TaxTMI 
TaxTMI 
2019 (10) TMI 255
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....ch evidencing the advancing of cash loans by the assessee outside his books of account. 3. Briefly stated, the facts of the case are that a search and seizure action u/s.132(1) of the Income-tax Act, 1961 (hereinafter called 'the Act') was taken against Kalani group of cases on 02-02-2011. The assessee is member of the Kalani group. During the course of search, certain incriminating documents were found. Some of such documents, which formed the bedrock for the addition in the instant assessment, are certain loan receipts/cheques issued by certain parties found at the premises of the assessee. The Assessing Officer (AO) sought explanation of the assessee qua these loan receipts/cheques and made the addition on not being satisfied with ....
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....Mohinder T. Kalani, with closing balance at Rs. 10.60 lakh, which was being shown from the A.Yrs. 2005-06 to 2011-12. Out of total cheques of Rs. 22.00 lakh, cheques totaling Rs. 14.00 lakh were in the name of Mr. Mohinder T. Kalani. Since the remaining cheques of Rs. 8.00 lakh were payable to self, the AO made addition for such Rs. 8.00 lakh in the hands of the assessee, which came to be affirmed in the first appeal. 6. The ld. AR submitted that in sofaras the case of advancing loan to M/s. Govind Ram & Sons is concerned, it was admittedly a loan given by Mr. Mohinder T. Kalani. He further submitted that an addition on this score concerning the cheques in his name was made in his hands, which was challenged before the Tribunal. Placing ....
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....en recorded on pages 6 and 7 of the assessment order. The AO got convinced with the genuineness of the transactions in respect of cheques from Sl. Nos. 9 to 15 and did not make any addition on that score. Against Cheque at Sl. No.16 again he did not make any addition. He, however, added Rs. 1.08 crore towards cheques at Sl. Nos. 6 to 8 and 17 to 20 by noting that the assessee's contention of Mr. Naresh J Karda of Karda Constructions inadvertently forgetting these cheques at the premises of the assessee, was without force. The ld. CIT(A) affirmed the addition. 9. Having heard both the sides and gone through the relevant material on record, it is found as an admitted position that cheques amounting to Rs. 1.08 crore issued by M/s ....
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....is undisclosed income along with certain other income, the benefit of such a portion, which has not been allowed for the preceding year, is now available to be adjusted against the income for the current year. Thus, the extent of the benefit of telescoping for the year would be Rs. 22,06,750/- as against the addition of Rs. 1.08 crore. We, therefore, sustain the addition of Rs. 85,93,250/- (Rs. 1.08 crore minus Rs. 22,06,750). 12. The next addition is of Rs. 10.00 lakh on account of cheques found as having been issued by Mr. Manohar B.Sadhwani and another addition is of Rs. 5.00 lakh on the basis of cheques issued by Mr. Baldeva and found from the assessee's premises. The AO made addition totaling Rs. 15.00 lakh on the basis of such c....
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.... D. Kalani on behalf of Deejay Distilleries P. Ltd. affirming that he received cash loans to this extent. Since such loans were not recorded in the books of account of the assessee and there is direct evidence available showing the advancing of such loans, in principle, such amounts need to be added to the total income of the assessee. 17. However, the ld. AR submitted that Mr. Pradip D. Kalani offered Rs. 5.00 lakh in relation to transaction depicted at page 98 of the paper book in his own return of income for the A.Y. 2011, which if taxed, would amount to double taxation. The ld. DR objected to the same. 18. We are not convinced with the argument of the ld. AR on this score that the addition to the extent of Rs. 5.00 lakh should be ....