2016 (8) TMI 1212

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....ANT MR BD KARIA, ADVOCATE WITH MR DARSHAN R. PATEL, ADVOCATE FOR RK PATEL, ADVOCATE FOR THE RESPONDENT ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. Being aggrieved and dissatisfied with the impugned judgment and order passed by the Income Tax Appellate Tribunal, Ahmedabad Bench 'C' (hereinafter referred to as 'the Tribunal') dated 06.07.2007 in IT(SS)A No. 193/Ahd/2003 for....

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.... assessee. Pursuant to the search, the assessee filed return declaring a sum of Rs. 7,90,436/- as total undisclosed income. However, after verification, the return income was filed as NIL. However, the Assessing Officer made additions on account of unexplained advance and receipts of interest, unexplained receipts of funds and unaccounted interest. Accordingly the Assessing Officer determined t....

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....s per the provisions of the Act, any books of accounts and/or documents found in the possession or control of any person in the course of search is presumed to be belonging to such person. He has drawn the attention of this court to findings of the Assessing Officer wherein it is mentioned that receipts of Rs. 57,50,249/- were under recorded in the books of accounts of the firm of assessee. He sub....

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.... sides and having gone through the records of the case, we are of the view that the CIT(A) is justified in deleting the addition. The revenue could not produce sufficient evidence to show that the impugned transactions were made by the assessee. The revenue could not link a single transaction recorded in the loose paper with the business of assessee. The nature of notings wherein amount has been c....