2017 (6) TMI 584

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.... asset against the party. Ld. CIT(A) has erred in allowing relief without proper verification & remand to the AO. " 3. The Assessee is an individual carrying on business of lottery. In the course of assessment u/s.143(3) of the Income Tax Act, 1961 (Act), the AO issued a notice u/s.133(6) of the Act to M/S.Future Plus Enterprise Private Ltd., who replied to the AO that the Assessee had made a security deposit to the tune of Rs. 43,74,312/- to M/s. Future Plus Enterprise Private Ltd. The assessee was issued a show cause letter asking an explanation regarding the security deposit. The Assessee vide its letter dated nil filed in the office of the AO on 27.3.2015 explained that during the financial year 2011-12, the Assessee had purchased lo....

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....9,00,000 (Cr) Total advance - 80,47,062 (Cr) Less, Trade advance to Future Plus Ent Pvt Ltd : 43.74,312 (Dr) Advance from party as per balance sheet : 36,72,750 (Cr) 4. The AO after making an observation in the order of assessment that the explanation and clarification, offered by the assessee, is not upto the mark and does not contain adequate grounds added the sum of Rs. 43, 74,312/- as undisclosed income of the Assessee. 5. Before CIT(A), the Assessee reiterated submissions made before the AO and further submitted that the AO without investigating the stand taken by the Assessee has made the addition and the same should be deleted. 6. The CIT(A) agreed with the submissions of the Assessee and deleted t....

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....ppellant is depicting the gist of the account advance from parties for your kind note and records. Trade Advance from Party . 51,47,062 (Cr) Advance from husband 29,00,000 (Cr) Total advance - 80,47,062 (Cr) Less, Trade advance to Future Plus Ent Pvt Ltd : 43.74,312 (Dr) Advance from party as per balance sheet : 36,72,750 (Cr) The details submitted have been verified and cross checked with the Balance Sheet and thus I find force in the contention of the appellant and the amount of Rs. 43,74,312/- added back by the AO is deleted ." 7. Aggrieved by the order of the CIT(A), the revenue has filed the present appeal before the Tribunal. I have heard the submission of the learned DR and the....