2009 (9) TMI 1001

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....- 1. The revenue is in appeal before us against the order of learned CIT(Appeals) dated 30.01.2009 passed for assessment year 2005-06. The solitary grievance of revenue is that learned CIT(Appeals) has erred in deleting the addition of Rs. 20,98,550/- which was added by the Assessing Officer on account of income from undisclosed source. 2. The brief facts of the case are that assessee is an ....

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....l appeared and against his name 5 and 15 are mentioned. According to the statement of Shri Rajiv Gupta and Ram Avtar Gupta who were handling the business of money lending pertaining to Shri Brij Mohan Gupta have clarified that 5 indicates 5 lacs and 15 indicates 15 lacs. According to the interpretation of Assessing Officer, the above amount of R.20 lacs was handed over to Mr. B.M. Gupta by Mr. Nag....

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....onsidered as advanced by the assessee to Shri B.M. Gupta. 3. The assessee contended that he had not advanced any money to Shri B.M. Gupta. The Assessing Officer did not accept the contention of the assessee and putting reliance upon the statement of Shri Rajiv Gupta and Ram Avtar, he treated that Rs. 20 lacs mentioned in coded words of the diary seized at the premises of Shri B.M. Gupta as the ....

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....carried out further investigation in the case, the information supplied by the Assessing Officer of Shri B.M. Gupta is only a corroborative piece of evidence. On the basis of this information conclusively it cannot be held that assessee had given any amount to Shri B.M. Gupta for investment. Learned CIT(Appeals) observed that Assessing Officer neither provided copies of the statement of Shri Rajiv....