessment year 2004-05 which in turn was returned by the assessee in his return of income for the year. We find merit in the claim of the assessee that the credit of income surrendered at Rs. 15 lakhs is to be allowed in the hands of the assessee while computing the net income assessable in the hands of the assessee, as the assessee had already offered the said additional ..... X X X X Extracts X X X X X X X X Extracts X X X X
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