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TMI Blog2024 (7) TMI 1482X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(Appeals) and delete the addition (addition made by the ld. Assessing Officer in the order under section 143(3) of the Act, which was further added by the ld. Assessing Officer in the order framed under section 143(3) r.w.s. 263 of the Act). Thus effective grounds of appeal raised by the assessee are allowed. - Dr. Manish Borad, Accountant Member For the Assessee : Shri Akkal Dudhewala, A.R. For the Revenue : Shri Partha Pratim Barman, Addl. CIT ORDER The present appeal is directed at the instance of assessee against the order of ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi dated 14th November, 2023 passed for assessment year 2013-14. 2. The grounds of appeal raised by the assessee in this ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of lower authorities. 6. I have heard the rival contentions and gone through the relevant material placed before me. From the record, I notice that the assessee is a Private Limited Company and filed its return of income for the relevant assessment year on 14.12.2013 declaring total income at Rs. 12,500/-. During the course of scrutiny proceeding under section 143(3) of the Act, the ld. Assessing Officer while examining the summary of the loans and advances account noted that there is a decrease in loans and advances but it was less than the deposit appearing the Bank account. He thus calculated the excess deposit appearing in Bank account at Rs. 34,45,820/- and thereafter treating it as a business receipt estimated profit @ 21% and made th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aring in bank statement vis-a-vis the books of accounts. The appellant submits that the details of gross deposits in bank account vis-a-vis the books of accounts are as follows :- DCB Bank: SI. No. Date Particulars of nature sources Amount (Rs.) 1 11.05.2012 Income tax refund 26,635 2 18.09.2012 Loan repayment by Bengal Steel Industries Ltd 25,00,000 3 24.09.2012 Loan repayment by Bengal Steel Industries Ltd 20,00,000 4 03.10.2012 Loan repayment by Sri Shankar Su wan Estate 30,00,000 5 11.10.2012 Loan repayment by Bengal Steel Industries Ltd 10,00,000 6 03.11.2012 Loan repayment by Maruti Enterprises 5,00,000 Sub-total 90,00,000 Total (A) 90,26,635 Axis Bank: SI. No. Date Particulars of nature sources Amount (Rs.) 1 26.10.2012 Cash deposit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich were granted in earlier year/s. 11. Apart from the above, there was receipt of Rs. 26,635/- by way of income-tax refund which is discernible from the entry in the bank statement available at Page 67 of Paper Book. This is also corroborated by Form 26AS which is enclosed at Pages 69 - 71 of Paper Book. Further, the appellant had deposited cash of Rs. 20,000/- in the bank account out of the cash available in the books of accounts. This fact is also verifiable from the entry in the bank statement available at Page 68 of Paper Book. 12. Out of the interest of Rs. 1,17,414/- credited in P L A/c, the appellant had only received / realized interest of Rs. 7,500/- from M/s Llyod Commercial Pvt. Ltd. and that the balance interest was outstanding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on in loans and advances during the year with the total deposits in the Bank account for the period from 11.05.2012 to 28.03.2013, which comes to Rs. 94,54,135/- and calculated the alleged difference. This exercise of the assessee is untenable and is based on merely surmises and conjectures. Bank account does not have the only transaction relating to the amount of receipt and payment under the head loans and advances , but there are other transactions also, which has been duly reflected in the reconciliation statement. 9. After going through the relevant documents, I am of the view that ld. Assessing Officer has grossly erred in simply matching the net decrease under the head loans and advances appearing in the balance sheet with the credit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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