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TMI Blog2016 (8) TMI 914X X X X Extracts X X X X X X X X Extracts X X X X ..... 000/- against addition made on account of unexplained receipts (credits) of Rs. 48,86,000/- in the account of M/s Wig Brothers in the books of account of the assessee, though the payment entries are in different names and neither the link of such payments to the receipts in the account of M/s Wig Brothers was established nor such persons were ever identified. 2. At the outset, the ld. AR brought to the notice of the Bench that the Co-ordinate Bench of ITAT in assessee's own case for the subject assessment year has decided the matter in ITA No. 267/JP/13 vide its order dated 28.02.2014 and therein the Revenue has submitted that it has not filed any appeal against the relief of Rs. 15 lacs granted to the assessee. In light of that, the Ld. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e along with his findings are reproduced as under: "I have carefully considered the submission of the appellant as also the finding of the AO. There is no dispute on the fact that during the search, incriminating documents as per pages 59,60 & 61 were found and seized from the premises of the assessee and such seized documents are in the form of ledger account which is titled as Wig Brothers. There is no dispute that the documents contained dates specific cash entries with specific narration. It is also admitted fact that such cash transactions are no verifiable from the books of accounts. The objection of the appellant is that these papers can hardly be said to be belonging to the appellant as also that at the most on the basis of turnove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ture then credit for debit side entries is also to be given. The debit side entry dated 09.03.2008 for Rs. 15 lacs is of similar narration being "cash amount transferred, Pradeep, Sanjay Goyal, cons by Ashishji." Even name is mentioned i.e. Sanjay Goyal, Ashishji Goyal are also common. Therefore the benefit on account of such cash entry appearing on debit side is to be given to the assessee. In fact allowing such benefit will only give telescopic benefit to the appellant in as much as it reflect only rotation of the same money in the same period. Keeping in view the facts and circumstances discussed above, the addition so made by the AO is accordingly restricted to Rs. 33,86,000/- (48,86,000 -15,00,000). The appellant accordingly gets relie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dates in F.Y. 2007-08 i.e. A.Y. under consideration. Such cash is mainly received during the month of February and March, 2008 and such receipts of cash has been considered as undisclosed income. In the same period payment of Rs. 15 lacs is also evidenced and therefore while adjudicating ground 3 or 4 the undisclosed income is determined at Rs. 33,86,000/-. Further in the same A.Y. the AO has made addition of Rs. 81,73,000/- based on P&L a/c and balance sheet of the same A.Y. In fact one of the P&L account is for the period from 1.11.2007 to 31.3.2008 showing profit of Rs. 1.74 cr. Approximately and it is not only in the same A.Y. but also in close proximity of cash receipt in Feb.& March, 2008. Both these documents are considered as of und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hoc preparations of the profits of the assessee. The ld. A.O. Himself has agreed to this fact while reducing the profits calculated on the basis of these papers on account of depreciation and brought forward losses." "14. After considering the rival submission we have found it for a fact that the A.O. has not rejected the books of account of the assessee. For the A.Y. 2008-09, assessee's books are audited u/s 44AB of the Act and no adverse remark has been made by the Auditor (CA). Copy of the audit report is enclosed at paper book 7 to 23. Rather the AO has himself accepted the books of account. Therefore, we find force in the submission of ld. DR and that without rejection of books of account no such addition in the trading account only ..... X X X X Extracts X X X X X X X X Extracts X X X X
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