9911796707
TMI Blog2021 (8) TMI 272X X X X Extracts X X X X X X X X Extracts X X X X ..... urn of income for assessment year 2009-10 on 29.09.2009 declaring an income of Rs. 1,34,069/-. Assessment u/s. 143(3) of the Income Tax Act (for short "the Act") was completed by making an addition of Rs. 29,15,560/- u/s. 41 of the Act. In appeal against such an order, the CIT(A) observed that the Assessing Officer should have made the addition u/s. 68 of the Act instead of section 41 and keeping in view such directions, proceedings u/s. 147 were taken up and order u/s. 147/148/144 of the Act was passed on 19.12.2014 by making an addition of Rs. 3.45 lacs in respect of the sum received by assessee on 20.12.2008 by way of cheque from M/s. Shiv Craft, holding it to be unexplained credits in the books of account of assessee. 3. Aggrieved by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orders of the authorities below, but fairly submitted that there was no adverse inference drawn by the Revenue against the conclusion of sale worth Rs. 3.45 lacs in F.Y. 2011-12. 6. We have gone through the record in the light of submissions made by ld. DR. It is an admitted fact that the Assessing Officer formed a belief of escapement on the basis of credit entry wroth Rs. 3.45 lacs as on 31.03.2009 in the name of M/s. Shiv Craft and the assessment order reads that the assessee filed letters dated 26.07.2014 and 30.06.2014 containing the confirmed copy of ledger account to that extent. Assessee also submitted that the transaction does not involve any unsecured loan since the assessee did not take any loan from this party, inasmuch as ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2010-11, 2011-12 and 2012-13 already submitted before the Assessing Officer. On the face of all these details furnished, there was ample opportunity for the Assessing Officer to verify whether this was a real sale transaction or a transaction of unsecured loan. Mere suspicion cannot be a basis to make addition when there are sufficient evidence on record to disprove such a suspicion or at least affording a ground for verification. In the circumstances, we find that the conclusion of facts reached by the authorities below have no factual basis to sustain. We, therefore, delete the addition.
8. In the result, appeal of the assessee is allowed.
Order pronounced in the open court on this 7th day of July, 2021. X X X X Extracts X X X X X X X X Extracts X X X X
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