2013 (11) TMI 1582

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....the Act, if the settlement Commission decides the issue in case of M/s Silver Arch Builders & Promoters, that the on money receipts offered by the firm is utilised for obtaining bogus loans by the partner Shri Haresh N. Mehta." 2. On the facts and in the circumstances of the case, the Ld. CIT(A) erred in ignoring the fact that the bogus loan were duly offered by the assessee as unaccounted income in the statement recorded u/s 132(4) of the Act and there was no documentary evidence to substantiate the claim that bogus loan obtained was out of the on money received by the firm M/s Silver Arch Builders & Promoters." 3. The brief facts giving rise to the dispute are that there was a search and seizure action u/s 132(1) carried out on 10.8.200....

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.... assessee. The A.O did not accept the Explanation and contention of the assessee and made addition of Rs. 4.8 crores on account of bogus loan. On appeal, the CIT(A) has examined the facts and record and found that the amount has already been offered by the partnership firm M/s Silver Arch Builders & Promoters and accordingly held that if the Settlement Commission holds in the case of firm that the income offered by the firm is utilised for obtaining bogus loan by the assessee being the partner, the addition in the hands of the assessee would be deleted and in case if no such directions from Settlement Commission the addition in the present case would stand confirmed. 4. Before us the Ld. D.R has submitted that the CIT(A) has committed an e....

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.... order of the CIT(A). 5. Having considered the rival submissions and careful perusal of the record we note that the Assessing Officer has recorded in par 6 of the order that the assessee has declared a sum of Rs. 58,52,443/- as additional income u/s 132(4) as under: "6. The assessee has declared a sum of Rs. 58,52,443/- as additional income u/s 132(4) on account of unexplained jewellery of Rs. 32,52,443/- and unaccounted cash of Rs. 26,00,000/- claimed to have earned from horse racing." 6. It is clear from the facts recorded in the assessment order that the assessee declared only a sum of Rs. 58,52,443/- and not the amount of Rs. 4.8 crores as alleged by the Revenue in the grounds of appeal. There is no dispute that the partnership firm ....