2018 (12) TMI 1706

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.... For The Respondent : Shri Clement Ramesh Kumar, Addl. CIT ORDER Per A. Mohan Alankamony, AM:- These appeals by the assessees are directed against the orders passed by the Ld. Commissioner of Income Tax (Appeals)-1, Chennai, both dated 27.09.2017 in respect of Shri V. Ramesh and Shri S. Ramu in ITA No.05/CIT(A)-1/2017-18 & ITA No.04/CIT(A)-1/2017-18 respectively for the assessment year 2006-0....

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....., and M/s. Tallboy Stationeries Pvt. Ltd., and are also Directors in both these Companies, filed their return of income and thereafter the assessment was reopened U/s.147 of the Act and finally assessment order U/s.143(3) r.w.s. 147 of the Act was passed on 17.01.2014 wherein the Ld.AO made addition of Rs. 53,69,803/- in the hands of each of the assessees invoking the provisions of Section 2(22)(....

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....nately added in the hands of both the assessees viz., Rs. 26,84,902/- in the case of Shri V. Ramesh and Rs. 26,84,901/- in the case of Shri S. Ramu. The Ld.DR could not controvert to the submission of the Ld.AR. 5. We have heard the rival submissions and carefully perused the materials on record. We find merit in the contention of the Ld.AR. Adding the amount of Rs. 53,69,803/- in the hands of e....