TaxTMI 
TaxTMI 
2013 (11) TMI 527
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....nd duly confirmed by the CIT(A) of Rs.39,34,358/- in respect of purchase of JCB? (B) Whether ITAT is justified in law as well as on fact in deleting the addition of Rs.7,60,000/- made by the Assessing Officer and duly confirmed by the CIT(A) on account of capital introduced by the partners in view of the no books of accounts produced before the Assessing Officer? (C) Whether ITAT is justified in law as well as on fact in deleting the addition of Rs.24,98,000/- made by the Assessing Officer and duly confirmed by the CIT(A) on account of credited in the bank account in view of the no books of account produced before the Assessing Officer?" 2. We have heard learned counsel Mr.P.G. Desai for the Revenue, who has fer....
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....enue went in appeal before the Income Tax Appellate Tribunal. The Tribunal noted with regard to such addition of Rs.39,34,358/- that the assessee in his return submission dated 6.11.2009 had explained that the purchase of 2 JCB machines were made from Yantraman Automac Pvt.Ltd., Baroda and both these purchases were on hypothecation with Centurion Bank of Punjab. The purchase bills also reflected hypothecation with the Bank. The company was established from 1998 and the Centurion Bank of Punjab eventually merged with HDFC Bank. The Tribunal also noted that the books of accounts were audited under section 44AB and the Tax Audit Report under the said provision had been duly furnished before the Assessing Officer, which was also evident from th....
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....addition of Rs.24,98,000/- credited in the bank account by issuing show cause as to why the said amount be not treated as unexplained income and likewise the sum of Rs.7,60,000/-, being the capital introduced by the partner as an unexplained income, in alleged absence of any evidence, the respondent assessee filed two written submissions on 6.11.2009 pursuant to the show cause notice. However, both these funds had been added to the income of the assessee by the Assessing Officer and, therefore, this was challenged before the CIT(Appeals), which concurred with the Assessing Officer. On this ground also, therefore, the assessee approached the Tribunal for quashment of such order. It would be apt to reproduce the order of the Tribunal, which o....