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TMI Blog2022 (9) TMI 921X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee for making the investment after realizing the closing stock as well as debtors, then the estimation made by the CIT(A) on this account of Rs. 5,00,000/- would be unjustified and without any basis. Hence, in the facts and circumstances of the case, when the CIT(A) has accepted the correct figure of Rs. 9,08,300/- as shown in the return of income, then to that extent, the source from realization of closing stock and debtors ought to have been accepted. Accordingly, the addition sustained by the CIT(A) of Rs. 6,00,000/- is restricted to Rs.1,81,700/- - Appeal of the assessee is partly allowed. - ITA No.87/VNS/2020 - - - Dated:- 28-7-2022 - SHRI.VIJAY PAL RAO, JUDICIAL MEMBER Appellant by: Sh. Ashish Bansal, Advocate Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r is erroneous on the facts and in the law. (4) The learned Appellate officer is not justified in treating the amount of Rs. 600000.00 As total addition income. (5) Any other ground or grounds as may be urged at the time of hearing. 2. The assessee is an individual and stated to be in the business of trading of bricks. The assessee filed its return of income on 31st March, 2014 declaring total income of Rs. 3,19,890/-. The assessment was reopened by Assessing Officer vide notice under section 148 dated 13th March, 2015 in respect of the investment made by the assessee as it was detected by the Assessing Officer during the assessment proceedings of Shri. Balram Pandey proprietor of M/s Gangotri Diesels Awas Vikas Colony, Be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see has filed the present appeal. Thus, the only issue in the appeal of the assessee is regarding the addition sustained by the CIT(A) to the tune of Rs. 6,00,000/-. 3. Before the Tribunal, the learned AR of the assessee has submitted that the Assessing Officer framed the assessment by considering the details of return of income of the sister concerned of the assessee and not of the assessee. He has referred to the correct details regarding amount of cash balance, bank balance, assets and inventories considered by the Assessing Officer at Rs. 4,89,070/- whereas the correct figure of these balances is Rs. 9,08,300/-. The assessee filed the return of income under presumptive tax provision of section 44AD and therefore, did not file any boo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee has also not shown any basis of preparing the said balance-sheet and therefore, it is pure gas work and estimation to match the figure of availability of source of investment made in the house property. He has further contended that the CIT(A) has granted a substantial relief while passing the impugned order which is proper and reasonable. He has relied upon the impugned order of the CIT(A). 5. I have considered the rival submissions as well as the relevant material on record. There is no dispute that while passing the assessment order under section 144 r.w.s. 147 of the Act, the Assessing Officer has made scanned copy of a portion of return of income showing the amount of cash balance, bank asset, inventories etc., at Rs. 4,8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the appellant shows that mobile numbers have been mentioned in each of the bills. The appellant has claimed that he amount of cash balance, bank balance assets and inventories etc. has been wrongly mentioned as Rs. 489070/- by the AO in his assessment order whereas the correct figure is Rs. 908300/-. The appellant has submitted a copy of ITR in this regard. Contention made by the appellant regarding the closing stock of the previous years being sold do not match with the amount disclosed as cash in bank balance assets and inventories as disclosed by her in the return of income filed for the year. The appellant could not fully substantiate the claim made by her however the claim of closing stock being sold for realization of cash is not en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce of sundry debtors therefore, this claim of realization of Rs. 2,65,290/- is contrary to the balance of debtors as on 31st March, 2011. However, without going into these unreliable claims and figures which are not matching to each other if this amount of Rs. 9,08,300/- is considered as available to the assessee for making the investment after realizing the closing stock as well as debtors, then the estimation made by the CIT(A) on this account of Rs. 5,00,000/- would be unjustified and without any basis. Hence, in the facts and circumstances of the case, when the CIT(A) has accepted the correct figure of Rs. 9,08,300/- as shown in the return of income, then to that extent, the source from realization of closing stock and debtors ought to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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