2016 (8) TMI 1170

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.... facts as also in law in confirming addition of Rs. 1,94,500/- made u/s 68 of the Act being amount received from following persons: The addition may kindly be deleted. 1. S.L. Rajyaguru HUF Rs.69,500/- 2. Labhuben Thaker Rs.1,00,000/- 3. Manjulaben Joshi Rs.25,000 Total RS.1,94,5,00/- 3. The facts of the case are that the Assessing Officer has taken gross receipt at Rs. 50,00,000/- as against the gross receipt shown by the assessee at Rs. 38,53,476/- and has taxed the net profit @ 12.5% of Rs. 50.00 lakh and the income was assessed at Rs. 6,25,000/- on this account. Thereafter, in appellate proceedings, Tribunal has directed the Assessing Officer to estimate the total sales at Rs. 42.00 lakh and the net profit rat....

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....d and the assessee had shifted records from one place to new place, the same was not readily available therefore he could not furnish the relevant details before him. However, after verification from old records, the assessee could able to find out the evidences which are explained as under: S.No. Name of the depositor Amount Remarks 1 Smt. J. S. Rajyaguru 4,45,895/- Both the original assessments i.e. that of the appellant and the depositor were finalised on 31.03.2000. Copy of the ROI, assessment order and contra / confirmation are attached at Page? to 15"). The assessment in her case reached finality vide CIT(a)'s order dated 01.10.J34 in appeal No.CIT(A)- 1/Rjt/23V01-02 (copy attached at Page 16 to 17) 2. ....

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....e sustained; assessee is not required to establish the capacity of the lender to advance money". 6. Ld. CIT(A) in his order mentioned that Smt. J.S. Rajyaguru an addition of Rs. 4,45,895/- was made u/s 144 r.w.s. 254 of the Act because no details were submitted by the assessee. Certain details were filed by the assessee during the course of appellate proceedings were sent to the Assessing Officer for obtaining his comments by way of remand report dated 18/1/2013, the A..O. has commented that the assessee had failed to avail the opportunities given at the time of assessment proceedings also, for the year 1997-98, from a return of income and the income profile, it cannot be said that creditworthiness of Smt. I. S. Rajyaguru is proved and t....