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TMI Blog2018 (9) TMI 1108X X X X Extracts X X X X X X X X Extracts X X X X ..... y. - Decided in favour of assessee. - ITA No. 2196/Del/2015 - - - Dated:- 30-7-2018 - Shri Bhavnesh Saini, Judicial Member And Shri L.P. Sahu, Accountant Member For the Appellant : Sh. Surender Kumar, FCA For the Respondent : Sh. S.R. Senapati, Sr. DR ORDER Per L.P. Sahu, A.M.: This is an appeal filed by the assessee against the order ld. CIT(A)-24, New Delhi dated 16.02.2015 for the assessment year 2005-06 on the following grounds : 1. 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 the file in as much as he was not justified in adding back a sum of ₹ 6,40,622/- on the basis of the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch operation was carried out by the Punjab Vigilance Bureau on 17/05/2007 in the case ofSh. Chetan Gupta at his business premises situated at 118, Ansal Bhawan, K.G. Marg, New Delhi. During search, a Pen Drive was found from the possession of Sh. Chetan Gupta, who is one of the Directors of Assessee Company. In the said pen drive, ledger accounts of different parties were found to be maintained by Sh. Chetan Gupta. Printouts of the Year wise ledger accounts had been taken by the Punjab Vigilance Bureau from the Pen .Drive and were sent to the Income Tax Department. It has been alleged by the Punjab Vigilance Bureau that Sh. Chetan Gupta was maintaining unaccounted money of various persons/entities in the said Pen Drive. 3. As per informa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount of ₹ 6,40,622/- has escaped from assessment within the provisions of section 147 of the Income Tax Act, 1961 by reason of the failure on the part of the assessee. 3. In response to statutory notices, the assessee filed a detailed reply, as reproduced in the assessment order, inter alia, stating that all the entries relating to the alleged pen drive have already been considered in the matter of Shri Chetan Gupta and therefore, the same entries/transactions cannot again be considered in the hands of the assessee company. The Assessing Officer, however, being not satisfied with the detailed reply of assessee, and after working out the peak credit of ₹ 6,40,000/- of different accounts and made addition thereof in the ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icer on account of peak credits worked out on the basis of pen drive of ₹ 6,40,622/- is taxable in the hands of the assessee or not. In this context, on perusal of various decisions of Tribunal as referred to above, we find that the peak credits of the transactions in the pen drive stood accepted by one Shri Chetan Gupta as its income. Therefore, the addition made in the hands of assessee company on the same basis cannot be sustained. Once the said peak credits have been added in the hands of Shri Chetan Gupta, the same cannot be again added in the hands of assessee company. Similar view has been taken by SMC Bench of Tribunal in assessee s group cases M/s. R.L. Export International vs. DCIT (ITA Nos. 2364 2365/Del/2015 for A.Y. 200 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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