2026 (3) TMI 1657

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.... Lacs. The aforesaid appeals were heard along with other appeals of the assessee-group. The lead order has been passed by us in the case of Shri Arvind Kumar Aggarwal (ITA Nos. 343/Chandi/2025 & ors.). It was admitted position that facts as well as issues, qua this addition, are pari-materia the same and therefore, our adjudication therein would equally apply to all these appeals. In the above background, the appeals are disposed-off as under. 2. The impugned addition stem from search action by the department on assessee-group on 21-03-2017. The assessment for AY 2013-14 has been framed U/S. 153A(1)(b) r.w.s. 143(3) of the Act. During search on residence of assessee's husband, Shri Arvind Kumar Aggarwal, a Neelgagan Diary was found which....

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....hri Sachin Aggarwal (one of partner of M/s C.M. Jewellers). However, Ld. AO rejected the same on the ground that the assessee owned up the transactions in recorded statement U/S. 132(4). Further, at few places in the dairy, the signatures of the assessee were found. Therefore, the presumption of Sec.292C that the contents of the diary were true and the document belonged to the assessee, was raised against the assessee to make impugned addition in the hands of the assessee. We concur with these findings of lower authorities. Considering the facts that the assessee was engaged in money lending business and the diary was found from the residence of the assessee, the conclusion of lower authorities, in this regard, could not be faulted with. Th....

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....ned loans in thousands of rupees only. The investigating officer also recorded the statement of all the parties who have confirmed these transactions. All the parties denied allegation that the figures in the diary were missing by two zeros and instead confirmed the contents of the dairy. When the assessee as well as party to the transitions admitted true details of the transaction between them and all denied the figures to be missing by two zeros, Ld. AO could not ignore the same and proceed to make addition as per his own assumptions / presumptions. The assumption made by Ld. AO was a hypothetical assumption only without there being any basis or any concrete material on record to support the same. 8. The Hon'ble Apex Court, in th....