TaxTMI 
TaxTMI 
2012 (11) TMI 710
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....in giving relief of Rs.2,91,000/- out of total addition of Rs.16,20,498/- made u/s. 68 of the Income-tax Act. 2.The Ld. CIT(A) has erred in law and on facts in giving relief of Rs.85,751/- out of total addition of Rs.2,21,780/.- made by disallowing interest payments to non genuine cash creditors. 3. The Ld. CIT(A) has erred in law and on facts in deleting the addition of Rs.21,03,002/- made u/s. 69B of the Income-tax Act. 4. The Ld. CIT(A) has erred in law and on facts in deleting the addition of Rs.5,00,000/- made by estimating the commission income u/s. 145 of the Income-tax Act. 5. On the facts and in the circumstances of the case, the Ld. CIT(A) ought to have upheld the order of the A.O. The assessee has raised the....
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....nfirmations for some of the depositors only. The assessee could not file sufficient details for rest of the depositors and it was submitted that number of parties is quite large. The Assessing Officer accordingly treated the cash credits amounting to Rs.16,28,498/- as unexplained and added to the income of the assessee. 3. Before the Ld. CIT(A) the assessee filed a chart indicating details i.e. date of payment, some addresses of the depositors and made a request that AO may be asked to conduct the inquiries because assessee was not in a position to contract these parties. The AO sent the entire papers along with submissions to the AO who submitted the report vide letter dated 27-06-2005. 4. In the remand report, the AO submitted th....
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....1/-. Thus, out of these two additions the assessee was given a relief of Rs.2.91 lakh in respect of unexplained credits and Rs.85,751/- in respect of interest thereon and balance addition was confirmed. 6. We have heard the rival parties and perused the facts of the case on record. In the present case, the assessee has provided to the Ld. CIT(A) the date of payment by the parties to the assessee and the addresses of the parties and made a request to conduct the inquiries by the Assessing Officer and the same was done. The assessee was given an opportunity to comment upon the remand report which was availed by the assessee and the same was taken into consideration by the Ld. CIT(A). The argument made by Ld. counsel of the assessee that th....
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....sh on the day the cheques were produced for discounting and those post dated cheques were presented to the bank for clearing on the date as mentioned on the cheques. Therefore the plea of the assessee that cash given to parties against discounting of cheques were out of cash withdrawal from the banks against the clearing of such chequs are neither true nor correct, hence the same was not acceptable. Enquiries were carried out with the following parties who has been shown in the books of account of the assessee as discounting parties:- 1. M/s. Prem Trading Co. Old Market Yard, Himatnagar 2. M/s Imam Trading Co. Old Market yard, Himatnagar 3. M/s N.H.Parmar,Medatiya, Himatnagar 4. M/s J.K. Sales Corporation, Himatnagar, 5. M/s.....
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....de on earlier working day after the business hours. 9. We have heard the rival contentions and perused the facts of the case. We concur with the views of the Ld. CIT(A) that the assessee had submitted the explanation which is rightly accepted by Ld. CIT(A) since the assessee had given the cash after the business hours or on Saturday and accordingly the transactions have been entered on the next working day. The explanation has been substantiated from various documents submitted by the assessee. Therefore, we find no infirmity in the order of Ld. CIT(A) who has rightly deleted the addition made by Assessing Officer. Thus, ground No.3 of Revenue is dismissed. 10. As regards ground No.4 of the Revenue the brief facts are that the a....