2018 (11) TMI 588

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....A.Y. 2008-09 2. The grounds raised by the assessee are as under: "1. On the facts and in law, the Hon. CIT (A) erred in confirming the addition of Rs. 1,01,00,000/- on the basis of entries on seized paper no. 6 of bundle 2, seized from the residence of the appellant in the course of search and seizure action u/s 132, holding the appellant to have advanced the said amount as interest bearing loan, which not being the case the addition is not justified. 2. On the facts and in law, the Hon. CIT (A) erred in confirming the addition of Rs. 38,217/- as alleged interest income for the year under appeal on the basis of entries noted on seized paper no. 6 of bundle 2. 3. Your appellant craves leave to add, alter, amend, delete and/or vary any....

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....ce and finally the AO also noted that in the said sheet the amounts were mentioned by removing three zeros meaning thereby that Rs. 5 lakhs was written as Rs. 5,00/- and Rs. 10 lakhs was written as Rs. 1,000/-. The assessee also submitted during the course of assessment proceedings that he is connected with a number of charitable trusts and the assessee acts as mediator for the resolution of disputes to his community people and the said document may belong to any of the said disputes and thus might be belonging to the people who came to him for arbitration in the dispute. Finally the AO added a sum of Rs. 1,01,00,000/- on the ground that the said sheet paper clearly showed that assessee has invested by way of advancing loans and partly in i....

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.... the details whereof is given in para 6 of the affidavit filed by the assessee a copy of which is attached from page No.159 to 162. The Ld. A.R. submitted that the assessee is associated with the charitable bodies as president/secretary/treasurer/trustee/director or as member. The Ld. A.R. also pointed out that the assessee has filed an affidavit stating therein that what has been stated at the time of search as regards the said seized document has been putforth by way of a sworn document wherein the assessee again disowned the said paper and it was argued vehemently that the addition of Rs. 1,01,00,000/- may kindly be deleted as the said document is a dumb document and does not contain the name of the assessee or is written in the handwrit....

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....d including the seized documents. We find that the documents seized from the possession of the assessee contains calculations of interest mentioning therein the amount, rate of interest, period and amount of interest. The authorities below had tried to decode the contents of the document by coming to the conclusion that the last three digits were removed from the amount and various amounts were mentioned by deleting the last three zeros. For example, Rs. 1,00,000/- has been mentioned as Rs. 100/- and Rs. 5,00,000/- has been mentioned as Rs. 500/-. We further observe that the said document does not state whether the amounts stated therein are the loans given or accepted by the assessee. We also find that the assessee has denied or disowned t....