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TMI Blog2015 (7) TMI 190X X X X Extracts X X X X X X X X Extracts X X X X ..... .R. could not controvert any of the factual findings recorded by the Ld.CIT(A). - Decided against Revenue. - ITA No. 643/Del/2012, CO No. 97/Del/2013 - - - Dated:- 24-9-2014 - I. C. Sudhir, JM And J. Sudhakar Reddy, AM,JJ. For the Petitioner : Shri Ashwani Taneja, Adv. For the Respondent : Smt Parwinder Kaur, Sr. DR ORDER Per J. Sudhakar Reddy, Accountant Member This is an appeal filed by the Revenue directed against the order of Ld.CIT(Appeals)-IV, New Delhi dt. 14.12.2011 pertaining to the Assessment Year 2003-04 on the following grounds. 1. The Ld.CIT(A) has erred on facts and in circumstances of the case by deleting the addition of ₹ 55,02,380/- made by the AO on account of unexplained investment. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act. The return was processed u/s 143(1) of the Act. A notice u/s 148 was issued on 23rd October,2009. In response a letter was filed dt. 5th November, 2009 stating that the return filed earlier may be taken as return in response to the notice u/s 148 of the Act. 3.1. The AO rejected the objections filed by the assessee on the reopening. He completed the assessment by adding an amount of ₹ 55,27,737/- as unexplained investment. 3.2. Aggrieved the assessee carried the matter in appeal. 3.3. The First Appellate Authority upheld the reopening of the assessment. On merits he allowed the claim of the assessee. 4. Aggrieved the Revenue filed an appeal and the assessee filed a C.O. on reopening. 5. The Ld.Sr.D.R. Smt. Parwi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld.CIT(A) at para 5 observed as follows. s per the facts of the case, the amount of ₹ 55,02,380/- communicated by the ITO, Ward 5(4), New Delhi vide letter dt. 27.3.2006 consisted of sale cosndieration of land of ₹ 22,50,000/- and amounts received from eight parties on sale of stock and fixed assets of ₹ 32,52,380/-. As per letters dt. 20.3.2006 and 27.3.2006 submitted by the assessee company to the ITO, Ward 5(4), New Delhi in response to summons u/s 131 issued by the above ITO in the course of the assessment proceedings in the case of M/s K.C.Fibres Ltd., which forms part of the assessment order of the assessee company, the copies of sale deed in respect of sale of land of ₹ 22.50 lacs and confirmation of eigh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In view of the above, the above amount of ₹ 22.50 lacs cannot be held to be unexplained receipt/investment by the assessee. Further, the loan of ₹ 7,50,000/- from M/s Swarnim Credit Holding Ltd. is by way of single cheque and is duly supported by confirmation of ledger account by the above party filed before the AO and no adverse comment in this regard has been made by the AO. Therefore, the above amount of ₹ 7,50,000/- cannot be held as unexplained receipt/investment by the assessee. As regards, the amount of ₹ 25,02,380/- received on account of sale of books and machinery, as per the tabular chart reproduced above, the copy of ledger account in the books of the assessee and confirmation of purchase by the buyer p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 lakhs comprising of small denomination Demand Drafts of ₹ 19,500/- each were sent back to the AO for verification. The other additions were deleted. 7.3. The Ld.D.R. could not controvert any of the factual findings recorded by the Ld.CIT(A). 7.4. In view of the above discussion the request of the Ld.CIT, D.R. for setting aside the matter to the file of the AO for de novo adjudication is devoid of merit. 7.5. In the result we uphold the order of the Ld.CIT(A) and dismiss this appeal of the Revenue. 8. Coming to the Cross Objection filed by the assessee, we are of the opinion that in view of our decision in the Revenue's appeal on merits, adjudicating the same would be an academic exercise and hence we dispose of the C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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