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TMI Blog2015 (10) TMI 580X X X X Extracts X X X X X X X X Extracts X X X X ..... verdict of learned CIT(A). The assessee has disclosed not only the names of the tenants who have made the deposits but also their PAN information; therefore, it was not fair on the part of the AO to hold that the amount in question was not proved in terms of Section 68 of IT Act. Resultantly, we hereby confirm the findings of learned CIT(A) and dismiss this ground of the Revenue. - Decided against revenue. - ITA No. 2022/Ahd/2011, Co. No. 207/Ahd/2011 - - - Dated:- 28-8-2014 - Shri Mukul Kr. Shrawat And Shri N. S. Saini,JJ. For the Petitioner : Shri V.K. Singh, Sr.D.R., For the Respondent : Shri Urvashi Shodhan, AR ORDER Per Shri Mukul Kumar Shrawat, Judicial Member This is an Appeal filed by the Revenue and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Santro Xing Car during the financial year 2004-05 and the appellant has been making EM1 payment since then. The copy of the purchase Bill of Santro Car along-with EM1 statement was produced before me. The Id. AR also stated that the accountant had wrongly made the Innova instead of Santro car. The appellant also never owned Innova Car as explained by the Id. AR. There is no dispute that the EMI payments have been made by the appellant during the year. In view of this the addition made for purchase of the car treating as unexplained income by the AO is not sustainable. The AO is therefore, directed to delete the addition. This ground of appeal is allowed. 3. From the side of the Revenue, learned Sr.D.R., Mr. V.K. Singh has placed relianc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issed. 6. Ground No.2 is reproduced below: The ld. CIT(A) has allowed the addition of ₹ 5,80,000/- on account of unexplained cash credits (deposit received). 6.1 The AO has noted that in the books of account, there were deposits received by the assessee to the tune of ₹ 5,80,000/-, the same was held as unexplained cash credit u/s.68 of IT Act and taxed in the hands of the assessee. 7. When the matter was carried before the First Appellate Authority, it was informed that the assessee had regular rental income and the tenants have made those deposits in respect of rented property. The tenants were generally transporters who have taken the office on rent, explained by the assessee. Considering those facts, learned CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... credited can be brought to tax as the income of the assessee of that previous year. In the instant case, the amount credited wasfor the earlier years and the amounts relating to the advances from the tenants and therefore, it was explained. In view of this the addition made is not legally sustainable. Hence, the AO is directed to delete the addition made in this ground. Thus, the appellant succeeds in this ground of appeal. 8. From the side of the Revenue, learned Sr.D.R., Sri V.K. Singh has reiterated that those evidences were not placed before the AO; hence, the matter should go back for re-adjudication. 9. From the side of the assessee, learned AR has informed that the details of the deposit and the names of the persons and the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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