2014 (11) TMI 1193

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....ment year 2009-10. These appeals were heard together and they are being disposed of by this common order, for the sake of convenience. 2. We have heard the rival contentions and perused the record. We notice that the AO, in all these cases, rejected the books of accounts of the assessees and estimated income at 1 per cent of the total turnover, by following the view taken in assessment year 2008-09. The background relating to rejection of books of accounts in the assessment year 2008-09 are set out in brief. The department carried out search and seizure action in the case of Shri Pravin Kumar Jain Group. During the course of this operation, it was noticed that Shri Pravin Kumar Jain, its associates concern are engaged in the activities o....

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....ssessee company were either brought on record or were available to substantiate the allegation of providing accommodation bills, only because one Shri Pravin Kumar Jain in his statement has accepted of providing accommodation bills cannot ipso facto make the assessee company also to be engaged in the same kind of business. We have also perused the audited statement of accounts filed by the assessee. On a careful consideration of the balance sheet, we find that there are unsecured loans to the tune of Rs. 8,01,00,000/-. The genuineness of which has not been doubted by the AO. Under the head 'Current assets" Loans and advances, there is an item of VAT receivable amounting to Rs. 16,738/- which has also not been questioned by the AO and th....

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....ed, the additional ground raised by the assessee for allowability of expenses against commission has become infructuous, therefore need not be adjudicated separately". Thus, it is seen that the Tribunal in assessment year 2008-09, being the year of search, did not agree with the view entertained by AO and accordingly deleted the income estimated by rejecting the books of account. The Ld A.R submitted that the additions made in all the three cases under consideration in AY 2008-09 has been deleted by the Tribunal on identical reasoning. The year under consideration is the year succeeding the year of search. Further the AO has not brought any other material on record except placing reliance on the assessment orders passed in AY 2008-09, wh....