2014 (11) TMI 1006

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....nly ground of the appeal of the Revenue is as under: "1. The ld. CIT(A) erred in law and on facts in accepting the assessee's explanation to the extent of Rs. 29.45 lacs though the amount of loan advanced by the assessee was of Rs. 50 lacs as per the promissory note seized vide page 15 of Annexure A-98." 3. The learned CIT-DR submitted that it is the second round of litigation before the Tribunal. He submitted that in the first round of litigation, the Tribunal has restored the issue of addition of Rs. 50 lakhs on account of promissory note found at the time of search to the file of the AO for verification and decide the issue afresh vide their order in IT(SS)A.No.198/Ahd/203 dated 16.5.2008 in the case of the assessee. He submitted that ....

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....ferred to page no.56 of its compilation filed before the Tribunal wherein the source and application of undisclosed income of the assessee was given which shows that the assessee was having cash and other advances amounting to Rs. 29.45 lakhs with him. He submitted that the Revenue has not challenged the genuineness of the source and application of different amount mentioned in the chart, and therefore, the credit of cash available to the extent of Rs. 29.45 lakhs was rightly allowed by the CIT(A) out of addition of Rs. 50 lakhs made by the CIT(A). 5. We have considered rival submissions and perused the orders of the AO and the CIT(A) and also copies of various documents filed in the compilation before us. We find that son of the executant....