9911796707
TMI Blog2014 (11) TMI 1006X X X X Extracts X X X X X X X X Extracts X X X X ..... e CIT(A) has rightly confirmed the case of the Revenue that the assessee had given loan/advances of ₹ 50 lakhs for short time, just before the date of search, out of its undisclosed income available as cash, and likewise, in our considered view, the CIT(A) was justified in holding that the assessee should be given telescoping benefit on this amount against the availability of cash, and since the cash was available to the extent of ₹ 29.45 lakhs, the CIT(A) has rightly accepted the assessee’s explanation to the extent of ₹ 29.45 lakhs and the addition made by the AO was restricted to ₹ 20.55 lakhs. We find that the CIT(A) has passed a well reasoned speaking order on this issue, and accordingly, there being no mistake ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO or before the CIT(A) and has filed one address at the time of hearing before the Tribunal, after a gap of many years, due to which the Tribunal directed the AO to verify the facts and decide the issue afresh in accordance with law. The learned CIT DR submitted that even in the second round of assessment, the assessee could not prove the identity of executant of the promissory note and genuineness of the transaction in question. He submitted that the promissory note was found at the time of search at the assessee s premises, and therefore, the assessee was duty bound to prove the identity of the executant of the promissory note and the genuineness of the transaction, which the assessee has failed in this case. He submitted that there was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stated in reply to question no.11 in his statement recorded on oath by the Revenue on 22.12.2010 that he had taken the loan to enter into the land deal and the land was found to be unsalable, and therefore, the oral agreement was cancelled and the above-mentioned amount of ₹ 50 lakhs was given back immediately. We find that the assessee has filed detailed source and application of undisclosed income of the assessee at page no.56 of its compilation wherein after application of the undisclosed income, the assessee was left with ₹ 29.45 lakhs as cash and other advances etc. We find that the Revenue could not controvert single item of source and application as shown in this chart filed by the assessee. In these facts and circumstanc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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