TaxTMI 
TaxTMI 
2015 (8) TMI 131
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....rch proceeding withoutappreciating the facts brought on the record by the assessing officerthat the assessee had admitted this excess stock as unaccounted andhe was ready to pay tax thereon. 3. The learned Commissioner of Income Tax (Appeals)-II, Kanpurhas erred in law and on facts of the case in deleting the addition ofRs.51,620/- made by the assessing officer on account of unaccountedof gold stock found during the course of search proceeding withoutappreciating the fact brought on the record by the assessing officerthat the assessee had surrendered the same in his return of incomefor the block period. 4. The learned Commissioner of Income Tax (Appeals)-II, Kanpurhas erred in law and on facts of the case in deleting the addition ofRs.1,35,000/- made by the assessing officer on account of peak cashcredit entries found in the diary during the course of search ,whichwas unaccounted, without appreciating the facts brought on therecord by the assessing officer that the assessee has alreadyadmitted for the same as unrecorded in his regular books ofaccounts. 5. The learned Commissioner of Income Tax (Appeals)-II, Kanpurhas erred in law and on facts of the case in deleting the ad....
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.... it is noticed that during the course of search adiary was found, in which certain debit and credit entries were noticed bythe Assessing Officer. This seized document was marked as Annexure A-4and the Assessing Officer has made an addition of Rs. 25,52,214/- onaccount of peak entries of loan as per Annexure A-4 seized from thepremises of the assessee. 3. Before the ld. CIT(A), the assessee has analyzed each and everyentry as appearing in Annexure A-4 by way of ledgerizing the same which isreproduced hereunder:- Annexure - 4 Rakesh Kamlesh Date Particular's Amount (dr.) Amount (cr.) Balance 02.05.98 Payment 7000.00 7000.00 0.00 11.05.98 Payment 23890.00 13890.00 Received 17000.00 0.00 13.05.98 Received 13890.00 0.00 15.05.98 Payment 33530.00 24530.00 Received 9000.00 15000.00 16.05.98 Received 9530.00 0.00 19.05.98 Received 15000.00 -10000.00 20.05.98 Received 10000.00 -10000.00 21.05.98 Payment 28770.00 8000.00 22.05.98 ....
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.... JewelPalace as per Annexure - 4. 59/40, Birhana Road, Kanpur - 208001 4. These detailed explanations were sent to the Assessing Officer forremand report, but despite various opportunities afforded to him, noremand report was submitted to the ld. CIT(A). The ld. CIT(A) examinedthe detailed explanations by way of analyzed ledger and was of the viewthat there is a totaling error in Annexure A-4 to the extent of 1.35 lakhs.The exact unexplained credit as per Annexure A-4 when ledgerized comesto Rs. 24,16,214/- and not Rs. 25,16,214/-. He accordingly granted relief ofRs.1.35 lakhs on account of totaling error. 5. But so far as the aggregate credit of Rs. 24,16,214/- is concerned, nosatisfactory explanation/confirmation was furnished and accordinglyunexplained income in the shape of deposits in Annexure A-4 to the extentof Rs. 24,16,214/- was confirmed by the ld. CIT(A). However, as perAnnexure A-4 on its ledgerization of balance sheet and Annexure B, it wasnoticed by the ld. CIT(A) that on the asset side a sum of Rs. 23,99,214/- isappearing in the name of Jewel Palace in the proprietorship concern of theassessee while a sum of Rs. 22,253/- is appearing in the name of Rakesh....
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....nce there is no specific finding in this regard in the order of the ld.CIT(A), this ground does not arise from the order of the ld. CIT(A).Moreover, there is nothing in the order of the ld. CIT(A) whereby additionmade by the Assessing Officer has been deleted. Accordingly this ground isnot maintainable and we reject the same. 9. Apropos ground No.4, the ld. CIT(A) has noted totaling error inAnnexure A-4 to the extent of Rs. 1.35 lakhs and while making addition onaccount of aggregate credits, relief of Rs. 1.35 lakhs was given to theassessee. Since it was a totaling error, there is no infirmity in the order ofthe ld. CIT(A). Accordingly we confirm the same. 10. Apropos ground No.5, it is noticed that the Assessing Officer hasmade addition of Rs. 59,011/- on account of undisclosed investment inelevation of showroom at Birhana Road, Kanpur. The issue was examinedby the ld. CIT(A) in his order at page 18 and he has taken note that theassessee has already declared investment of Rs. 2,82,989/- towardsrenovation of shop at Birhana Road, Kanpur as against Rs. 3.42 lakhsestimated by the valuation cell. The ld. CIT(A) has noted that thedifference between the investment as declared by t....
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....98 Payment 11761.00 20067.00 Received 8306.00 11761.00 19.05.98 Payment 41150.00 52911.00 Document 2 Received 25000.00 27911.00 20.05.98 Received 5000.00 22911.00 21.05.98 Received 15000.00 7911.00 22.05.98 Payment 17480.00 25391.00 Received 25391.00 0.00 27.05.98 Payment 22256.00 22256.00 29.05.98 Received 22256.00 0.00 30.05.98 Payment 41971.00 41971.00 Received 18875.00 23096.00 02.06.98 Payment 41700.00 64796.00 Received 40000.00 24796.00 Payment 12715.00 37511.00 03.06.98 Payment 13083.00 50594.00 Received 21125.00 29469.00 04.06.98 Received 20000.00 9469.00 10.06.98 Payment 6240.00 15709.00 Received 20000.00 -4291.00 11.06.98 Payment 28467.00 24176.00 Payment 5100.00 29276.00 12.06.98 Received 10000.00 19276.00 13.06.98 Payment 8373.00 27649.00 15.06.98 Received 10000.00 17649.00 17.06.98 Payment 84042.00 101691.00 Payment 1200.00 102891.00 Document 3 Received Received 30000.00 72891.00 30000.00 42891.00 18.06.98 Payment ....
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....yment 54900.00 1887218.00 Received 49572.00 1837646.00 Payment 146016.00 1983662.00 Payment 36920.00 2020582.00 26.05.98 Received 166500.00 1854082.00 Document 7 Received 49630.00 1804452.00 Received 30820.00 1773632.00 Received 25000.00 1748632.00 Payment 180000.00 1928632.00 Payment 19780.00 1948412.00 Payment 5000.00 1953412.00 Payment 280000.00 2233412.00 Payment 4170.00 2237582.00 27.05.98 Received 100000.00 2137582.00 Payment 146966.00 1990616.00 Received 15000.00 2005616.00 28.05.98 Payment 14500.00 2020116.00 Received 10000.00 2010116.00 29.05.98 Received 19000.00 1991116.00 01.06.98 Payment 50000.00 2041116.00 Received 10000.00 2031116.00 03.06.98 Received 50000.00 1981116.00 04.06.98 Payment 19942.00 2001058.00 05.06.98 Payment 6240.00 2007298.00 06.06.98 Payment 30000.00 2037298.00 08.06.98 Payment 16805.00 2054103.00 10.06.98 Received 16805.00 2037298.00 14.06.98 Payment 14000.00 2051298.00 19.06.98 Received 40000.00 2011298.00 Document 8 22.06.98 ....