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TMI Blog2015 (6) TMI 889X X X X Extracts X X X X X X X X Extracts X X X X ..... document it is Department’s onus to prove what it alleges. Before us, Revenue has not brought any material to controvert the findings of ld. CIT(A) or pointed to any fallacy in his observations. - Decided against revenue. - IT (SS) A. Nos. 391 to 397 /AHD/2011 - - - Dated:- 10-6-2015 - Shailendra Kr. Yadav, JM And Anil Chaturvedi, AM,JJ. For the Appellant : Shri O P Vaishnav, CIT/DR For the Respondent : None ORDER Per Bench: 1. These 7 appeals filed by the Revenue are against the order of CIT(A)-, Gandhinagar, Ahmedabad dated 30.03.2011 for A.Ys. 1999-2000 to 2005- 06. 2. Before us, at the outset the ld. D.R. submitted that though the appeals of Assessee relate to 7 assessment years but the facts and circumstanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... indicates computation of accrued interest at per 12% at prevailing market rate on outstanding balance as on that particular date on investment made by the assessee. 5. During the course of search operation carried out at the site office of J.P. Construction, details of sarafi transaction carried out were found. From the details it was noticed that Jigna Shah had advanced ₹ 50 lac to Jigen Shah before February 1996 and it was also mentioned that interest at 12% has been charged by Jigna Shah on such loan. A.O during the course of assessment proceedings and on the basis of seized document concluded that Jigna had advanced ₹ 50 lacs to Jigen Shah in cash before February 1996 which related to her investment in Real Estate. He al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The assessee insists that no property was transferred although offer was given The interest has been undoubtedly computed @ 12% in the document seized from the third party. The assessee says that it was computed to show the loss which has been incurred by her on the instance of the mediator. The statement and the letter of Shri Jigen Shah also clearly indicates the same, although the AO has read something else into it. The relevant part of the letter and statements are reproduced below: Q.5: In the paper prepared by you, you have calculated the interest at the rate of 12%. What is the basis for taking this interest rate. Ans: I have calculated interest rate on the basis of prevailing market rate i.e. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ferred. The undated letter seized shows that till the date of writing of the letter no property has been transferred. Shri Jigen Shah in his statement has stated the following: 0.6: In column 4 you have shown 40 lac as property given. PI explain this entry? Ans: Property mentioned is also today in the name of my company Anjdip Investment P Ltd. As Jignaben B Shah mentioned in letter that her losses were due to me, I offered her list of my property in return for her money. So they choose this particular property but as on today property is in mv name. If the property has not been transferred the case of the department is not proved. The department has not refuted the claim of Shri Jigen Shah. It has not been proved or even indicated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is Department s onus to prove what it alleges. Before us, Revenue has not brought any material to controvert the findings of ld. CIT(A) or pointed to any fallacy in his observations. In view of the aforesaid facts, we find no reason to interfere with the order of ld.CIT(A) and this ground of Revenue is dismissed. Now we take up IT(SS)A Nos. 392 to 397/AHD/2011 for A.Ys. 2000-01 to 2005-06) 9. In the present cases, in view of the ld. D.R s submission that the facts and circumstances of the cases are identical to that in A.Y. 1999-2000, we therefore for the reasons stated hereinabove while deciding the appeal for A.Y. 1999-2000 in IT(SS)A No. 391/AHD/2011 (supra) and for similar reasons dismiss the ground of Revenue in all the prese ..... X X X X Extracts X X X X X X X X Extracts X X X X
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