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TMI Blog2014 (8) TMI 755X X X X Extracts X X X X X X X X Extracts X X X X ..... rjee in the proprietor of M/s S. M. Financial & Management Services - It was brought to the notice by the assessee that the assessee made the surrender at the time of survey and offered for taxation - The surrendered was made on account of unaccounted cash received as well as profit on the same - The claim of the assessee is that the surrendered amount includes entire unaccounted cash receipts of ₹ 1,75,60,980/- and also estimated profit of ₹ 64,94,020/- and thus, total surrendered amount is ₹ 2,40,55,000 - AO was rightly directed to delete the addition of ₹ 22 lacs made on the basis of entries – Decided against Revenue. - ITA No. 5459/Del/2012 - - - Dated:- 13-8-2014 - Sh. Joginder Singh, JM And Sh. T. S. Kapoo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y these payments have been duly recorded in the books of the assessee, even the sale deeds in favour of the assessee company executed by such persons are available on record. Hence there is no doubt that these amounts are payments made towards purchase of land and are found recorded in regular books of accounts. Thus the main plank of the Assessing Officer that these amounts represent cash receipts has been found to be absolutely without any basis. Accordingly, the addition of ₹ 19,28,684/- made on account of unexplained cash receipts , has no legs to stand and is deleted. Ground No. 2 is allowed. 4. We note that in the presence of the assessee as well as the ld. Assessing Officer the ld. CIT(A) examined the record and found ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccounted receipts of ₹ 1,75,60,980/- and unaccounted payments of ₹ 47,00,000/-. The period of unaccounted payments fall during the same period when the unaccounted receipts have come to the coffers of the assessee. These unaccounted payments include the impugned payment of ₹ 23.50 lacs made to M/s S. M. Financial Management Services. Therefore, one can not ignore such unaccounted payments while computing the real income. Be that as it may, the appellant has been extra cautious. While offering additional income, he has not claimed set off of this unaccounted expenses but, as a matter of abundant caution, has gone to surrender the entire unaccounted receipts of ₹ 1,75,60,980/-. In addition, he has also computed s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice by the ld. Counsel for the assessee that the assessee made the surrender at the time of survey and offered for taxation. The surrendered was made on account of unaccounted cash received as well as profit on the same. Our attention was invited to the cash flow chart which was also examined by the ld. CIT(A). The claim of the assessee is that the surrendered amount includes entire unaccounted cash receipts of ₹ 1,75,60,980/- and also estimated profit of ₹ 64,94,020/- and thus, total surrendered amount is ₹ 2,40,55,000/-. The totality of facts are clearly indicative that the ld. A.O was rightly directed to delete the addition of ₹ 22 lacs made on the basis of entries contained in Annexure A-1/33 thus, we find no inf ..... X X X X Extracts X X X X X X X X Extracts X X X X
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