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TMI Blog2020 (1) TMI 453X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer, but according to the learned Assessing Officer there is no document which has not been prepared by the assessee company on its own in support of the contentions of the assessee. It is also an admitted fact that the party who paid the sums to the assessee have deducted TDS on such amounts as reflected in form AS-26. These receipts of the assessee, as observed by the Ld. CIT(A), are reflected in the books of accounts of the assessee. Finally, learned Assessing Officer was of the opinion that the bogus expenses booked and such bogus expenses were to be disallowed. On this premise learned Assessing Officer added the receipts of ₹ 2,61,56,545/-to the income of the assessee. It is, therefore, clear that the Assessing Officer is no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re as traders, merchants, retailers, listeners, stockist, distributors, importers etc under the name and style of M/s AGS Retails Private Limited. There was search and seizure operations under section 132/133A of the Income Tax Act, 1961 (for short the Act ) on 17/08/2011 in the case of the group at various residential and business premises. Assessee filed return of income declaring an income of ₹ 3,55,164/-. Learned Assessing Officer noted that during the search proceedings at the office of the AGS group of offices at Gurgaon documents impounded as Annexure A-5 page No. 57 and Annexure A-8 page No. 58. According to the learned Assessing Officer Annexure A5 shows that the assessee had raised an invoice dated 31/3/2011 for ₹ 1,9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... signed between the parties or any such other document which has not been prepared by the assessee company on its own. In respect of the bank account, learned Assessing Officer noted that the relationship between the parties and the manner in which the transaction was not entered is not clear from this document. Learned Assessing Officer, therefore, treated the invoice amount as bogus expenses and brought to tax a sum of ₹ 2,61,56,545/-. 5. Aggrieved by the said addition, assessee preferred an appeal before the Ld. CIT(A) and contended that, apart from other activities, the assessee also acts as a liasoners, stockists and broker which is verifiable from the Memorandum of Association placed on record during the assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not finding place in the accounts/books of assessee are baseless. Ld. CIT(A) was also of the opinion that form AS-26 is an independent document prepared by a government agency of the Income Tax Department and such form AS-26 reflects the deduction of TDS by both the parties in question. On these facts and circumstances, Ld. CIT(A) reached to conclusion that there was no justification for the addition of ₹ 2,61,56,545/-and, therefore, directed the deletion of the same. 7. Revenue is, therefore, aggrieved of such findings of the Ld. CIT(A) and preferred this appeal. Contention of the Ld. DR is that when the Ld. CIT(A) was relying on the agreement between M/s Vivek Pharmachem and the assessee which was submitted during th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eas he brought the entire amount covered by the invoices to tax, which was already shown in the books of accounts for the tax purposes and taxes were paid. 9. We have gone through the record in the light of the submissions made on either side. Assessee admitted to have received the amounts covered by the invoices. There is no comment on the books of accounts of the assessee by the learned Assessing Officer, but according to the learned Assessing Officer there is no document which has not been prepared by the assessee company on its own in support of the contentions of the assessee. It is also an admitted fact that the party who paid the sums to the assessee have deducted TDS on such amounts as reflected in form AS-26. These ..... X X X X Extracts X X X X X X X X Extracts X X X X
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