9911796707
TMI Blog2019 (10) TMI 1565X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the revenue read as under: 1. Whether on the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition of Rs.61,50,000/- made u/s 68 of the Income Tax Act. 2. Whether on the facts and circumstances of the case and in law, the Ld. CIT(A) has failed to appreciate the fact that the addition was made on the basis of parallel books maintained by the assessee. 3. Whether on the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in admitting additional evidence in contravention of Rule 46A. 3. Briefly stated, the facts are that the assessee filed his return of income for the assessment year (AY) 2009-10 on 25.07.2009 declaring total income of Rs.15,51,248/-. The return of i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the present issue "7. Accordingly, the transactions for FY 2008-09 in respect of Shri Sarvajit D. Patel maintained in the unaccounted parallel books in tally accounting software / package maintained by Directors and Promoters of M/s. Ahuja Group reveals On Money/cash sale, accommodation entries, cash loan receipts and miscellaneous cash receipts as under:- Date Dr / CR Particulars Narration Debit Credit 05.07.2008 Cr Entry A/c. Dilip bipin patel cheque for 10L issued fvg Sarvajit Patel from the account of ahuja properties and associates 1000000 01.10.2008 Cr. Entry A/c. Dilip bipin patel cheque for 25L issued fug Sarvajit Patel from the account of ahuja properties and associates 2500000 24.11.2008 Dr Ent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plained by them and it does not become assessee's unaccounted income, (iii) in the statements recorded by that group, nowhere the Director of that group has ever referred to the name of the assessee in particular and has not referred to any direct nexus with him, (iv) the presumption is drawn as if all the transactions recorded in the Tally data of that group refers to only the accommodation entries and the assessee is a part of it ; that merely on surmises and presumptions and without any direct nexus, the view is taken against the assessee, (v) there is no entry before the said noting indicating payment of cash loan by the assessee and in absence of cash loan being given by the assessee, question of receipt of loan interest is merely a pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i) DDIT has presumed that out of the amount of Rs.25 lacs, Rs.1.50 lacs is the cash given by Shri Sarvajit Patel which is received back in the form of accommodation entry in the Ahuja Group ; there is absolutely no basis for making such a presumption, (iv) the assessee is showing repayment of Rs.25 lacs by cheques and the DDIT is saying that Rs.1.50 lacs is the cash given to Shri Sarvajit Patel which is received back in the form of accommodation entry; if that be the case, there would be cheque receipt of Rs.1.50 lacs in the Ahuja group but neither the DDIT nor the AO has brought out this fact, if it is true. Observing as above the Ld. CIT(A) concluded that instead of investigating and trying to prove, the AO has completely distorted the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the instant case, the AO has not done even preliminary inquiry to disprove the contentions of the assessee. The AO has failed to disprove the contention of the assessee that (i) the loan taken from Ahuja Group and repaid are genuine and reflected in its books of accounts and there is no cash receipt or cash withdrawal, (ii) Shri Ahuja had nowhere in the statement admitted to having given any accommodation entry to the assessee, (iii) even if Shri Ahuja maintained parallel books, it is of no concern to the assessee who had reflected the loan transactions in his books of accounts, (iv) if it is presumed that Rs.35 lacs given to the assessee by Ahuja group is an accommodation entry and out of this Rs.25 lacs has been repaid, there is no sense ..... X X X X Extracts X X X X X X X X Extracts X X X X
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