TaxTMI 
TaxTMI 
2025 (10) TMI 211
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....x Act, 1961 ('the Act' in short), relating to the Assessment Year 2022-23. 2. The Revenue has raised the following grounds:- 1. "In the facts and on the circumstances of the case and in law, the Id. CIT(A) has erred in deleting the addition of Rs. 1,47,31,479/-u/s.69A of the Act being unexplained money without considering the incriminating documents found & seized during search and without appreciating the meticulous findings of the AO". 2. "The Ld.CIT(A) has erred in law and on facts in deleting the addition of Rs. 4,79,773/- made by the AO on account of interest received from unsecured loan of Rs. 1,47,31,479/- given to the entity M/s Astron Paper & Board Mill Ltd. and it's related persons." 3. "In the fa....
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....the order of the Assessing Officer and on the other hand, the Ld. AR supported the order of the Ld. CIT(A). Addition u/s. 69A on account of unsecured loan - Rs. 1,47,31,479/- Interest on unsecured loan/advances - Rs. 4,79,773/- 7. During the search, certain digital evidence including a WhatsApp message titled "ASTRON INT A" from the mobile phone of Shri Ramakant Patel and a document from the residence of Shri Karsanbhai Patel were found and relied upon by the Assessing Officer to make additions in the assessee's case. The Assessing Officer held that the assessee had advanced an unsecured loan of Rs. 1,47,31,379/- and charged interest of Rs. 4,79,773/-, treating it as unexplained money under Section 69A of the Act. The Ld. CIT (A) held....
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....ablish that the assessee is the actual owner of the alleged unexplained money. In the absence of any credible or corroborative evidence establishing ownership, the burden of proof could not have been legitimately shifted to the assessee. Therefore, we are of the view that the addition is based only on guesswork and unsupported assumptions. We, therefore, find no reason to interfere with the order of the Ld. CIT(A) in this regard. Addition u/s 69A on the basis of digital data/docs - Rs. 2,16,50,000/- 8. The Assessing Officer made an addition of Rs. 2,16,50,000/- u/s 69A based on documents and digital data seized from third parties, specifically an Excel file titled "General new" and handwritten diaries found with AGL Group personnel. T....
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....,000/- nor correlated and matched with the screenshot of Maitresh Mehta. Thus, the A.O. has partly and selectively used one part of the document to substantiate his findings that the said excel file is matching with the snapshot of Mr. Mehta by completely ignoring or suppressing the effect of the other sums. It is settled law that a document has to be read as a whole and not in bits and pieces. No complete money trail is established by bringing cogent, reliable evidence on record much less any money trail establishing that the assessee has indeed given such money and in return has received such interest. The observation of A.O. that the same is clearly matching with screenshot produced in para-5 of the assessment order, but the fact on reco....