2014 (8) TMI 755

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....of argument advanced by Shri Rakesh Kumar, ld. Senior DR is in support to the addition made by the ld. Assessing Officer by further contending that the assessee did not submit the detail of receipt of cash from identified parties. On the other hand, the ld. Counsel for the assessee Shri Anil Jain along with Shri Rishab Jain defended the conclusion drawn by the ld. CIT(A). It was submitted that necessary details were submitted and the transaction of money was with identified persons. 3. We have considered the rival submissions and perused the material available on record. Before coming to any conclusion we are reproducing here under the relevant portion and the conclusion drawn in the impugned order: "3.5 I have once again gone through....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ntroverted by the Revenue with help of any positive material. On this ground we are with the conclusion of the ld. CIT(A). This ground of the Revenue is having no merit, consequently, dismissed. 5. Next ground pertains to deleting the addition of Rs. 22,00,000/- made on account of receipt of cash on different dates. The crux of argument on behalf of the Revenue is in support to the addition whereas the ld. Counsel for the assessee defended the conclusion drawn by the ld. CIT(A). Before coming to any conclusion we are reproducing here under: "4.10 One of the known principles of income tax is the much revered concept of "real income". Since "income" is what remains after meeting out the "expenditure", the same principle would apply when....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e addition of Rs. 22 lacs made on the basis of entries contained in annexure A-1/33." 6. On going through the material available on record and the assertion made by the ld. Respective Counsel, we note that the ld. CIT(A) has examined the record and the facts in a required manner Mr. Sujoy Mukherjee in the proprietor of M/s S. M. Financial & Management Services. The ld. CIT(A) has duly examined the agreement made between Samiah International Builders Pvt. Ltd. and M/s S. M. Financial & Management Services. Part of the commission was paid in cash and by cheque. The document marked A-1/33, the cash amount, was claimed to be received towards fees/commission for bookings made by M/s S. M. Financial & Management Services from the assessee and ....