TaxTMI 
TaxTMI 
2021 (8) TMI 121
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....cords carefully perused and with the assistance of the ld. Counsel, we have considered the documentary evidences brought on record in the form of Paper Book in light of Rule 18(6) of ITAT Rules. 4. Briefly stated, the facts of the case are that the assessee is engaged in the business of call centre and real estate. For the year under consideration, return declaring an income of Rs. 91.28 lakhs was filed on 07.11.2007. Return was selected for scrutiny assessment under CASS and accordingly, statutory notices were issued and served upon the assessee. 5. During the course of scrutiny assessment proceedings, the Assessing Officer noticed that the assessee has given an advance of Rs. 1.25 crores to Shri Anil Hoble. The assessee was asked to explain the purpose of such advance. Vide reply dated 24.12.2009, the assessee stated that the advance was given to Shri Anil Hoble for a project at Goa but the same could not be worked out and finally, the amount was refunded in F.Y. 2009-10. The Assessing Officer was of the opinion that the assessee has not been able to prove that it was an advance given for business purposes and, accordingly, added an amount of Rs. 1.25 crores to the income o....
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....ement, which was 58:42, the Assessing Officer came to the conclusion that M/s Paras Buildtech Pvt Ltd has received Rs. 20,06,45,148/- in cash. Since the assessee was recognising revenue on PoCM basis and 38% of the work has been shown to be completed, the Assessing Officer added 38% of the alleged cash receipts of Rs. 20,06,45,148/- and made an addition of Rs. 7,60,17,156/-. 13. The assessee agitated the addition before the ld. CIT(A) and strongly contended that the entire addition made by the Assessing Officer is on presumptions, surmises and conjectures, without any concrete evidence to show that the assessee has actually received some cash. 14. After considering the facts and submissions, the ld. CIT(A) observed that "I have gone through the assessment order and found that there is no reference in terms of Annexure or page number on this document. It seems that the Assessing Officer has derived it from somewhere, as this document, per se, is not available." 15. Referring to the statement of Shri Kamaljit Singh, the ld. CIT(A) found that Shri Kamalji Singh has specifically mentioned in his reply that whatever payment is received from M/s Paras Buildtech Pvt Ltd has been ....
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....nd that Rs. 2,56,08,650/- was deposited in cash In the said account. Out of this amount, the assessing Officer vide order sheet entry dated 29.12/2009 acknowledged that only cash deposits to the tune of Rs. 27,80,000/- remained unexplained, for which a show cause notice was given to the appellant. Furthermore, the same was explained by the appellant by filing requisite documents/affidavits, and the AO did-not give any reasons for rejecting the same. Hence, this evidence, could not have been used by the AO." 17. On the issue of loose sheets, observations of the ld. CIT(A) is worth mentioning which is as under: "13.9 Coming to the loose sheets impounded during the course of survey operations in the premises of Shri Jaspal Singh and Shri Kamaljeet Singh, the- AO used loose sheet no. 30 of Annexure A-l for making the addition. As pointed out by the appellant, documents with such frequent and large / extensive mistakes of facts and figures relating to sold / unsold units, the area sold, the rates agreed to be charged (as per BBAs) could not have been prepared by it. Statements with so many mistakes could not have served any body's purpose. It could not have served the pu....
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....l Total sale Total Sal Total Rec Sale Difference Site no. of Cheque Amount. Rate Site Rate Amount received Balance Amount as in total sale receivabl per Cheque amount and per Sq in Cash & e as on B*C) cheque ft Cheque till Dec.08 (in lacs) (in lacs) Dec.08 receipt i.e cash receipt (E- H) A B C D. E F G H I 4 1551 8850 U450 17758950 169.72 7.80 13726350 4032600 1276 3000 7250 9251000 54-23 38.28 3828000 5423000 6 2095 7000 7500 15712500 106.53 50.60 14665000 1047500 8 * Ùˆ 2095 7000 7500 15712500 150.86 6.27 14665000 1047500 10 2095 8400 12000 25140000 37-00 214.40 175980 00 7542000 12 2091- 6400 12820 26806620 261.30 6.69 13382400 13424220 Document 2 15 980 5500 10500 10290000 98.20 4-70 5390000 4900000 17 1312 3000' 7250 9512000 55-76 39-36 3936000 5576000 18 1310 3770 | 10230 13401300 133-96 4938700 8462600 *19 0 0 0 20 1884 ....