2025 (9) TMI 516

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....s conducted in Jindal Bullion Ltd (JBL) Group on 05.01.2017. During course of search, digital data maintained in a software called 'Hazir Johri', was seized at the residential cum business premises of Shri Kusharg Jindal (promoter and director of JBL) at Plot No.25, Vaishali Enclave, Pitampura, Delhi, in a dongle (Seized as Annexure A-25, Party No JKR vide Panchnama dated 08.01.2017). The digital data pertains mainly to financial years 2014-15, 2015-16 and 2016-17. The analysis of the said soft data clearly showed that JBL had been systematically engaged in cash transactions with a number of entities, mostly bullion traders and jewellers. The JBL books of accounts as maintained in the 'Hazir Johri' software, contained both cash transactions of JBL as well as its transactions through banking channels. The transactions through banking channels are reflected in the Tally books of accounts of JBL whereas the cash transactions are not reflected in the same. The returns of income have been filed by JBL on the basis of books of accounts maintained on Tally software. 3.1. On perusal of the said data, it reveals that the ledger account(s) found with code name(s) 'Thekedar' wherein so....

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.... DCIT" ITA 3031/Del/2022, dated 28.02.2025, allowed the Appeals of the Assessee. 7.2 The Delhi Bench of the Tribunal in the case of Anoop Kumar Soni vs. DCIT in ITA No. 1641/Del/2021 vide order dated 2.8.2023, adjudicated almost similar facts related to search on JBL, the Tribunal held that since the ledger found during the search "AP" contains the entries of parties other than assessee, then said ledger cannot be said to be belonging to assessee and addition made on the basis of assumption was deleted. 7.3 Similar view was taken by this Tribunal in the case of Surender Kumar Jain in ITA No. 1314/Del/2023 dated 07.03.2024 arising out of search in the JBL, wherein it was held that entries in the Hajir Johri ledger of M/s. JBL, supposedly involving M/s. S.K. Impex, do not prove actual transactions without corroborative evidence such as bills or invoices. 8. Learned Authorised Representative for the Department of Revenue submitted that name of assessee appears in ledger maintained in the seized digital data as 'Thekedar'. Ld. CIT(A) has upheld the order of Ld. AO. 9. From examination of record in light of aforesaid rival contentions, undisputedly, it is crystal clear that ....

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....transactions of various other unrelated parties with the assessee and that the employee of JBL had recorded all the transactions against assessee's name. Admittedly, the entries reflected in the said software pertains to other unrelated parties with the assessee. Admittedly, the said ledger is a combined ledger account of various transactions pertaining to other unrelated parties with the assessee and contains few transactions pertaining to the assessee. However, there is no concrete material brought on record by the lower authorities to implead assessee with all those transactions. Even for the transactions where assessee's name was mentioned, the revenue was not able to bring any corroborative evidence to prove the nature of such transaction. Hence it could be safely concluded that the assessee had given a plausible explanation about the contents of the said software. Furthermore, as rightly pointed out by the Ld.AR, there is no corroboration of those entries with the bills / vouchers sales, stock registers etc. showing the cash sales to prove that the alleged cash sales belong to the assessee. Hence those entries cannot be relied upon for making an addition in the hands of the a....

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....sessment order would reveal that in the remarks column various acronyms have been used against different transactions such as JD, KCX, RBG Overseas, KMTY, Oven AJ, JBL Coins, Oppo Mobile, Satia, Ishaan, Anshul, Vinod 8676, Guddu etc. These abbreviations Page | 9 ITA Nos. 2613 & 2614/Del/2022 Sachin show that the transaction recorded is neither through bank nor cash because since specific acronyms have been used, these transactions cannot be inferred to be pertaining to the assessee even if it is presumed with account AP belongs to the assessee. 32. Hence, keeping in view, the entire factual matrix of the case, we hold that no addition is warranted in the case of the assessee. In the result, the peak credit theory set out by the ld. CIT(A) would also become infructuous. The appeals of the assessee on this ground are allowed and accordingly the appeals of the revenue are liable to be dismissed." 15. Similar view was taken by this Tribunal in the case of Surender Kumar Jain in ITA No. 1314/Del/2023 dated 07.03.2024 arising out of search in the JBL, wherein it was held that entries in the Hajir Johri ledger of M/s. JBL, supposedly involving M/s. S.K. Impex, do not pro....