TaxTMI 
TaxTMI 
2016 (2) TMI 467
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.... and in the circumstances of the case the ld. CIT(A)-XXV, New Delhi has erred in concluding that assessee has received loan from Sh. Brij Mohan Gupta Group of cases whereas assessee as per incriminating documents is a loan provider. 3. The appellant craves leave for reserving the right to amend, modify, alter, add or forego any grounds of appeal at any time before or during the hearing of this appeal." 2. Brief facts of the case as recorded by the authorities below are as under: 2.1. A search and seizure operation u/s 132 of the Act was conducted on 15/12/04 in the case of one Brij Mohan Gupta and group. During the course of search and seizure operation various incriminating documents/diaries/loose papers were found and seized. The asse....
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....y for deciding the issue. The assessee was given opportunity to produce further evidence in support of its case and also any rebuttal of the additions made by the Revenue. 2.4. In the proceedings before the AO in the second round of reassessment the assessee submitted affidavits by Shri Rishi Kumar, Naveen Kumar being partner of the assessee, which is placed at pages 20 to 21 of the paper book. The ld. AO during the second round of assessment proceedings, provided the assessee with the copies of the statement of Shri Brij Mohan Gupta, his son Shri Rajeev Gupta and Shri Ram Avtar Singhal, his accountant, which was recorded at the time of search u/s 131 of the I.T. Act. The ld. AO also issued fresh notice to all these persons u/s 131 of the ....
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.... of the assessee the ld. CIT(A) deleted the addition made by the AO. 4. Aggrieved by the order of the ld. CIT(A) the Revenue is in appeal before us. 4.1. We have perused all the records in respect of the first round of assessment proceedings, the submissions and the paper book filed before us. 4.2. It is pertinent to note that in the second round of proceedings the said persons i.e. Rajeev Gupta (son of Late Shri B.M. Gupta) and Ram Avtar Singhal (Accountant of Late B.M. Gupta), in the course of the cross examination before the AO have clearly denied any sought of dealings with the assessee and that they identify the assessee. Even in the affidavits filed by these persons before the ld. AO they have denied that Shri B.M. Gupta knew the a....