9911796707
TMI Blog2025 (2) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... out the verification by way of calling the persons to record the statements u/s. 131 - No such exercise has been carried out. Therefore, even if the cash received from those debtors are below Rs. 20,000/- on each day creates doubt but in absence of any cross verification, the claim of the assessee cannot be denied. For recovery of receivables it is an admitted fact that the assessee had not given any bifurcation of the said sum in the income-tax return for A.Y. 2016-17. Even if the assessee falls under the Presumptive Taxation Scheme, he has to provide the detail of cash, bank, stock and receivables etc. In absence of any other concrete evidence and proof of genuineness of sundry debtors the claim of the assessee having received Rs. 3,14,5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs and sundry receivables. Ld. AO however observed that the assessee has shown sundry debtors at Nil in the return filed for A.Y. 2016-17 and also no information was provided about the cash in hand. Accordingly, the contentions of the assessee were brushed aside and addition of Rs. 11,51,000/- was made u/s. 69A of the Act and provisions of section 115BBE of the Act was also invoked. 3. Aggrieved assessee preferred appeal before the ld.NFAC and during the course of assessment proceedings before the ld.NFAC it was contended that the source of Rs. 11,51,000/- comprises of Rs. 1,36,500/- received on account of amounts withdrawn from partnership firm Rs. 7.00 lakh received from refund of advances and Rs. 3,14,500/- from recovery of the advances ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is dismissed." 4. Now the assessee is in appeal before the Tribunal. 5. The ld. Counsel for the assessee apart from referring to the balance sheet as on 31.03.2016 and 31.03.2017 also referred to the affidavit of various parties, copies of whom were placed in the paper book pages 11 to 78 stating that proof of recovery of advances from various sundry debtors/receivables have been furnished along with identity proof and notarized affidavits. It was also submitted that in the return of income for A.Y. 2016- 17 the assessee inadvertently did not fill any detail in the column provided for the Presumptive Taxation Scheme but it should not be taken against the assessee. 6. On the other hand, ld. Departmental Representative vehemently argued su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... doubt but in absence of any cross verification, the claim of the assessee cannot be denied. Therefore, to the extent of Rs. 7.00 lakh received as cash from refund of advances is hereby also accepted. 10. So far as the amount of Rs. 3,14,500/- is concerned, the same is claimed to be recovery of receivables. It is an admitted fact that the assessee had not given any bifurcation of the said sum in the income-tax return for A.Y. 2016-17. Even if the assessee falls under the Presumptive Taxation Scheme, he has to provide the detail of cash, bank, stock and receivables etc. In absence of any other concrete evidence and proof of genuineness of sundry debtors the claim of the assessee having received Rs. 3,14,500/- as recovery of receivables did n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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