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TMI Blog2018 (11) TMI 588X X X X Extracts X X X X X X X X Extracts X X X X ..... entioned as ₹ 500/-. We further observe that the said document does not state whether the amounts stated therein are the loans given or accepted by the assessee. We also find that the assessee has denied or disowned the said document right from the inception when the search was conducted on the assessee and also tried to explain his stand by filing an affidavit the copy Indisputably , the document is seized from the possession of the assessee and onus is on the assessee to explain the contents therein but we find that even before the CIT(A) the assessee has specifically stated the presumption of the AO as wrong the monies mentioned therein represented loan given by the assessee whereas the said document is silent as to the money le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ition of ₹ 1,01,00,000/- on the basis of entries on seized paper no. 6 of bundle 2, seized from the residence of the appellant in the course of search and seizure action u/s 132, holding the appellant to have advanced the said amount as interest bearing loan, which not being the case the addition is not justified. 2. On the facts and in law, the Hon. CIT (A) erred in confirming the addition of ₹ 38,217/- as alleged interest income for the year under appeal on the basis of entries noted on seized paper no. 6 of bundle 2. 3. Your appellant craves leave to add, alter, amend, delete and/or vary any of the above ground of appeal/relief claimed at any time before the decision of the appeal. 3. The issue raised in first ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eaning thereby that ₹ 5 lakhs was written as ₹ 5,00/- and ₹ 10 lakhs was written as ₹ 1,000/-. The assessee also submitted during the course of assessment proceedings that he is connected with a number of charitable trusts and the assessee acts as mediator for the resolution of disputes to his community people and the said document may belong to any of the said disputes and thus might be belonging to the people who came to him for arbitration in the dispute. Finally the AO added a sum of ₹ 1,01,00,000/- on the ground that the said sheet paper clearly showed that assessee has invested by way of advancing loans and partly in immovable properties which were not accounted for and recorded in the books of accounts b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... copy of which is attached from page No.159 to 162. The Ld. A.R. submitted that the assessee is associated with the charitable bodies as president/secretary/treasurer/trustee/director or as member. The Ld. A.R. also pointed out that the assessee has filed an affidavit stating therein that what has been stated at the time of search as regards the said seized document has been putforth by way of a sworn document wherein the assessee again disowned the said paper and it was argued vehemently that the addition of ₹ 1,01,00,000/- may kindly be deleted as the said document is a dumb document and does not contain the name of the assessee or is written in the handwriting of the assessee or his family member or singed by the assessee. Secon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the possession of the assessee contains calculations of interest mentioning therein the amount, rate of interest, period and amount of interest. The authorities below had tried to decode the contents of the document by coming to the conclusion that the last three digits were removed from the amount and various amounts were mentioned by deleting the last three zeros. For example, ₹ 1,00,000/- has been mentioned as ₹ 100/- and ₹ 5,00,000/- has been mentioned as ₹ 500/-. We further observe that the said document does not state whether the amounts stated therein are the loans given or accepted by the assessee. We also find that the assessee has denied or disowned the said document right from the inception when the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he amount lent by the assessee or borrowed by the assessee is not justified and can not be sustained. Accordingly, we are inclined to set aside the order of Ld. CIT(A) and direct the AO to delete the addition. 9. The issue raised in ground No.2 is against the confirmation of addition of ₹ 38,217/- as interest income on the basis of seized document which is placed at page No.6 of bundle 2. 10. Since we have already deleted the main addition in the ground No.1, the issue of addition of interest of ₹ 38,217/- is automatically deleted. Accordingly, this appeal of the assessee is allowed. ITA Nos.5819 5820/M/2017 (A.Ys: 2010-11 2011-12) 11. We have already deleted the main addition in ITA No.109/M/2016 for A.Y. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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