ITO, CHITTORGARH V. Sh. Shelendra Jhanwar, CHITTORGARH

ITA 225/JODH/2012

• Counselvise Citation: [2013] 120 COUNSELVISE.COM (IT) 3020 (ITAT-JODHPUR)
• Duration Of Justice: 11 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-05-2013
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 04-03-2013
• Assessment Year: 2008-2009
• Appeal Filed On: 21-05-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: G R KOKANIDR
• Keywords: Business income; Corroborative evidences
• Section: 145

Judgement Text

IN THE INCOME TAX APPELALTE TRIBUNAL : JODHPUR BENC H : JODHPUR BEFORE SHRI HARI OM MARATHA, JUDICIAL MEMBER AND SHRI N.K. SAINI, ACCOUNTANT MEMBER. ITA NO. 225/JODH/2012 ASSESSMENT YEAR 2008-09 ITO, WARD -3 VS. SHRI SHAILENDRA JHANWAR CHITTORGARH VAIDNATHJI KI HAWELI CHITTORGARH PAN NO. ABPPJ 8770 L ITA NO. 226/JODH/2012 ASSESSMENT YEAR 2008-09 SHRI SHAILENDRA JHANWAR VS. ITO, WARD - 3 VAIDNATHJI KI HAWELI CHITTORGARH CHITTORGARH PAN NO. ABPPJ 8770 L (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI SANDEEP JHANWAR DEPARTMENT BY : SH. G.R. KOKANI-DR DATE OF HEARING : 04/03/2013. DATE OF PRONOUNCEMENT : 06/05/2013. PER HARI OM MARATHA: J.M. THE ABOVE-CAPTIONED CROSS APPEALS FOR A.Y. 2008-09 ARE DIRECTED AGAINST THE ORDER OF LD. CIT(A), DATED 27/03/2012. 2 2. BRIEFLY STATED, THE FACTS OF THIS CASE ARE THAT THE ASSESSEE IS CARRYING ON THE BUSINESS OF TENT-HOUSE AND TRADING IN SHARES. FOR THE A.Y. 2008-09, HE RETURNED INCOME OF RS. 2,03,580/- IN HIS RETURN OF INCOME FILED ON 31.07.2008. THE ASSESSEE HAS DISCLO SED INCOME FROM BUSINESS AT RS. 7,349/- AGAINST TOTAL BUSINESS RECE IPTS OF RS.6,00,889/-. HE HAS DISCLOSED INCOME OF RS. 2,40,000/- FROM SALA RY AND INCOME OF RS. 40,093/- FROM OTHER SOURCES. HE HAS ALSO CLAIME D SHORT-TERM- CAPITAL LOSS OF RS. 20,237/-. DURING ASSESSMENT PR OCEEDINGS, THE ASSESSEE HAD FILED A COMPUTATION OF INCOME, IN WHIC H HE HAS CLAIMED LOSS OF RS. 67,686/- FROM SPECULATIVE BUSINESS IN S HARE-TRADING. THE A.O. HAS COMPLETED ASSESSMENT ORDER ON 30.12.2010 A T A TOTAL INCOME OF RS. 34,81,716/- (ROUNDED OFF U/S 288A AT RS. 34, 81,720/-). THE A.O. HAS ACCEPTED RETURNED INCOME FROM HOUSE-PROPERTY AN D SALARY BUT HAS MADE ADDITIONS ON ACCOUNT OF DISALLOWANCE OUT OF CA R-EXPENSES, INTEREST EXPENSES, SALARY-PAID, LABOUR EXPENSES. HE HAS ALSO ADDED A SUM OF RS. 34,65,800/- UNDER THE HEAD OF INCOME FR OM OTHER SOURCES. 3. BEING AGGRIEVED, THE ASSESSEE FILED APPEAL BEFOR E LD. CIT(A) WHO HAS SUSTAINED SOME ADDITIONS AND HAS DELETED SOME O F THE ADDITIONS. NOW BOTH PARTIES ARE AGGRIEVED AND HAVE FILED THEIR RESPECTIVE APPEALS. THE ASSESSEE HAS RAISED THE FOLLOWING GROU NDS (REVISED):- 3 1. UNDER THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE LD. CIT(A) HAS ERRED IN NOT ALLOWING THE SET OFF OF BUSINESS LOSS OF RS. 9,91,250/- ON SALE OF SHARES TO M/S VAISHNO DEV I COLONIZERS PVT. LTD AGAINST THE ASSESSED TOTAL INCOME OF THE A SSESSEE. 2. UNDER THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE LD. CIT(A) HAS ERRED IN NOT REDUCING THE AMOUNT OF RS. 2,26,500/- FOR DISALLOWED EXPENSES AND RS. 1,80,000/- ON ACCOU NT OF ADDITION OF HOUSEHOLD EXPENSES IN CALCULATING THE P EAK OF BANK DEPOSITS WHILE SUSTAINING THE ADDITION TO THE EXTEN T OF RS. 23,92,240/-. 4. THE REVENUE HAS RAISED THE FOLLOWING GROUNDS:- 1. UNDER THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E, THE LD. CIT(A) HAS ERRED IN ALLOWING THE SET OFF OF BUS INESS LOSS OF RS. 9,91,250/- ON SALE OF SHARES TO M/S VAISHNO DEVI CO LONIZERS PVT. LT AGAINST THE ASSESSED INCOME OF THE ASSESSEE. 2. UNDER THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE LD. CIT(A) HAS ERRED IN REDUCING THE ADDITION FROM RS. 34,65,800 TO RS. 23,92,240/- MADE ON ACCOUNT OF UNDISCLOSED B ANK DEPOSIT. 5. WE HAVE HEARD RIVAL SUBMISSIONS AND HAVE CAREFUL LY PERUSED THE ENTIRE RECORD. THE ASSESSEE HAS FILED APPEAL AGAINS T SUSTAINED ADDITION OF RS. 13,97,950/- ADDED BY TAKING PEAK OF BANK DEP OSITS. ACCORDING 4 TO THE ASSESSEE MANY DISALLOWANCES ARE RELATED TO T HIS PEAK AMOUNT OF RS. 13,97,950/- AND THEREFORE, CANNOT BE SEPARATEL Y ADDED. THESE AMOUNTS ARE AS UNDER:- 1. RS. 2,26,500/- ON ACCOUNT OF DISALLOWANCE OF EXPENS ES. 2. RS. 18000/- ON ACCOUNT OF HOUSE-HOLD EXPENSES. 3. RS. 9,91,250/- ON ACCOUNT OF DISALLOWANCE OF SHORT- TERM CAPITAL LOSS ON SALE OF SHARE SET-OFF OF WHICH SHOU LD BE ALLOWED AGAINST THE ADDITION OF PEAK. 6. THE SOLE ISSUE RAISED IN REVENUES APPEAL IS AG AINST REDUCTION OF ADDITION FROM RS. 34,65,800/- TO RS.23 ,92,240/- MADE ON ACCOUNT OF UNDISCLOSED BANK-DEPOSIT. 7. THE ASSESSEE IS THE PROPRIETOR OF M/S KAMAL TEN T HOUSE BUT HE IS NOT MAINTAINING BOOKS OF ACCOUNTS OF THIS BUS INESS. THROUGH PROFIT & LOSS ACCOUNTS FILED DURING THE COURSE OF A SSESSMENT PROCEEDING ON 12.08.2010, HE HAS DISCLOSED TOTAL RE CEIPTS FROM THIS BUSINESS AT RS. 6,00,135/- (AS AGAINST DISCLOSED AT RS. 600,889/- IN THE ROI). HE HAS CLAIMED VARIOUS EXPENSES AND HAS D ECLARED NET PROFIT OF RS. 73,491/. THE ASSESSEE WAS ASKED TO PR ODUCE BILLS AND VOUCHERS IN SUPPORT OF EXPENSES CLAIMED. THE A.O. A LSO PROPOSED TO 5 ESTIMATE RECEIPTS FROM THIS BUSINESS, BUT AFTER COM PARING RECEIPTS FROM THIS BUSINESS IN ASSESSMENT YEARS 2006-07, 200 7-08 AND 2008- 09, HE HAS NOTICED THAT THE RECEIPTS OF THIS YEAR A RE ALMOST DOUBLE THE RECEIPTS OF EARLIER YEARS, THEREFORE, HE DROPPE D THE SHOW-CAUSE- NOTICE DATED 12.08.2010. SINCE THE ASSESSEE CLEARLY STATED THAT HE HAD NOT MAINTAINED ANY VOUCHERS OF EXPENSES BUT HAD FILED DETAILS REGARDING SALARY PAID AT RS. 1,62,020/-, INTEREST O N CAR-LOAN PAID AT RS. 99,730/- AND INTEREST PAID TO ICICI BANK OF RS. 48,432/- WERE FILED . 8. THE A.O. NOTICED CASH DEPOSITS IN THE BANK ACCO UNTS OF THE ASSESSEE. THE ASSESSEE PRODUCED STATEMENT OF CASH O N 16.12.2010. HE CLAIMED THAT A SUM TOTALING OF RS. 16,75,000/- W AS DEPOSITED OUT OF BUSINESS-RECEIPTS. BECAUSE THE ASSESSEE DID NOT MAINTAIN BOOKS OF ACCOUNT AND DID NOT PRODUCE THE PRIMARY RECORDS, TH E RECEIPTS FROM BUSINESS WERE NOT FOUND VERIFIABLE, THEREFORE, HE R EJECTED THE BOOK- RESULT SHOWN AND PROCEEDED U/S 145 TO ESTIMATE HIS INCOME FINALLY, THE A.O. HAS MADE DISALLOWANCE OF EXPENSES AS UNDER :- 1. HE HAS DISALLOWED CAR-EXPENSES OF RS. 26,6210/- AND INTEREST ON CAR LOAN OF RS. 99,730/- ON THE PREMISE THAT FOR RUNNING A 6 TENT-BUSINESS , THE ASSESSEE DO NOT REQUIRE A CAR. THUS, HE HAS ADDED A SUM OF RS. 1,26,350/- 2. HE HAS DISALLOWED INTEREST-PAID CLAIMED AT RS. 55,8 11/- ON THE REGARDING THAT THE ASSESSEE HAS NOT EXPLAINED AS TO FROM WHOM THIS LOAN WERE TAKEN AND TO WHOM INTEREST WAS PAID AND WHAT IS THE RELEVANCE TO THIS BUSINESS. ACCORDINGLY, HE HAS ADDED A SUM OF RS. 55,811/- TO HIS INCOME. 3. HE HAS DISALLOWED A SUM OF RS. 42,020/- OUT OF TOTA L SALARY OF RS. 1,62,020/- AND CLAIMED TO HAVE BEEN PAID TO EMP LOYEES, ON THE GROUND THAT COMPLETE DETAILS IN THIS REGARDE D WERE NOT PRODUCED. 4. HE HAS ALSO DISALLOWED INTEREST OF RS. 48,432/- PAI D TO THE BANK, IN THE ABSENCE OF BUSINESS RELEVANCE PROVED B EFORE HIM. 9. THE ASSESSEE HAS DISCLOSED SHORT-TERM CAPITAL LO SS OF RS. 20,237/, BUT HE COULD NOT SUPPORT THIS LOSS WITH THE HELP OF DOCUMENTS. BUT HE HAS CLAIMED THAT HE MADE BUSINESS OF RS. 15,78,9 50/-. SUBSEQUENTLY , THE ASSESSEE PRODUCED A CHART SHOWI NG LOSS OF RS. 6,76,806/- IN FUTURE & OPTION (FO) SERIES, A CHART SHOWING LOSS OF 7 RS. 8,38,264/- IN SHARE TRADING, A CHART SHOWING L ONG TERM GAIN OF RS. 1,15,224/-. 10. FROM THE INFORMATION GATHERED FROM THE BROKER M /S SHILPA STOCK BROKERS PVT. LTD. AND TEAM THE INFORMATION FI LED BY THE ASSESSEE, THE A.O. HAS CULLED OUT THE FOLLOWING FAC TS: (1) THE ASSESSEE HAS BEEN CHARGING THE FIGURES OF LOSS IN SHARE TRADING BUSINESS BUT SUPPORTING EVIDENCE WERE NEVER PRODUCED. (2) INITIALLY, THE ASSESSEE CLAIMED THE SHARE-LOSS AS STCL BUT SUBSEQUENTLY CLAIMED IT AS HIS BUSINESS-LOSS. (3) NO DETAILS OF OPENING/CLOSING STOCK OF SHARES WERE FILED. (4) THE PROVISIONS OF SECTION 44AA(1) (REGARDING MAINTENANCE OF BOOKS OF ACCOUNTS) AND OF 44B (REGAR DING GETTING THE ACCOUNTS AUDITED) ARE ATTRACTED TO THI S CASE. (5) IN THE DETAILS FILED BY THE ASSESSEE REGARDING COMPANY-WISE PURCHASE AND SALE OF SHARES, IT WAS NO TICED THAT DATE OF PURCHASE & SALE OF SHARES NOT MENTIONED, S ALE RATE NOT MENTIONED, BILLS NOT PRODUCED. 8 (6) THE DETAILS OF CLAIM OF LOSS OF RS. 9,91,250/- , ALLEGEDLY SUFFERED BY TRANSFER OF SHARES TO M/S. VA ISHNO DEVI COLONIZERS PVT. LTD. ARE AS UNDER: S. NO. DATE NAME OF SHARE NO OF SHARE RATE TOTA L VALUE LOSS 1. 28.3.2008 HINDUSTAN ZINC 1000 539.40 539400 221600 2. 28.3.2008 SANGAM [I] LTD 15000 29.65 444750 335250 3. 28.3.2008 IDBI LTD 4000 89.20 356800 267200 4. 28.3.2008 BI INFOTECH 40000 100.20 400800 167200 TOTAL 991250 IN SUPPORT OF CLAIM OF LOSS ON ABOVE SHARES CLAIMED TO HAVE SOLD TO M/S VAISHNO DEVI COLONIZERS PVT. LTD, THE A SSESSEE FURNISHED A SALE DEED MADE ON 25.3.2008. A LETTER ADDRESSED TO BROKER, DIRECTING TO TRANSFER THESE SHARES IN TH E DE-MAT ACCOUNT OF COMPANY, WAS ALSO ATTACHED. IN THIS LET TER, THE SALE DATE IS MENTIONED AS 27.3.2008 AND DATE AGAINS T SHARES MENTIONED 28.3.2008. THIS LETTER IS SHOWN AS ANNEX URE TO THE SALE LETTER. IN THE SALE DEED, SALE IS SHOWN TO HA VE ENTERED ON 25.3.2008, HOWEVER, IN ANNEXURE SALE DATE AT ONE PL ACE IS 9 27.3.2008 AND OTHER PLACE AT 28.3.2008. NO BASIS F OR ADOPTION OF SALE PRICE SHOWN IS GIVEN. AS PER THE A.O. THESE ARE NOT BUSINESS TRANSACTIONS AND IN FACT THE ASSESSEE HAS EARNED PROFIT OF RS. 1,01,300/- FR OM THE ABOVE SHARE TRADING. THAT IS WHY THIS AMOUNT HAS BE EN ADDED BY TREATING THEM AS A LONG TERM CAPITAL GAIN AND HA S ADDED A SUM OF RS. 1,15,224/-. (RS. 1,15,224.66/-) (7) THE ASSESSEE HAD BANK ACCOUNTS WITH SBBJ, IDBI , CHITTORGARH, BOB, CHITTORGARH, CENTRAL BANK OF INDI A AND BANK OF INDIA (THE ASSESSEE DID NOT ACCEPT HIS ACCOUNT W ITH BANK OF INDIA). IN THESE BANK ACCOUNTS VARIOUS DEPOSITS WER E MADE. THE ASSESSEE STATED THAT THESE CASH DEPOSITS ARE AS A RESULT OF (I) REDEPOSIT OF CASH WITHDRAWAL AND (II) DEPOSIT O F BUSINESS RECEIPTS. DURING THE YEAR THE ASSESSEE DEPOSITED, IN CASH, A SUM OF TOTALING TO RS. 34,65,800/- IN DIFFERENT BAN K ACCOUNTS. SINCE, THE ASSESSEE HAD NOT VOLUNTARILY DISCLOSED T HESE BANK ACCOUNTS EXCEPT FOR THE SBBJ ACCOUNTS NO. 510424217 04, THE A.O. DID NOT ACCEPT THE PLEA OF REDEPOSIT OF CASH-W ITHDRAWALS. HOWEVER, OUT OF BUSINESS RECEIPTS CLAIMED TO HAVE B EEN 10 DEPOSITED AT RS. 16,75,000/-, THE A.O. HAS ACCEPTED A SUM OF RS. 73,491/-; SHOWN AS HIS NET INCOME AND ROUTED TH ROUGH SBBJ ACCOUNT. FINALLY, HE HAS ADDED THE ENTIRE SUM OF RS. 34,65,800/-, AS HIS UNDISCLOSED INCOME. (8) HE HAS ESTIMATED HOUSE-HOLD EXPENSES AT RS. 1,80,000/- AT THE RATE OF RS. 15,000/- PER MONTH, B UT HAS NOT MADE A SEPARATE ADDITION AND HAS TREATED THE SAME C OVERED BY THE UNDISCLOSED INCOME. 11. IN ASSESSEES APPEAL THE FIRST GROUND IS REGARD ING THE CLAIM OF SET- OFF OF BUSINESS LOSS OF RS. 9,91,250/- ALLEGEDLY IN CURRED ON SALE OF SHARES. THE ASSESSEE SOLD SHARES AND SHOWED SHORT- TERM CAPITAL LOSS OF RS. 20,237/-. SUBSEQUENTLY, THE ASSESSEE HAS SHOWN LOSS IN SHARE TRANSACTIONS AS WELL AS PROFIT IN SOME TRANSACTIONS . THE A.O. HAS TAKEN THE FOLLOWING DECISIONS : I) REGARDING FUTURE AND OPTION LOSS THE A.O. HAS AL LOWED RS. 6,76,806/- II) THE ASSESSEE HAD CLAIMED THE LOSSES IN SHARE TR ANSACTIONS OF RS. 8,89,250/-. HOWEVER, THE A.O. HAS NOTED THAT PURCHASE AND SALE DATES WERE NOT MENTIONED, SALE RATES WERE NOT 11 MENTIONED AND PURCHASE AND SALE BILLS WERE NOT PROD UCED FOR VERIFICATION. FURTHER, THE ASSESSEE CLAIMED TO HAVE INCURRED LOSS OF RS. 9,91,250/- ON ACCOUNT OF SALE OF SHARES TO M/S VAIS HNO DEVI COLONIZERS PVT. LTD WHICH THE A.O. HAS DISALLOWED A S DIFFERENT SALE DATES WERE MENTIONED IN SALE DEED AND CORRESPO NDENCE WITH BROKER AND IT IS AN OFF MARKET TRANSACTION AND THE SHARES CLAIM TO BE SOLD TO A COMPANY IN WHICH THE ASSESSEES BRO THER IS A KEY PERSON AND MAJOR SHAREHOLDER. NO BASIS OF SALE PRI CE WAS GIVEN. CONSEQUENT TO THIS DISALLOWANCE OF LOSS, BASED ON T HE POSITION OF SHARE TRANSACTION FROM THE DETAILS FURNISHED BY THE ASSESSEE, THE PROFIT FROM THE SHARE BUSINESS WAS DETERMINED AT RS . 1,01,300/- III) LONG TERM CAPITAL GAIN OF RS. 1,15,224/- HAS B EEN TREATED AS BUSINESS INCOME FROM THE SHARE TRADING IN THE AB SENCE OF BILLS, ETC. 12. THE LD. A.R. SHRI SANDEEP JHANWAR INVITED OUR A TTENTION TOWARDS THE STATEMENTS OF DEPOSITORIES TO PROVE THE ACTUAL TRANSFER OF SHARES TO M/S VAISHNO DEVI COLONIZERS PVT. LTD. HE ALSO REFE RRED TO THE 12 QUOTATION OF THE SHARES ON THE DATE OF TRANSFER SUP PORTING THE SALE PRICE OF THE TRANSACTIONS. THE DULY SIGNED SALE-DE EDS BY THE SELLER, THE ASSESSEE ARE ENCLOSED ON THE RECORD. ACCORDING TO HIM, THESE ARE ENOUGH TO PROVE THE TRANSACTION OF SHARES, WHICH AR E LEGALLY MADE. ON THE OTHER HAND, THE LD. D.R. HAS RELIED ON THE FIND INGS GIVEN BY THE A.O. AND THE LD. CIT(A). HE HAS FURTHER SUBMITTED THAT THE TRANSACTION BEING NOT THROUGH THE RECOGNIZED STOCK EXCHANGE THE CLAIMED LOSS CANNOT BE ALLOWED TO BE SET OFF. 13. FROM THE ABOVE, WE HAVE FOUND THAT THE TRANSFER OF SHARES STAND DULY PROVED ON RECORD. THE ASSESSEE HAS OFFERED PR OFIT FROM THE SALE OF SHARES AS HIS BUSINESS INCOME. THE SALE DEEDS A RE SIGNED BY THE SELLER. THE MOMENT THE SELLER SIGNS A DOCUMENT OF TRANSFER, HE IS LEGALLY ESTOPPED FROM DENYING THE TRANSFER AND THE SALE QUA HIS IS COMPLETE. THE SALE-DEED COUPLED WITH THE STATEMENT OF DEPOSITORIES EVINCES TRANSFER OF SHARES TO THE BUYERS ACCOUNT IS A GOOD PROOF OF SALE OF SHARES. EVEN IF THE SALE TRANSACTION IS WITH TH E SISTER-CONCERN WHO CHOSE NOT TO SIGN THE TRANSFER DOCUMENTS CANNOT BE CONSIDERED AS A HINDRANCE IN THE TRANSFER. RATHER, IT IS NATURAL T HAT THE SISTER-CONCERN MAY PUT THE SIGNATURES OF THE AUTHORIZED OFFICER/PE RSON ON THE SALE DOCUMENT AS AND WHEN THEY SO REQUIRE. THE SALE DOC UMENTS SUPPORT 13 THE CONTENTION OF THE ASSESSEE. THUS, IN THE GIVEN FACTS AND THE CIRCUMSTANCES OF THE CASE, WE ALLOW THIS GROUND IN FAVOUR OF THE ASSESSEE AND DIRECT THE A.O. TO SET OFF THE BUSINES S LOSS OF RS. 9,91,250/- ON THE SALE OF SHARES TO M/S VAISHNO DEV I COLONIZERS PVT. LTD. 14. REGARDING GROUND NO. 2, BOTH PARTIES HAVE MAINT AINED THEIR EARLIER STAND. WE HAVE FOUND THAT AS ON 13.3.2008, THE WORKING OF PEAK AMOUNT OF INVESTMENT IN THE BANK COMES TO RS. 18,17,857/- ONLY. IN OUR CONSIDERED OPINION, THE ADDITION OVER AND AB OVE THE PEAK AMOUNT IS NOT LEGALLY JUSTIFIED. WE ARE NOT IN AGR EEMENT WITH THE LD. D.R. THAT TOTAL DEPOSITED AMOUNTS IN THE BANK SHOUL D BE TAXED AND NOT THE PEAK. WHEN THERE ARE DEPOSITS AS WELL AS WITHD RAWALS FROM THE BANK ACCOUNT, BOTH DEPOSITS AND WITHDRAWALS HAVE TO BE CONSIDERED. AND ONLY PEAK AMOUNT SHOULD BE CONSIDERED. AS PER THE CHART, THE PEAK AMOUNT COMES TO RS. 18,17,857/- ONLY. WHEN AL L THE WITHDRAWALS AND DEPOSITS ARE CONSIDERED FOR THE PURPOSE OF CALC ULATION OF PEAK, IT IS NOT JUSTIFIED TO MAKE SEPARATE ADDITION OF EXPEN SES WHEN THE INCOME IS NOT REDUCED. LIKEWISE, THE CALCULATION OF HOUSE HOLD EXPENSES IS DIFFERENT ITEM WHICH HAS TO BE SEPARATELY CONSIDERE D FOR MAKING OR NOT MAKING OF AN ADDITION, WHICH HAS NO CONNECTION WITH THE UNACCOUNTED 14 DEPOSITS OR UNACCOUNTED WITHDRAWALS FROM THE BANK A CCOUNTS. THEREFORE, WE ARE OF THE CONSIDERED OPINION THAT TH E ADDITION ON THIS COUNT CAN BE SUSTAINED TO THE EXTENT OF RS. 19,85,7 40/- ONLY AS AGAINST 23,92,240/- SUSTAINED BY THE LD. CIT(A). WE, ACCOR DINGLY, ALLOW A RELIEF OF RS. 4,06,500/- IN THIS GROUND. 15. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS PA RTLY ALLOWED AND THE APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 6 TH MAY, 2013. SD/- SD/- [N.K. SAINI] [HARI OM MARATHA] ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 6 TH MAY, 2013. VL COPY TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT 4. THE CIT(A) 5. THE DR ASSISTANT REGISTRAR