2023 (1) TMI 1512

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....held on 30.07.2021, we find that the issues involved for the A.Y. 2012-13 viz. disallowance u/s 14A deemed dividend u/s 2(22)(e) and addition on account of silver can be dealt independently and hence the grounds for the A.Y. 2012-13 are being ad judicated in the instant order. The grounds for the Assessment Year 2010-11 involve other issues and hence the separate ad judication would be required . 2. The Revenue has raised the following grounds of appeal: "(a) On the facts and in the circumstances of the case, the Ld. CIT(A) had erred in law and facts in deleting the disallowance u/s 14A read with rule 8D of the Income Tax Rules ignoring the fact that the provisions of section 14A are mandatory . (b) On the facts and in ....

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.... Dividend u/s 2(22)(e): 4. At the outset, we find that this matter stands covered by the order of the ITAT in the assessee's own case in ITA No. 3561/Del/2016 for A.Y. 2011-12. 5. We have gone through the facts on record, the ld. DR could not get anything contrary to the view taken in the earlier year. The business operation of the assessee and the transactions remains similar in nature Hence, in the absence of change in the legal proposition, the addition made by the AO is directed to be deleted. The order of the ld. CIT(A) on this issue is affirmed . Sale of Silver: 6. The entire part of the Assessment Order on this issue is as under: "During the course of search at the premises of group at Mahavir enclave New Delhi, ....

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.... A-4 the total of credit side is Rs. 8,52,38,000/-. The cash book submitted by assessee was examined for the period under consideration that is from 17th November 2011 to 31st March, 2012. It was found that the total cash sale during the period was Rs. 6,25,19,994/- thus there was difference of Rs. 2,27,18,006/- between the figure of sale mentioned in the diary Annexure A-4 and as shown in the sale ledger. The assessee could not explain the difference satisfactory Therefore, it is held that amount of Rs. 2,27,18,006/- represent the undisclosed sale of assessee, which is not entered in the books of account Therefore, the amount of Rs. 2,27,18,006/- is added to the income of assessee as undisclosed sale." 7. The ld. CIT(A) deleted the addi....