TaxTMI 
TaxTMI 
2014 (5) TMI 2
X X X X Extracts X X X X
X X X X Extracts X X X X
....ound during the course of search carried out in Paragon group cases. 3. The facts relating to the issue are stated in brief. The revenue carried on search and seizure operations under section 132 of the Act in the hands of Paragon group of cases on 14.10.2004. The assessee was also covered in this group in search operations. During the course of search proceedings, a file containing 45 loose sheets was found and seized. Out of the above said loose sheets, page-41 belonged to the assessee herein. The said page was titled as 'Statement of Assets & Liabilities'. Since the issue disputed before us revolves around this document, we feel it necessary to extract the contents of the same. STATEMENT OF ASSETS & LIABILITIES Name : Sri Mohamm....
X X X X Extracts X X X X
X X X X Extracts X X X X
....r to the above said loan and he signed the same without verifying the contents. He further submitted that the above said statement contains more fiction than truth. Accordingly, he pleaded that the above said document may be ignored. The A.O. however, did not accept the explanation furnished by the assessee. The total value of assets shown in the document was Rs.2,40,01,000/-. The A.O. further noticed that the immovable properties listed as Item (a), having a value of Rs.52.00 lakhs, was already disclosed by the assessee. Accordingly, the AO deducted the value of Rs. 52 lakhs pertaining to the above said asset and assessed difference of Rs.1,88,01,000/- (2,40,01,000 less 52,00,000) as income of the assessee under section 69 of the Act. 4....
X X X X Extracts X X X X
X X X X Extracts X X X X
....roperty at above address. Though the area mentioned therein at 562 sq. yds does not tally with 815 sq. yds mentioned in seized material no enquiry was required to be conducted. 3. In respect of land shown at Hafiz Baba Nagar, Kanchanbagh, no details are available to conduct enquiry. However, the assessee has filed a copy of sale deed dated 13.6.2000 for purchase of one property at MCH 18-12-418 admeasuring 467.78 sq. yards at Hafez Baba Nagar, Chandrayangutta, Hyderabad and claimed it to be the same. 4 In respect of 15 acres of wet agricultural land at Sy.No.99/1, Madanpally, Pahadi Sharif, R.R. Dist. Enquiry was conducted by sending Inspector of this Circle to Sub-Registrar, Saroornagar under which the above area falls. It has been i....
X X X X Extracts X X X X
X X X X Extracts X X X X
....dence is gathered, movable properties as alleged cannot be added. Therefore, I am inclined to delete the above addition which is made towards movable and immovable properties." 6. Aggrieved by the order of the Ld. CIT(A), the Revenue has filed this appeal before us. 7. The learned D.R. submitted that the Ld CIT(A) was not justified in deleting the addition without properly appreciating the additional evidence furnished by the assessee and remand report submitted by A.O. The learned D.R. submitted that date of acquisition of property originally disclosed by the assessee did not match with the documents and hence, the explanation of the assessee should have been rejected by Ld CIT(A). The learned D.R. further submitted that the assessee....
X X X X Extracts X X X X
X X X X Extracts X X X X
....eliance on the said document. In this connection, the Ld A.R placed reliance on the order dated 10.05.2012 passed by the Co-ordinate bench of Tribunal in the case of M/s Sri Taraka Jewellers in ITA No.1007/Hyd/2011, where in the Tribunal had expressed a similar view and accordingly deleted the addition made on the basis of stock statement furnished to the bankers. Accordingly, the Ld A.R submitted that the Ld CIT(A) was justified in deleting the addition made by the AO. 9. We have heard the rival contentions and carefully perused the record. In the earlier paragraph, we have already extracted the contents of the impugned document. The said document is titled as "Statement of Assets & Liabilities" and it contains the details of Immovable ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nly. Hence, we do not find any infirmity in the decision taken by the first appellate authority in respect of the immovable properties. 10. In the Statement of Assets and Liabilities, following items of movable properties are stated:- Movable Properties - Others 55.65 lakhs Cash on hand 7.10 lakhs Cash in Bank 1.50 lakhs Before AO, the assessee stated that the list of movable properties given in the Statement of Assets and Liabilities is mere fiction. The Ld CIT(A) deleted this addition with the simple observation that "No evidence whatsoever is adduced in support of movable properties". Apparently, as submitted by Ld D.R, the Ld CIT(A) has placed the burden of proof upon the assessing officer, which is against the establishe....