2005 (1) TMI 349

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....st. yr. 1994-95. It is a recalled matter, inasmuch as the earlier ex parte order passed by the Bench was recalled vide its later order dt. 16th Aug., 2005. 2. First ground of the assessee's appeal is against the confirmation of addition of Rs. 30,000 made by the AO under s. 68. 3. Briefly stated, the facts of this case are that the AO made addition of Rs. 6,000 as the credit appearing in the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....yaryama1 Bal Chand (1987) 62 CTR (Raj) 216 : (1987) 165 ITR 453 (Raj) has held that the assessee can explain that the suppressed profits had been brought in as cash credits and one has to be telescoped into the other resulting only in one addition. Such telescoping was upheld in the case of K.S.M. Guruswamy Nadar & Sons (1984) 149 ITR 127 (Mad) in which it was held that separate addition for bogus....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 10,000 to the assessee on this count. 6. Second ground is against the sustenance of disallowance of interest of Rs. 15,900 to Smt. Usha Devi. 7. The facts of this ground are that the assessee had raised a loan of Rs. 95,000 plus Rs. 16,800 from one Smt. Usha Devi. This amount was utilized for the purchase of shop at 66, Kotwali Road, Sriganganagar, for business purposes. The amount of inter....