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TMI Blog2016 (5) TMI 325X X X X Extracts X X X X X X X X Extracts X X X X ..... that AR of the assessee had established that the final accounts approved by the Auditors, Board of Directors and Shareholders of the Company as well as the final accounts filed before the Registrar of Companies did not contain the impugned note. - Decided against revenue Addition on account of unexplained cash credit - CIT(A) deleted addition - Held that:- CIT(A) has correctly held that the AO proceeded to make the additions only on the ground that no confirmation was submitted by the assessee, but during the appellate proceeding, assessee submitted the confirmation before the CIT(A)which was duly verified and examined by the AO in the remand proceeding. Therefore considering those facts the CIT(A) has rightly came to the conclusion that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rief facts of the case are that the assesee is a Private Limited Company and is engaged in the business of Investment and Finance. The assessee company filed the return of income on 30/10/2005 declaring total loss of ₹ 13,05,710 /-. Later on the case was selected for scrutiny by CASS and in this respect the statutory notices were served upon the assessee. After considering the reply as well as the documents submitted by the assessee, the AO assessed the interest income of ₹ 48,84,624/- on the ground that Notes to Accounts has certification of Chartered Accountant that company has not accounted the interest income and held the same to be income from other sources . In addition the AO disallowed the sum of ₹ 2,11,000/- bein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he appellant containing notes to accounts indicates that the said accounts were only certified true copy and were not signed by either the Auditors or the Directors at the appropriate place, to authenticate the same. It is further noted that the appellant did furnish before the AO the duly signed final accounts which were authenticated by the Auditors and which did not contain the impugned note regarding the non accounting of impugned interest income and interest expenses; but the same were rejected by the AO. The AR of the appellant has established that the final accounts approved by the Auditors, Board of Directors and Shareholders of the Company as well as the final accounts filed before the Registrar of Companies did not contain the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he same the ld. CIT(A) has rightly held that AR of the assessee had established that the final accounts approved by the Auditors, Board of Directors and Shareholders of the Company as well as the final accounts filed before the Registrar of Companies did not contain the impugned note. 6. Therefore, the findings recorded by the CIT(A) are well reasoned and no material evidence has been brought before us to controvert or rebut the findings of CIT(A) and hence, we see no reason to interfere or deviate from the orders passed by the CIT(A) and therefore, we reject the ground of appeal filed by the assessee and uphold the order of the CIT(A). Ground No.2 7. This ground relates to deletion of additions made by AO on account of unexplained ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is deleted and this ground is allowed. 8. We have analysed the orders passed by the CIT(A) and we noticed that the CIT(A) has correctly held that the AO proceeded to make the additions only on the ground that no confirmation was submitted by the assessee, but during the appellate proceeding, assessee submitted the confirmation before the CIT(A)which was duly verified and examined by the AO in the remand proceeding. Therefore considering those facts the CIT(A) has rightly came to the conclusion that the additions made by the AO in the absence of confirmation are not sustainable. We are of the considered opinion that the findings recorded by the CIT(A) are well reasoned and no material evidence has been brought before us to controvert ..... X X X X Extracts X X X X X X X X Extracts X X X X
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