TaxTMI 
TaxTMI 
2011 (6) TMI 877
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....in the case of the assessee on the basis of incriminating documents found during the course of search in the group cases of Shri Brij Mohan Gupta, wherein he had admitted of being involved in the unaccounted hundi transactions/cash loans on behalf of various parties and had disclosed the brokerage income earned by him in respect of such transactions. Accordingly based on those documents, following additions were made in the case of the assessee: - S.No. A.Y. Unexplained investment u/s 69A Undisclosed interest on such investment Total addition 1. 2001-02 46,00,000/- 5,52,500/- 51,52,500/- 2. 2002-03 6,47,500/- 6,96,000/- 13,43,500/- 3. 2004-05 1,56,04,000/- 26,52,000/- 1,82,56,000/- 4. 2005-06 Nil 7,32,000/- ....
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....ed 25.02.2011 in ITA Nos. 4421 to 4424/Del/09 in respect of assessment years 2001-02 to 2003-04 & 2005-06 & CO Nos. 8 to 11/Del/09 for assessment years 2001-02 to 2003-04 & 2005-06, wherein the cross objections filed by the assessee were dismissed on account of being not pressed and the appeals of the department were also dismissed by following the earlier orders of the Tribunal in the case of ITO Vs. Anil Kumar (HUF) (supra). He, therefore, submitted that issue raised by the revenue as well as by the assessee are covered by the aforementioned orders of the Tribunal and similar order may be passed in the present appeals and cross objections. 6. Ld. DR though not controverted that the facts and circumstances of the present case are in simil....
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.... Sons which deals in trading of BOP Films, polyester and gift packing sheets. A search and seizure operation was carried out on 15.12.2004 in the case of Shri Brij Mohan Gupta, 1281-Gali Hinga Beg. Statement of Shri Rajiv Gupta S/o Shri BM Gupta and Shri Ram Avtar, accountant was recorded. In the search, a diary inventorized as Annexure A-5 was seized. Shri Rajiv Gupta and Ram Avtar Gupta have explained that Shir BM Gupta is engaged in the business of advancing money. He used to receive loan from different persons and further advance it. In this activity, he earned commission income. A commission income was offered by Shri BM Gupta in his return of income. In this seized material, name of Mr. Nagar Mal appeared and against his name 5 and 15....
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....ary seized at the premises of Shri BM Gupta as the money of assessee interest of ₹ 49,050/- and brokerage of ₹ 56,100/- were calculated by the Assessing Officer. He made an addition of ₹ 20,98,550 which include interest also. 4. On appeal, learned CIT(Appeals) has deleted the addition on the strength of Hon'ble Supreme Court in case of CBI vs. V.C. Sukla (1998) AIR 1406 (S.C). According to the CIT(Appeals), the assessee had furnished the details relating to the commission paid to Shri BM Gupta. This commission was for borrowing and not lending hence there was no link of ₹ 20 lacs stated to have been advanced by the assessee. Learned CIT(Appeals) further observed that Assessing Officer has failed to establish an....