2015 (1) TMI 306

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....-10 respectively have been heard on the dates as mentioned above. However, since both the appeals are relating to the same assessee and even the facts and issues involved therein are identical in nature, hence the same are being disposed of with this common order. For the sake of convenience facts have been taken from the ITA No.5037/M/2012 for Assessment Year 2008-09. ITA No.5037/M/2012 (Assessment Year 2008-09): 2. The assessee through its grounds of appeal has agitated the confirmation of the addition of Rs. 1,58,34,306/- which was made on the basis of information from the Annual Information Report (AIR). 3. The facts in brief are that the Assessing Officer (hereinafter referred to as the AO) noted that the AIR information showe....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... all the professional fees were received by the assessee through banking channels only and all the receipts were duly recorded in the books of accounts and there was no undisclosed income of the assessee. He has further submitted that the professional fees shown, as per AIR information, was Rs. 40,02,84,680/- whereas professional fees disclosed in the P&L account and offered for tax was Rs. 50,36,03,971/- which was much higher than the professional fees shown in the AIR information. He has further submitted that out of the professional receipt of Rs. 40,02,84,680/- as shown in the AIR information, the assessee had reconciled the professional receipts to the extent of Rs. 37,70,09,317/- before the AO. Further, during the appellate proceeding....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.....10.12 wherein it has been held that the assessment order based only on the AIR information would not stand in the eyes of law. If the assessee denies that he is in receipt of income from a particular source, it is for the AO to prove that the assessee has received income as the assessee cannot prove the negative. Reliance can also be placed on the decision of Mumbai Bench of Tribunal in the case of Shri S. Ganesh vs. ACIT" in ITA No.527/M/2010 decided on 08.12.10 = 2011-TIOL-87-ITAT-MUM wherein the Tribunal has held that in the absence of any material brought by the revenue authorities that the assessee has received amount more than the professional fees which has been declared by him in the P&L account and when the professional income dec....