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TMI Blog2014 (7) TMI 164X X X X Extracts X X X X X X X X Extracts X X X X ..... t then no addition is called for in current assessment year – thus, the order of the CIT(A) is set aside and the matter is remitted back to the AO for verification of assessee’s claim of realization of amount due from MKM Finsac Pvt. Ltd. – Decided in favour of Assessee. - I.T.A .No. 1336 /Del/2013 - - - Dated:- 23-6-2014 - Shri S. V. Mehrotra,JJ. For the Appellant : Shri Rajesh Jain, CA. For the Respondent : Sh. Amal Garg, Sr. D.R. ORDER This appeal has been filed by Assessee against the order of Ld. CIT(A) IV, New Delhi dated 20th December, 2012 for A. Y 2003-04. 2. Brief facts of the case are that the assessee filed return declaring loss of ₹ 85,332/-. Subsequently Assessing Officer received informatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at nil. However, it has shown the other income of ₹ 2,07,106/-. It was claimed that the amount receivable from MKM Finsec Pvt. Ltd. was out of miscellaneous income as on 31.03.2002. However, the appellant could nto submit any detail whatsoever either before the Assessing Officer or before the undersigned as to what was the nature of the transaction or its genuineness that income of ₹ 1,14,980/- was receivable from MKM Finsec Pvt. Ltd. It is interesting to note that as per the Profit Loss A/c of AY 2002-03 (F.Y.2001-02), the appellant was having loss of ₹ 9,792/-. Thus, the claim of the appellant that it has offered the income of ₹ 1,14,980/- and paid tax is not correct as Profit Loss A/c reveals net loss of S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e or at the time of hearing of the Appeal. 5. Ld. Counsel for the assessee referred to page 21 of the paper book wherein the details of indirect incomes for financial year 2001-02 are contained to demonstrate that miscellaneous income of ₹ 1,16,705/- was shown which included income on account of sale and shares through MKM Finsac Pvt. Ltd. He, further, referred to page 22 of paper book where in the ITA 4 No. 1336/Del/13 details of sundry debtors for financial year 2001-02 are contained in which the sum of ₹ 1,14,980/- as due from MKM Finsac Pvt. Ltd. is there. Ld. Counsel submitted that this sum was realized in financial year 2002-03 on 29.10.2002 and therefore, this receipt could not be added in assessment year 2002-03. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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