9911796707
TMI Blog2018 (9) TMI 1108X X X X Extracts X X X X X X X X Extracts X X X X ..... as much as he was not justified in adding back a sum of Rs. 6,40,622/- on the basis of the contents of a printout of a pen drive allegedly recovered from the possession of Sh. Chetan Gupta, a Director of the Appellant Company and received from the Punjab Vigilance Bureau by the Income -tax Authorities on the ground that the entries in such pen drive allegedly amount to unexplained cash credits within the meaning of section 68 of the Income-Tax Act, 1961 by ignoring the fact that alleged pen drive has not been recovered from and does not belong to the Appellant Company. 2. That the order dated 16-02-2015 passed u/s 250 of the Income-tax Act, 1961 by the Learned Commissioner of Income-Tax (Appeals) 24, New Delhi is against law and facts on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed money of various persons/entities in the said Pen Drive. 3. As per information available in this office, the assessee during the relevant previous year entered into financial transactions of expenditure and investments which are not entered in the books of accounts of the assessee and are also not in commensuration with the declared sources of income as per particulars of income declared in the return of income filed for the AY 2005-06. 4. As per details available on page 57 of the Annexure, there are credits of Rs. 2,09,380/- with particulars "TRFTO KOTHIA/C" in the account maintained in the name of "RL AGENCY EXP. " There are debits of Rs. 4,31,242/- in the aforesaid account which appear to be expenses made on various heads which a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... different accounts and made addition thereof in the hands of the assessee u/s. 68 of the Act and accordingly, reduced the declared loss of the assessee to Rs. 65,48,715/-. The appeal filed by the assessee before the ld. CIT(A) stood dismissed vide impugned order. Aggrieved, the assessee is in appeal before the Tribunal. 4. At the outset, the ld. AR submitted that the case of the appellant is squarely covered in favour of the assessee from the following orders of Coordinate Bench of Tribunal on merits of the case, wherein on the basis of same pen drive, the additions have been deleted in other group cases of assessee: (i). M/s. R.L. Exports International vs. ACIT(ITA Nos.2364 & 2365/Del/2015- AY 2001-02 & 2002-03 - dated 17.02.2016). ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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