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TMI Blog2013 (11) TMI 1582X X X X Extracts X X X X X X X X Extracts X X X X ..... ted:- 27-11-2013 - SHRI VIJAY PAL RAO, JM SHRI N. K. BILLAIYA, AM Appellant by : Ms. Abha Kala Chander Respondent by : Shri Vijay Mehta ORDER PER : VIJAY PAL RAO, JM This appeal by the Revenue is directed against the order dated 23.4.2012 of Commissioner of Income Tax(Appeals) for the assessment year 2007-08. 2. The Revenue has raised the following grounds in this appeal: 1. On the facts and in the circumstances of the case, the Ld. CIT(A) erred in directing the Assessing Officer to delete addition of ₹ 4,80,00,000/- as income from undisclosed source u/s 68 of the Act, if the settlement Commission decides the issue in case of M/s Silver Arch Builders Promoters, that the on money receipts offer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly credited in the books of accounts of the firm in the respective assessment years. The assessee explained that the source of this bogus loan is withdrawal of the amount by the assessee from the firm which has been offered by the firm to tax as the receipt of money on sale of flats. It was further pointed out that the partnership firm had filed an application for settlement before the Settlement Commission on 24.5.2007 which was admitted on 5.12.2007. Thus, the assessee contended before the A.O that the amount has already been offered to tax by the firm and it was only an application of income of the firm as withdrawn by the assessee. The A.O did not accept the Explanation and contention of the assessee and made addition of ₹ 4.8 cro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... partnership firm and therefore cannot be brought to tax in the hands of the assessee. He has further pointed out that the statement made in the grounds of appeal as well as the contention of the Ld. D.R is factually not correct to the extent that the assessee offered the sum of ₹ 4.8 crores in the statement recorded u/s 132(4). In support of his contention he has referred the assessment order and submitted that the A.O himself has recorded the fact that the assessee has declared a sum of ₹ 58,52,443/- in the statement u/s 132(4) on account of unexplained jewellery and unaccounted cash earned from horse racing. He has supported the order of the CIT(A). 5. Having considered the rival submissions and careful perusal of the reco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m by way of on-money on sale of flats. The CIT(A) after examination of the record has decided the issue in para 6.3 as under: 6.3 I have considered the submissions made by the appellant and the order of the A.O. The only issue in the present ground is relating to set-off of income earned by one assessee against its application by another assessee. It is true that double addition cannot be made in respect of source of an income and its application. However, the income in the present case has been offered by the firm M/s Silver Arch Builders Promoters. Further, the said firm has filed petition before Hon ble Settlement Commission which is pending. In the circumstances, the directions given by Hon ble Settlement Commission would be bindi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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