TaxTMI 
TaxTMI 
2013 (4) TMI 174
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....ces. ii) For that the learned CIT(A) is not justified in upholding the addition made by A.O. of Rs.5,00,000/- on account of introduction to Capital under the head Income from Other Sources. iii) For that the learned CIT(A) is not justified in upholding the addition made by A.O. of Rs.65,000/- on account of introduction to Capital under the head Income from Other Sources. iv) For that the learned CIT(A) is not justified in upholding the addition made by A.O. of Rs.90,020/- on account of introduction to Capital under the head Income from Other Sources." 2. Ground no.1 relates to the sustenance of addition of Rs.1,64,500/-. Brief facts relating to this ground are that the AO noticed during the course of the assessment that the asse....
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....which were made to these parties and there remained no advances in the subsequent year. In our opinion, the addition made by the AO cannot be sustained as the amount is merely the advances received from the customers and the said advances have duly been set off against the sales made to these parties. The copies of the bills were duly placed on record. Even the assessee received the confirmations from both the parties that they have made the advances. In view of these facts, we set aside the order of the CIT(A) on this ground and delete the addition of Rs.1,64,500/-. Thus, ground no.1 of the assessee's appeal stands allowed. 5. Ground no.2 relates to the addition of Rs.5 lakhs made on account of the introduction of the Capital under the ....
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....ack and 22. It was pointed out that M/s. Tea Brokers (Guwahati) Pvt. Ltd. took a cheque on 7.2.2001 for a sum of Rs.5,35,858/- in the name of the assessee, which was deposited in the Punjab National Bank, Guwahati branch account no.13474. In this regard, attention was drawn towards the confirmation received from Tea Brokers (Guwahati) Pvt. Ltd. as well as the bank account of the assessee at page no.29. It was pointed out that the said cheque was credited in the bank account on 10.2.2001. It was pointed out that subsequently the assessee transferred the sum of Rs.5 lakhs on 12.02.2001 to G.D. Enterprise, the proprietorship concern of the assessee and the said loan was refunded by G.D. Enterprise, Rs.2 lakhs on 7.3.2001 and Rs.3 lakhs on 29.3....
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.... as well as the confirmations filed by the assessee from Tea Brokers (Guwahati) Pvt. Ltd. We know that ultimately the amount came to the bank account of the assessee's proprietorship concern, i.e. Giriraj Steel Traders of Rs.2 lakhs on 7.3.2001 and Rs.3 lakhs on 21.3.2001 by way of transfer from G. D. Enterprises. This is apart from the fact that the assessee has received a sum of Rs.5,35,858/- from M/s. Tea Brokers (Guwahati) Pvt. Ltd. as refund of the loan earlier advanced by the assessee along with interest thereon. M/s. Tea Brokers (Guwahati) Pvt. Ltd. is an income-tax assessee, the identity of which is not doubted. The amount has been received through cheque and has duly come in the bank account of the assessee. Under these facts, in o....
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....y gone through the same. We noted that both the authorities below confirmed the addition as they did not find any record for the withdrawal of a sum of Rs.90,000/- in the bank account no. 12001 maintained by the assessee with the Punjab National Bank. We have gone through the copy of the bank account which is available at page nos.30 to 36. From the copy, we noted that the assessee had transferred on 13.9.1999 a sum of Rs.70,000/- in the current account of the proprietorship concern bearing no.3831 and similarly, the assessee had transferred on 15.12.1999 a sum of Rs.20,000/- in his proprietorship concern vide cheque no.50962 and 50966. This fact is apparent from page no.34 of the paper book consisting of the photo copy of the pass book. Th....