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TMI Blog2012 (9) TMI 965X X X X Extracts X X X X X X X X Extracts X X X X ..... roduction in the capital account during the relevant previous year, taking into account the profit for the year. Assessee shall co-operate with the A.O. and file details of the work-out for arriving at the correct difference, if any, in capital account. - I.T.A. No. 986/Mds/2012 - - - Dated:- 12-9-2012 - SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER AND SHRI V. DURGA RAO, JUDICIAL MEMBER For the Appellant: Shri Shaji P. Jacob, Addl. CIT For the Respondent: Shri M. Balaganesh, CA O R D E R PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER : In this appeal filed by the Revenue, its grievance is that CIT(Appeals) deleted an addition of ₹ 5,46,898/- made for unexplained credits by allowing it to be telescoped with another ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t impressed. According to him, it could not be ascertained whether assessee was showing these accounts in the books and also could not distinguish between various deposits and loans of the assessee, since assessee was engaged in money lending business. He, therefore, made an addition of ₹ 22,90,232/-. A.O. also noted that assessee had, during the course of scrutiny assessment, offered a sum of ₹ 5,46,898/- being credits in bank account, as not explainable. This amount was also accordingly added. 4. In his appeal before CIT(Appeals), argument of the assessee was that all money lending transactions were operated through his bank account in Indian Bank, East Abhiramapuram Branch. Other three bank accounts did not have in them ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... suo motu agreed by the assessee. During the assessment proceedings, assessee having agreed to such addition, he could not have been aggrieved and CIT(Appeals) ought not have deleted such addition. As for the finding of the CIT(Appeals) that if the three bank accounts, in which money lending transactions were not reflected, were excluded, there would be only a deficit difference, learned D.R. submitted that this was without appreciating the accounts statement filed by the assessee along with his return. Placing reliance on page 1 of the paper-book filed by him, learned D.R. submitted that Receipts and Payments Account included all the three bank accounts and account with Egmore Benefit Society Ltd. Even statement of affairs filed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome as well. Assessee s contention that Receipts and Payments Account placed at page 1 of Department paper-book was for the whole of the cash transactions of the assessee, can be believed for the reason that the said Receipts and Payments Account did include dividend, rent, etc. In the statement of affairs placed at paper-book page 2 it is clearly mentioned that it was only with regard to money lending business of the assessee. However, argument of the assessee that the capital account of the assessee mentioned therein was after considering the whole of the bank accounts also cannot be accepted straight away, since if that was so, the amount ought have been ₹ 1,58,21,488/- and not ₹ 1,55,36,188/-. Admittedly, assessee was not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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