2014 (6) TMI 663

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.... declaring total income of Rs.4,28,980/-. The assessment was completed/ at a total income of Rs.14,39,980/-, inter-alia, making an addition of Rs.10 lacs u/s 68 in respect of amount outstanding against M/s Affain Steel Pvt. Ltd. SIDCUL, Haridwar. 3. Ld. CIT(A) dismissed the assessee's appeal. 4. Being aggrieved with the order of Ld. CIT(A), the assessee is in appeal before us and has taken following grounds of appeal:- "1. Because the Ld. CIT(A) has erred in confirming the addition of Rs.10,00,000.00 made by the AO on mere surmises conjecture and suspicion. 2. Because the AO has accepted the entire Trading transaction of the creditors M/s Affain Steel (P) Ltd. and the confirmation of the creditor is also on the record of the AO ....

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....lance in its books of account. The reply had been delivered in the AO's office by the Overnight Express Courier vide airway bill NO. 7753810971 on 21/11/2011. In view of this, there was no jurisdiction for the addition." 8. Ld. CIT(A) confirmed the addition, inter-alia, observing that by agreeing that the amount of cash credit be treated as his income, assessee suggested that the cash credit was not genuine. He further observed that it was not assessee's case that the confession had not been made or it had been made under duress. 9. Ld. Counsel Shri Ajit Dhawan for the assessee filed before us copy of confirmation of accounts for the period from 1st April 2008 to 31st March 2009 and 1st April 2009 to 31st March 2010 from M/s Affain St....

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.... Ld. CIT(A) did not consider these pleadings and ground and merely confirmed the addition. Ld. Counsel further submitted that the party belonged to Haridwar and PAN details were given in the confirmation and since both, the creditor as well as assessee, were under same jurisdiction, therefore, there was no difficulty in making necessary verifications. 12. Ld. DR relied on the order of Ld. CIT (A) and submitted that the addition had been made on the basis of assessee's confession. 13. We have considered the rival submissions and have perused the records of the case. From the statement of facts and grounds of appeal filed before Ld. CIT(A), noted earlier, it is evident that confirmation of statement of A/c sent by (M/s Affine Steels (P)....