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TMI Blog2016 (4) TMI 635X X X X Extracts X X X X X X X X Extracts X X X X ..... erefore, in view of these facts, the additions on account of unexplained/undisclosed income are ordered to be deleted by reversing the order of First Appellate Authority. AO is directed accordingly. - Decided in favour of assessee - I.T.A. No.5302/Mum/2012 - - - Dated:- 15-3-2016 - SHRI AMIT SHUKLA, JM AND SHRI RAJESH KUMAR, AM For The Appellant : Shri R K Bothra For The Respondent : Shri Naveen Gupta ORDER PER RAJESH KUMAR, AM : This appeal by the assessee is directed against the order dated 1.6.2012 of Commissioner of Income Tax (Appeals)- 36, Mumbai (Hereinafter called as the CIT(A) for assessment year 2007-08. 2. The issue raised in the revised grounds of appeal no.1,2 and 3 are against the confirmation o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ms to have creditworthiness to offer the amount of loans to the assessee. The ld. CIT(A) also furnished a copy of the remand report, which was replied by the assessee vide her reply dated 24.1.2012. The ld. CIT(A) finally observed and held that the assessee was not able to rebut the stand of the AO on the remand report and simply stated that all these transactions were through banking channels and were fully accommodated for. The ld. CIT(A) also observed that all the submissions made by the assessee were without any documentary evidence and therefore were not tenable and reliable in law. Hence, the ld. CIT(A), dismissed the appeal of the assessee. Aggrieved by the decision of the ld. CIT(A), the assessee has preferred this appeal before the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed from M/s Chintamani Iron bank statement of M/S Sera Organics Pvt Ltd , ₹ 7.50 lacs from Jammudeep Metal and Tubes Pvt Ltd and ₹ 7.00 from Life Lines Metals and Tubes Pvt Ltd The assessee also filed a copy of ledger account of Sera Organics Pvt Ltd in the books of assessee, bank statement of M/s Millennium Metal issued by the Centurian Bank placed at page 14 to 22 of assessee s paper book, in support of his contention in which only ₹ 35 lakhs appearing on 24.1.2007. Thus, the ld. Counsel submitted that both the ld.AO and the ld.CIT(A) has recorded wrong findings of the facts with respect of addition of ₹ 35 lakhs that the assessee had not placed any documents and the details of customers with whom M/s Sera Organics ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Similarly, at page 47, the assessee received ₹ 8 lakhs from M/s Chintamani Iron and Steel Co.Pvt.Ltd on 18.9.2006 against cheque of ₹ 8 lakhs was received from Jammudeep Metal and Tubes Pvt Ltd, which was also duly reflected in the bank account of the assessee. The ld.AR drew our attention that the cheque of ₹ 14 lakhs was not appearing in the bank account of the assessee. He failed to appreciate that instead of one there were three cheques deposited on 22.11.2006 in the same pay-in-slip in the Centurian Bank of Punjab which is placed at page 48 of the paper book, and thus the additions made by the AO and confirmed by the ld. CIT(A) were wrong and without basis. In respect of third addition of ₹ 26 lakhs ,the ld. Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld. CIT(A) were out of merely imagination and were not based on the the records produced during the course of scrutiny proceedings and during the appeal proceedings. The ld. Counsel finally submitted that the addition as made by the AO and confirmed by the ld.CIT(A) be deleted as it had caused a lot of harassment to the assessee due to gross negligence and not application of mind on the part of the AO and the ld. CIT(A) and also pass stricture against the said authorities beside imposing cost. 6. We have considered the rival contentions of the parties and perused the material available before us. We have also perused various certificates and bank statements which were brought to our notice during the course of hearing from page no 13 to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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