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TMI Blog2018 (8) TMI 1365X X X X Extracts X X X X X X X X Extracts X X X X ..... s obvious from the accounts of the assessee as well as of her husband that no amount was outstanding against the husband of the assessee as on 31.3.2013. Hence, in the balance sheet of the assessee, there was no entry showing any outstanding amount due from the assessee’s husband. - Additions made by the AO was not proper - Decided against the revenue. - ITA No.67/CTK/2018 - - - Dated:- 23-8-2018 - SHRI N.S SAINI, ACCOUNTANT MEMBER AND PAVAN KUMAR GADALE, JUDICIAL MEMBER For The Assessee : S.K.Agrawalla, AR For The Revenue : Shri Subhendu Datta, DR ORDER Per N.S.Saini, AM This is an appeal filed by the revenue against the order of the CIT(A), Sambalpur dated 7.11.2017 for the assessment year 2013-2014. 2. In Ground No.1 of appeal, the grievance of the revenue is that the CIT(A) was not justified in deleting the addition made by the Assessing Officer towards undisclosed income of ₹ 3,50,000/-. 3. The Assessing Officer observed that out of total capital introduced on different dates, an amount of ₹ 3,50,000/- was deposited to the CC account of the assessee on 22.5.2012 as a transfer credit. The amount has been transferred from th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rror in the order of the CIT(A) could be pointed out by the ld D.R. No error in the findings of the CIT(A) could be pointed out by ld D.R. by bringing any positive material on record that the amount received from M/s. Smarsh Fastners was repaid in cash during the year and same was reflected in the cash book of the assessee and, therefore, it was not shown in the balance sheet of the assessee. Hence, we find no good reason to interfere with the order of the CIT(A), which is hereby confirmed and ground of appeal of the revenue is dismissed. 10. In Ground No.2 of appeal, the grievance of the revenue is that the CIT(A) was not justified in deleting the addition made under the head cash in hand of ₹ 14,29,711/-. 11. The Assessing Officer observed that the assessee has shown cash in hand in the balance sheet as on 31.3.2013 at ₹ 14,29,711/- and cash in hand in the preceding assessment year as at 31.3.2012 at ₹ 14,81,197/- . The Assessing officer was of the opinion that it is not possible to accumulate cash of such substantial amounts in personal hands as the assessee is maintaining multiple bank accounts in her own name in addition to joint account with her spou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... leted. 13. Before us, ld D.R. supported the order of the Assessing Officer and ld D.R. supported the order of the CIT(A). 14. We find that ld D.R. could not point out any specific error in the order of the CIT(A). He could not point out any error in the findings of the CIT(A) by bringing any positive material on record that the assessee had opening balance of cash in hand of ₹ 14,81,197/-, which was duly shown in the balance sheet filed with the return of income for assessment year 2012-13 and accepted by the department. Further, during the year, the cash in hand shown by the assessee is ₹ 14,29,711/- and that the Assessing Officer has brought no material on record to show that the cash balance shown is not correct. Hence, we find no good reason to interfere with the order of the CIT(A), which is hereby confirmed and ground of appeal of the revenue is dismissed. 15. In Ground No.3 of appeal, the grievance of the revenue is that the CIT(A) is not justified in deleting the addition made under the head unsecured loan and interest therein to the tune of ₹ 12,06,080/-. 16. The Assessing Officer has observed that the unsecured loan of the assessee as o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the order of the CIT(A). 19. We find that ld D.R. could not point out any specific error in the order of the CIT(A). He could not point out any error in the findings of the CIT(A) by bringing any positive material on record that the unsecured loans of ₹ 12,06,080/ having been obtained in the financial year 2004-05, no addition can be made in the assessment year 2013-14. Hence, we find no good reason to interfere with the order of the CIT(A), which is hereby confirmed and ground of appeal of the revenue is dismissed. 20. In Ground No.4 of the appeal, the grievance of the revenue is that the CIT(A) was not justified in deleting the addition made by the Assessing Officer towards undisclosed income of ₹ 55,10,000/-. 21. The facts of the case are that the Assessing Officer found that an amount of ₹ 55,10,000/- is outstanding from Shri H.K.Sachdeva, husband of the assessee as on 31.3.2013. Since the above amount is not reflected in the balance sheet of the assessee, the Assessing officer treated the same as undisclosed income of the assessee and added the same to the total income. 22. On appeal, the CIT(A) deleted the addition. 23. Before us, ld D.R. su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et, an addition of ₹ 55,10,000/- is required to be made. Such a conclusion on the part of the AO clearly reveals that he has not understood the correct implications of the entries in the accounts of the assessee and has presumed the existence of a fact which does not exist in reality. The impugned addition appears to have been made on wrong understanding of the facts and accounting entries in the books of the assessee. The addition of ₹ 55,10,000/- is found not based on valid reasons. Hence, the same is directed to be deleted. 25. Before us, ld D.R. could not point out any specific error in the findings of the CIT(A) by bringing any positive material on record that it is obvious from the accounts of the assessee as well as of her husband that no amount was outstanding against the husband of the assessee as on 31.3.2013. Hence, in the balance sheet of the assessee, there was no entry showing any outstanding amount due from the assessee s husband. Hence, we find no error in the order of the CIT(A), which is hereby confirmed and ground of appeal of the revenue is dismissed. 26. In the result, appeal filed by the revenue is dismissed. Order pronounced on 23 /08/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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