TaxTMI 
TaxTMI 
2024 (7) TMI 91
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.... for the sake of convenience. A search and seizure operation u/s 132 of the Income Tax Act, 1961 ('Act' for short) was conducted on 16/10/2019 at the residential as well as office premises of various persons including the Assessee. A notice dated 23/03/2021 u/s 153A of the Act was issued after recording the satisfaction note for reopening of case u/s 153A of the Act beyond six years and served upon the assessee require him to file his return of income in respect of the assessment year under consideration. In response, the assessee has not filed the return u/s 153A of the Act. It is found by the A.O. that the assessee had filed his return of income u/s 139 of the Act on 30/07/2012 declaring income of Rs. 12,45,980/-, therefore, notice u/s 142(1) of the Act was issued to the assessee. As the assessee has not complied with the notice, the income of the assessee was assessed u/s 153A(1) (b) read with Section 144 of the Act on total income of Rs. 1,49,85,980/- by making addition of Rs. 1,37,40,000/- u/s 69 of the Act on account of unexplained investment of the assessee. Various additions have also been made against the Assessee for Assessment Year 2013-14 to 2018-19 u/s 153A (1)(b) of t....
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....2(4) of the Act and during the post search enquiries, the said Sh. Ramesh Kumar Goyal has given his statement on oath u/s 131(1A) of the Act. Based on the statement made u/s 131(1A) of the Act coupled with the diary seized during the search conducted u/s 132 of the Act from the custody of Sh. Ramesh Kumar Goyal, the above addition has been made in the hands of the Assessee which has been confirmed by the Ld. CIT(A). 7. The Ld. Counsels for the assessee vehemently submitted that the Ld. CIT(A) has erred in confirming the addition made on the basis of a diary found at the premises of Shri Ramesh Kumar Goyal by applying peak credit theory without appreciating that the seized diary found from the premises of the 'third party' and was not in the handwriting of the assessee. The assessee has specifically denied having any transaction with Sh. Ramesh Kumar Goyal while giving statement u/s 132(4) of the Act. Apart from the same, no such alleged seized diary as copy was given to the assessee and no opportunity of cross examining of Sh. Ramesh Kumar Goyal has been given to the assessee despite of specific request made by the assessee. Therefore, submitted that the addition made based on t....
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....as not confronted to the Assessee and the statement of the assessee was recorded u/s 131(1A) of the Act but not u/s 132 of the Act. The assessee has denied having any business transaction either by cash or cheque with said Sh. Ramesh Kumar Goyal. Though the authorities have heavily relied on the statement of the third party i.e. Sh. Ramesh Kumar Goyal, no opportunity of cross examination has been given to the Assessee even though the Assessee has specifically sought for opportunity to cross examine the said Sh. Ramesh Kumar Goyal vide letter dated 12/11/2020 which is placed at Page No. 77& 78 of the paper book. Further while framing the assessment in the case of Sh. Ramesh Kumar Goyal, it has been held that in view of provision of Section 278D read with Section 132(4A) of the Act, the onus was one Sh. Ramesh Kumar Goyal to substantiate the contents of the diary which could not be proved, therefore, entire addition mentioned in the diary has been made in the hands of Sh. Ramesh Kumar Goyal including the amount which is the subject matter of the present addition made in the hands of the assessee. It is well settled law that the same income cannot be taxed twice. As the entire additio....
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....ssessee in ITA No. 1861/Del/2023 is partly allowed. ITA No. 1862/DEL/2023(Assessee) and ITA No. 2038/Del/2023 (A.Y 2014-15) (Revenue) 18. The Ground No. 1 and its sub Grounds of the Assessee's Appeal are regarding addition made by the A.O. based on the diary found at the premises of third party which has been partly confirmed by the Ld. CIT(A) by applying peak credit theory. 19. The Revenue in its Ground No. 1 to 4 challenged action of the Ld. CIT(A) in restricting the addition made on account of unexplained receipts and payment in cash from Sh. Ramesh Goyal by applying the peak credit theory. 20. We have already held in the case of the Assessee for AY 2012- 13 that the addition made on the basis of diary found at the premises of third party cannot be sustained and deleted the addition made by the A.O. Since there is no change of facts and circumstances, by applying the very same findings and conclusions, we allow the Ground No.1 and its sub grounds of the Assessee. 21. Ground No. 1 to 4 of the Revenue are regarding deleting the partial addition made by t he A.O. on account of unexplained receipts and payments in cash from/to Ramesh Goyal by applying the theory of pe....
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....0/- was made by the AO on account of unexplained expenditure u/s 69 of the Act. 29. During the appellate proceedings the Ld. CIT(A) restricted the addition to Rs. 1,00,000/- for advance paid for vehicle booking and deleted the rest of the addition in following manners:- "The appellant submitted during the appellate proceedings that Innova Car was booked by giving an advance of Rs. 1,00,000/- in cash on 11.07.2014 to M/s Thirty Six Toyota dealer and same is recorded in the books of account. The receipt issued by M/s Thirty Six Toyota dealer was also found and seized at Page 11 of A-1. The appellant dropped the idea for purchase of the said Car and accordingly requested to M/s Thirty Six Toyota dealer to transfer the booking in the name of Mrs. Roma Grover w/o Shri Sanjeev Grover R/o House No.1232, Sector-14, Faridabad (family friend) who was also interested in buying the said vehicle in order to avoid the waiting time. Accordingly, the appellant got the refund of Rs. 1,00,000/- from M/s Thirty Six Toyota on 17.10.2014 through cheque and the said proceeds have been credited to the bank account of the appellant maintained with HDFC Bank Account No.06191000034512. It was co....
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....urchase of the said vehicle and requested the dealer to transfer the booking in the name of M/s Roma Grover wife of Sanjeev Kumar who was also interested to buy the said vehicle which has been done in order to avoid the waiting time. It is found that the assessee has also got the refund of Rs. 1, 00,000/- through cheque which has been credited to the HDFC Bank account of the Assessee which can be corroborated from the seized document marked as Page A-1/12 where the application of such transfer of booking of car was made by the assessee and also from the ledger account where the advance of purchase of car have been recorded which is placed at Page No. 27 of the Paper Book. Considering the above facts and circumstances we delete the addition of Rs. 1,00,000/- sustained by the CIT(A) on account of advance booking. 31. In so far as deletion of the addition of Rs. 14,00,000/- is concerned, it is seen from the record that the Ld. CIT(A) while deleting the addition observed that the transaction of Rs. 5,50,000/- on account of purchase of Maruti Car pertaining to Sh. Digvijay Singh son of the Assessee who is a separate assessee and separate proceedings u/s 153C of the Act has been initi....
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....during the appellate proceedings that he advanced Rs. 50,00,000/- to M/s Supra Finance mentioned on Annexure A-3/ Page 2 was given through RTGS from SBI, Faridabad Saving Account No.55005678494. The said advance was accounted for in the regular books of account and out of declared bank account of the appellant. The appellant in the assessment proceedings filed the statement of affairs and bank statements on which the said transaction was reflected. The appellant further explained that the appellant has charged interest amounting to Rs. 3,64,380/-in the assessment year 2014-15 and Rs. 4,74,660/- received interest in the financial year 2014- 15 relevant to assessment year 2015-16 which is duly shown in the computation of income and paid the taxes due thereon. It was submitted that interest rate of 2% was nowhere mentioned in any of the seized document and the AO has made addition of Rs. 20,00,000/- purely based upon presumption and without any basis. After looking into facts and circumstances of the case, it is observed that the appellant had given loan of Rs. 50,00,000/- to M/s Supra Finance through his bank account received the same back in his bank account. It was explain....
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....sessment proceedings, upon perusal of seized documents Annexure-A1/ 73, it was observed by the A.O. that the Assessee had advanced a loan of Rs. 22,00,000/- to Sh. Beju Thakur during the year under consideration. The Assessee could not furnish any satisfactory explanation in respect of such loan before the A.O. Therefore, the addition of Rs. 22,00,000/- was made by the A.O. on account of unexplained loan u/s 69 of the Act and also added Rs. 2,25,000/- on account of interest income, which has been confirmed by the Ld. CIT(A). 42. The Ld. Counsel for the Assessee vehemently submitted that the addition of Rs. 22,00,000/- made on account of unexplained investment based on the loose paper found during the course of search from the Assessee and Rs. 2.25 lacs made on account of interest on presumption basis on the said investment. The addition has been made purely on surmise and conjunction based on the loose sheets, wherein certain amounts have been jotted and there is no corroborative material/evidence on record to conclude that such document has materialize into transaction giving rise to income of the Assessee which had not been disclosed in the regular books of accounts of the Ass....
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....e a receipt in the absence of any cogent material to support the factum of actual receipt. 48. The Hon'ble Jurisdictional High Court in the case of CIT, Delhi Central-II Vs. D. K. Gupta 174 Taxman 476 upheld the order of the Tribunal wherein it was held that ad-hoc/dumb documents without any corroborative evidence/finding that the alleged documents have materialized into transaction cannot be deemed to be the income of the Assessee. The relevant part of the judgment is reproduced herein under:- "The tribunal returned a finding of fact that there is no corroborative or direct evidence to presume that the notings / jottings had materialized into transactions giving rise to income not disclosed in the regular books of accounts. 4. Consequently, the tribunal upheld the findings of the Commissioner of Income-tax (Appeals) and agreed with the view taken by the latter that the assessee was liable to tax only on those receipts which had been proved to be income in the hands of the recipient. As a result thereof, the tribunal found no reason to interfere with the findings recorded by the Commissioner of Income-tax (Appeals) on the ground that the same were based on vali....
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....ot alone be sufficient evidence to charge any person with liability. It is not enough merely to prove that the books have been regularly kept in the course of business and the entries therein are correct. It is further incumbent upon the person relying upon those entries to prove that they were in accordance with facts; (vi) The court has to be on guard while ordering investigation against any important Constitutional functionary, officers or any person in the absence of some cogent legally cognizable material. When the material on the basis of which investigation is sought is itself irrelevant to constitute evidence it is not admissible in evidence. 50. Considering the above facts and circumstances and the judicial precedents (supra), in the absence of any corroborative evidence, the loose sheet seized during the course of search from the premises of the Assessee which is nothing but a dumb document which did not contain full details about the dates, parties name, absence of signature and in the absence of any corroborative material, could not have been relied by the authorities below. Accordingly, finding merit in Ground No. 2 of the Assessee, we delete the addition o....
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....ssessee. 55. Ground No. 2 is regarding the addition of Rs. 2,25,000/- and Rs. 5, 72,000/- made on account of interest income on the basis of loose sheets pertaining to one Sh. Dharam Chand and Sh. Beju Thakur during the assessment year 2016-17. 56. Based on the above referred very same loose sheets, the addition has been made for AY 2016-17 and the issue has been dealt in detail while deciding Ground No. 2 of Assessee's appeal in ITA No. 1864/Del/2023 and held that in the absence of any corroborative evidence, the loose sheet found during the course of search from the premises of the Assessee which is nothing but a dumb document, which did not contain full details about the dates, parties name, absence of signature and in the absence of any corroborative material, could not have been relied by the authorities below and deleted the addition. Since, there is no change in facts and circumstances by applying the very same finding and the conclusion, we delete the addition of Rs. 2,25,000/- and Rs. 5,72,000/- by allowing Ground No. 2 of the Assessee's Appeal. 57. Ground No. 1 to 4 of the Revenue are regarding deleting the partial addition made by the A.O. on account of unexplai....
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....1 to 4 of Revenue are dismissed. 65. In the result, Appeal of the Assessee in ITA No. 2588/Del/2023 is allowed and Appeal of the Revenue in ITA No. 2815/Del/2023 is dismissed. ITA No. 2589/Del/2023 (Assessee) (A.Y 2019-20) 66. Ground No. 1 in Assessee's appeal is regarding addition of Rs. 22,10,000/- made on account of the loan extended in cash from unexplained source of income made on the basis of document seized during the search marked as A-1/76 and Ground No.2 is regarding the addition of Rs. 1,78,770/- made on account of interest/commission earned by the Assessee on the loan extended from unexplained sources of income 67. Brief facts of the case are that, a search and seizure operation u/s 132(1) was carried out in the case of the Assessee on 16/10/2019. The Ld. A.O. observed that the loan of Rs. 22,10,000/- along with interest/commission is recorded in the documents found and seized during the course of search proceedings from the Assessee. The Ld. A.O. observed that the onus lies on the Assessee to give satisfactory explanation of the transactions recorded in the seized documents as per the provision of Section 132(4A)/ 292C of the Act, accordingly, the A.O. made....
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....tion and the conclusion and applying the said ratio, we delete the above addition of Rs. 44,32,000/- made by the A.O. on account of unexplained loan by allowing Ground No. 3 of the Assessee. 74. Ground No. 4 is regarding the addition of Rs. 1,07,24,750/- made on account of unexplained investment in purchase of jewellery . 75. During the course of search proceedings, various documents were found and seized from the Assessee. On the perusal of the same, it was found that the Assessee has purchased various jewellery items on 27.12.2018 for Rs. 1,07,24,720/-. The Assessee could not explain source of acquisition of the same. It was claiemd by the Assessee that Assessee's father has given 1.5 kg of gold as gift to the Assessee. To substantiate the said claim, an affidavit of Assessee's father has been filed, but not produced his father before the A.O. Thus, the A.O. was of the opinion that the Assessee has failed to substantiate the contents of the affidavit of father of the assessee in respect of gift of gold of 1.5 kg. Accordingly, the Ld. A.O. made addition of Rs. 1,07,24,720/- on account of unexplained jewellery u/s 69 of the Act. 76. During the course of appellate proce....
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....d. AO has made the addition and further confirmed by the Ld. CIT(A) on account of jewellery on the basis of slips/ parchis were found during the course of search The Ld. AO in his order vide Para 8.1, has mentioned the page No. and description, weight and applied estimated rate and worked out the cost of jewellery. The Ld. AO has taken the figures twice in some cases, the return items have also been considered and the working is not correct. In Page No.A-1/78, (Page No.35 of PB) the figures have been Rs. 19,08,547/- whereas the Ld. AO incorporated Rs. 28,08,547/-. On page No.A-1/77, (Page No.36 of PB) the same amount of Rs. 28,09,125/- have taken twice and including in page No.78 also. On page No.A-1/22, (Page No.37 of PB) the return figure have also been incorporated amounting to Rs. 1,08,269/-, Rs. 1,35,478/- and Rs. 1,16,929/-. Similarly on page No.A 1/68, (Page No.38 of PB) the figure of Rs. 53,625/- has been included twice as the same figure is part of the figure of Rs. 66,702/- as reconciled hereunder:- Page Nos. Figures shown in the seized documents Figures estimated by Ld. A.O. Difference Explanation A-1/78 (Page No. 35 of PB) 19,08,547 28,09,125 ....
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....Rs. 1,07,24,720/- during the year under consideration ignoring the fact that during the course of search only jewellery of the value of Rs. 63,80,298/- was found and no purchases were made. The items found have been further valued by the Approved Valuer wherein the valuation report description of jewellery has been given and each item are matched with the slips found during the course of search. The seized slips found in respect of jewellery in possession of the assessee on account of list of exchange of jewellery. The Ld. CIT(A) has on wrong facts confirmed the addition without appreciating the fact that jewellery found during search is the same and no fresh purchase have been made. Copy of the valuation report is submitted and is marked as page No. 42 and 43 of PB." 79. Per contra, the Departmental Representative by relying on the findings and conclusion of the Lower Authorities sought for dismissal of Ground No. 4 of the assessee. 80. We have heard the parties perused the material available on record. It is the case of the Assessee that the A.O. has taken the figures twice in some cases and return items have also been in cooperated and included twice and not properly made ....
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....ses in relation to marriage of his daughter for Rs. 27,17,000/-. Such documents contained transaction or advance payments through cash/cheque. As per the A.O. the assessee has not given any satisfactory explanation regarding source of such payments, thus the A.O. made addition of Rs. 27,17,000/-, which has been confirmed by the Assessee. 83. The Ld. Counsel for the Assessee made following submissions:- "As per seized document A-1/34 (Page No.44 of PB) dated 15.09.2018 amount of Rs. 2,34,000/- to photographer (Arjun Color Lab) have been mentioned. It was clarified before the lower authorities that actually the payment of Rs. 2,41,000/- was made partly through cheque and partly in cash which has recorded in the statement of affairs. The Ledger copy showing the details of the payments to the said person is enclosed and marked as page No.45 of PB. As per seized document A- 1/66 (Page No.46 of PB) amount of Rs. 3,00,000/- plus taxes have been mentioned against FNP Wedding & Events India Pvt. Ltd. It was clarified before the lower authorities that actually the payment of Rs. 5,22,000/- against the tax invoice received from the said company. Entire payments have been ....
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....er allowing the credit of Rs. 8,26,000/-, treated Rs. 21,74,000/- as unexplained expenditure. Admittedly, the Ld. A.O. made the estimation based on the rough quotation. In the quotation, the 1500 packs were mentioned and no rates were mentioned. It is the case of the Assessee that they had invited only 500 guests and the rate settled was Rs. 1,400/- per plate. The company has issued GST invoice of Rs. 8,26,000/- including GST and the payment has been a made by the Assessee through banking channel from his saving bank account with Axis Bank and SBI and the payments have been recorded in the statement of affairs and shown as personal drawings. The Ledger copy of account of the said party along with GST invoice is submitted and is marked at Page No. 47 to 64 of PB and statement of affairs is marked as page No. 65 and 66 of PB. Thus, in our opinion, the authorities have committed error in not considering the above documents while making the above addition. Considering the above facts and circumstances, we are of the opinion that the Ld. CIT(A) have committed error in confirming the addition of Rs. 27,17,000/- on account of unexplained marriage expenses, thus, finding the merit in Groun....
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....(A) erroneously confirmed the addition without any basis. 95. Per contra, the Departmental Representative relied on the orders of the Lower Authorities and sought for dismissal of Ground No. 2 of the assessee. 96. Heard and perused. The Ld. A.O. while making the addition, has only stated that the 'Assessee has failed to explain the manner in which the cash of Rs. 29,78,000/- was derived' and made the addition. It is found from the record that the Assessee vide reply dated 24/09/2021, given explanation which are reproduced as under:- "2. Point No. 2 a) a) Search and seizure action w/s 132 of the Income Tax Act, 1961 was undertaken against the assessee on 16/10/2019 During the course of search action conducted at the residential premises situated at House No. 453-454, Sector-9, Faridabad, cash amounting to Rs. 29,79,400/- was found out of which cash amounting to Rs 29,00,000/- b) During the course of recording of his statement, he had explained the source of cash found and seized. In his reply, he had stated that the cash found from his premises is the accumulation of following:- (i) Cash amounting to Rs. 22.41.205/- was received as Sagans fr....
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....ring the course of assessment proceedings, upon perusal of seized documents, the A.O. observed that the Assessee had advanced loans of Rs. 3,16,18,400/- to various persons during the year under consideration. The Assessee explained that the said documents have been left by some other persons and do not belong to the Assessee. The A.O. was not satisfied with such explanation, therefore, the addition of Rs. 3,16,18,400/- was made by the A.O. on account of unexplained loan u/s 69 of the Act. Further, addition of Rs. 6,17,350/- was made on account of interest earned from such loans. 99. The Ld. Counsel for the Assessee reiterated the contention of the Assessee taken before the Lower Authorities and further submitted that the additions have been made on presumption basis applying two percent per month interest rate and the same has been made based on the dumb document seized during the course of search. The additions have been made purely on surmise and conjectures without there being any corroborative evidence. 100. Ld. Counsel has made following arguments by explaining the seized document:- "presumed the figures as interest and applied 15% interest and worked out amount....
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.... 15% have been worked at Rs. 2,722/- "SP" means Shiv Poojan Proprietor of M/s SP Engineering who is tenant of Mrs. Kanchan Khatana, wife of the assessee as per seized documents A-1/19b, the figure of Rs. 201590/- has been mentioned which has been shown as rental income on which service tax @ 15% have been worked at Rs. 20,269/- and she has received and declared the rental income in her return of income for the respective Assessment Years In support of the above arguments, copy of the rental agreements, placed as page No.46 to 80 of PB. Computation of income, of the assessee Page No 81 to 118 of PB) The computation of income of the wife of the assessee page Nos. 119 to 149 of PB. It would not be out of place to mention here that all these documents along with the explanation was filed before the Ld. AO and Ld. CIT(A) but both the authorities, have not considered and the Ld. AO presumed the figures as interest, grossing up the hypothetical principal figure and made high pitched addition without any basis and same is unlawful and illegal which is further confirmed by the Ld. CIT(A) by mentioning wrong facts in his order." 101. Per contra, the Departmental....
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....roduced during the appellate proceedings. Further submitted the payments have been made either through cash or banking channels which have been duly reflected in the statement of affairs, the Assessee had also produced cash flow statement and ledger account of building renovation, bank account from which payment have been made and explanation has been given to each seized document, but the lower authorities have out-rightly rejected the submission of the Assessee. Therefore, submitted that addition made by the A.O. which has been confirmed by the Ld. CIT(A) is liable to be deleted. 108. Per contra, the Departmental Representative relying on the findings of the Lower authorities sought for dismissal of the Ground No. 4 of the Assessee. 109. We have heard the parties perused the material available on record. During the assessment proceedings, the Assessee give a detailed explanation of each of the seized document marked as Annexure-A1 in following manners:- 110. It is observed that the Serial No. 1 to 12 pertains to assessee for renovation of house property; the payments have been made either through cash or banking channels which are reflected in the statement of affairs wh....
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....ccounts have duly been reflected in the return of income and statement of affairs of the Assessee and his son and same has been shown as personal withdrawal from the capital account. Considering the above facts and circumstances, we delete the addition of Rs. 1,46,050/- by allowing Ground No. 5 of the Assessee. 114. In the result, the Appeal of the Assessee in ITA No. 2970/Del/2023 is allowed. Order pronounced in the open court on 28th June, 2024 ============= Document 1 ENP Wad, नेपू हिमाल - ②3 1/1/160 22- - 14000 572000 Rel... Mara 4-1-May Вм Total - 27 SE 1.25400 Total. 29.11 Document 2 9,32 1440 76 1102 12000 732, 46, 00000 x 12,76,00 3.0 34 Тур Cont Mobii hone No 18.00% GST CANCELLATI IN CASE OF CAN ADVANCE WOU Advance Document 3 A-1134 (44) flrjun COLOR LAB Luxury Wedding Photography 1-K/32A, (KALYAN SINGH CHOWK) N. I. T. FARIDABAD [M]: 9810802105, 9310802105 W.: www.facebook.com/arjunlab ESTIMATE ONLY Name: Add.: [M]: Total: 242000/= Advance - ....
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....AO has made entire amount of renovation work, Isale of Patanjali store assets amounting to Rs.45.24,810/-added to the income of the assessee u/s 69 on account of unexplained expenditure. During the course of the assessment proceedings, the assessee submitted to the Ld. AO that minor repairing and renovation work was carried out at House No.453-454 for which several quotations/ proforma invoices for different works like repairing of tiles, granite, doors, plumbing etc. have been obtained different vendors. It was also submitted that the assessee has incurred certain expenses towards repair and renovation through cash as well as banking channels and recorded these expenses in the books of account and reflected in the statement of affairs filed before the Ld. AO for the year under consideration. The detailed explanation of each document mentioned in the Annexure Al containing the nature and the treatment of the said expenses in the hands of the assessee.. S.No. Document. 1. reference. A-1/79 Particulars. Venezula (1200 Rs.490/- Date Amount s..@ 06.07.2019 Rs.7.85,610/ The proforma invoice for tiles has been rec....
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....ghtly rejected the contention of the assessee without any reason. The said copy of account is submitted herewith for your kind perusal. A-1/70 & 71 Steel Grill @ 400/- per KG x 734 KG (453-Sec.9) Rs.2,93,600/ Only quotation/ estimates has been received by the assessee and no work has been executed on this account. 7. A-1/62 8. A-1/59 Luxury Door Luxury Slider & Door 08.09.2019 08.09.2019 Rs.7,764/- Rs.2,79,762/ 9. 10. 11. 12 The proforma invoice for Luxury Door and Luxury Slider Door for Rs.2,87,526/- against that the assessee has executed the said work for which an amount of Rs.2,80,000/- has been made through banking channels. During the course of assessment proceedings, the details of payments and copy of account of Sliding Door has been submitted before the Ld. AO but he out- rightly rejected the contention of the assessee without any reason. Further submitted that the above payments are duly recorded in the books of account and reflected in the statement of affairs for the year under consideration under the head- construction 454 sector-9, Faridabad. The said copy of account is submitt....
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....0/- These transactions related to Patanjali Store run under the name and style of M/s Divine Ayurvedic Products Proprietorship concern of the son of the assessee Shri Digvijay Singh, which was shut down in the year under consideration. On closure of said store, the final payments were made and remaining articles were sold to different Patanjali Stores. All such payments and receipts pertain to Shri Digvijay Singh who has recorded all these transactions in his return of income. The details are explained hereunder:- 13. ShastryJee 14. Sec.91 15 Sec.9 16 Nirat 25 23 17 to Nirat Shastry Jee running business under the name and style of Arogya Jan Sewa Kendra Sector-35, Faridabad. The book value of the racks was at Rs.3,07,900/- against which the Racks were sold as resale for Rs.2,71.037/-. It is pertinent to mention here that the GST has been charged on the said resale of racks under proper invoices and the payments have been received through account payee cheques. The explanation in respect of the same with documentary evidence was submitted to the Ld. AO during the course of assessment proceedings but he has....