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TMI Blog2023 (4) TMI 987X X X X Extracts X X X X X X X X Extracts X X X X ..... Dated:- 19-4-2023 - Sh. N. K. Billaiya, Accountant Member And Sh. C.N. Prasad, Judicial Member For the Appellant : Sh. B. S. Anand, Sr DR For the Respondent : Sh. Gautam Jain, Advocate ORDER PER N. K. BILLAIYA, AM: ITA No.426/Del/2022 and 427/Del/2022 are two separate appeals by the revenue preferred against a consolidated order of the CIT(A)-24, New Delhi dated 23.08.2021 pertaining to A.Y.2013-14 and 2014-15. 2. Since common issues are involved in both the appeals they were heard together and are disposed of by this common order for the sake of convenience and brevity. 3. The common grievance in both the appeals is that the CIT(A) erred in deleting the addition made on protective basis without appreciati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1/140,735/00,16 Euro UBS AG Singapore M/s. Everbez Business Inc. 1/140,735/00, 08 Singapore Dollar UBS AG Singapore M/s. Everbez Business Inc. 1/140,735/00, 07 Euro Dollar 7. The AO further noted that there are huge credits in these bank accounts as under :- A.Y. Fin. Year Credits in US Dollar Credits in Euro Credits in Sing Dollar Total of credits equivalent to Indian Rs. 2009-10 2008-09 4,50,714.18 NIL 1500 9,63,133 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me of Everbez Business Inc. which were not disclosed in returns of income in case of Shri Asho Kumar Singh by issuing the notices under section 10 (1) of the BM Act on 25.09.2017 by the AO under Black Money Act and Additional Commissioner of Income Tax, Central Range02, Delhi. However, final orders are yet to be passed under BM Act. 2.10.2 But, it is also clearly understood that the same income cannot be added twice-(i) once under the Income-tax Act and then (ii) in the BM Act, as a measure of abundant precaution, income is assessed protectively in the hands of the assessee under income tax act. Accordingly, in the present case of Sh. Ashok Kumar Singh, unexplained credits of Rs.2,43,11,824/- in the bank account of Everbez Busines ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d legally misconceived and wholly untenable. That furthermore the learned Assistant Commissioner of Income Tax has erred both in law and on facts in arbitrarily and unjustifiably rejecting the explanation tendered by the appellant and making the impugned addition in the hands of the appellant for the instant assessment year. That the entire addition is based on surmises conjecture and suspicion and therefore illegal, invalid and, unsustainable. That various adverse findings and conclusions recorded in the impugned order of assessment are factually incorrect, contrary to record, legally misconceived and untenable. 6.5.2 In view of detailed reasons recorded in determination of Ground No. 5 of above Appeal No: CIT (A), Delhi- 24/10492/201 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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