M/s. Mahalaxmi Housing & Finstock Pvt.Ltd., Ahmedabad V. The ACIT.,Cent.Circle-1(4), Ahmedabad

ITSSA 18/AHD/2011

• Counselvise Citation: [2018] 112 COUNSELVISE.COM (IT) 5735 (ITAT-AHMEDABAD)
• Duration Of Justice: 7 year(s) 10 month(s) 21 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 03-12-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 11-07-2017
• Assessment Year: 2002-2003
• Appeal Filed On: 12-01-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: APARNA M AGARWAL
• Assessee Lawyers: PRITESH L SHAH
• Keywords: Unexplained cash credit; Search and seizure; Set aside
• Section: 143(3); 271E; 68; 132

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH, AHMEDABAD BEFORE SHRI MAHAVIR PRASAD, JUDICIAL MEMBER AND SHRI WASEEM AHMED, ACCOUNTANT MEMBER (SS) ./ IT(SS)A NO.18/AHD/2011 ( / ASSESSMENT YEAR : 2002-03) MAHALAXMI HOUSING & FINSTOCK PVT.LTD. 1, NARAYAN CHAMBERS 2 ND FLOOR NR. NEHRUBRIDGE CORNER ASHRAM ROAD, AHMEDABAD- 380 009 / VS. THE ACIT CENTRAL CIRCLE-1(4) AHMEDABAD ./ ./ PAN/GIR NO. : AABCM 0364 R ( / APPELLANT ) .. ( / RESPONDENT ) / APPELLANT BY : SHRI PRITESH L. SHAH, AR / RESPONDENT BY : SMT. APARNA M. AGARWAL, CIT-DR / DATE OF HEARING 14/11/2018 !'# / DATE OF PRONOUNCEMENT 03 /12/2018 / O R D E R PER WASEEM AHMED, ACCOUNTANT MEMBER: THE CAPTIONED APPEAL HAS BEEN FILED AT THE INSTANCE OF THE ASSESSEE AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TA X (APPEALS)I, AHMEDABAD [CIT(A) IN SHORT] VIDE APPEAL NO.CIT(A)- I/CC.1(4)/382/2008-09 DATED 19.11.2009 ARISING IN THE ASSESSMENT ORDER PASSED UNDER S.153A(1)(B) R.W.S.144 OF THE IN COME TAX ACT, 1961(HEREINAFTER REFERRED TO AS 'THE ACT') DATED 31 .12.2008 RELEVANT TO ASSESSMENT YEAR (AY) 2001-2002. 2. THE ASSESSEE HAS RAISED FOLLOWING GROUND OF APPE AL:- IT(SS)A NO.18/AHD/2011 MAHALAXMI HOUSING & FINSTOCK VS.ACIT ASST .YEAR 2002-03 - 2 - 1. THE LEARNED CIT(A) HAS ERRED IN CONFIRMING THE ADD ITION OF RS.48,47,870/- AS UNEXPLAINED CASH CREDIT U/S.68 OF THE I.T.ACT, 1961 WHICH IS REQUESTED TO BE QUASHED. 3. THE ONLY ISSUE RAISED BY THE ASSESSEE IS THAT THE L EARNED CIT (A) ERRED IN CONFIRMING THE ADDITION MADE BY THE AO FOR 47,48,870.00 UNDER SECTION 68OF THE INCOME TAX ACT, 1961 (HEREIN AFTER REFERRED TO AS 'THE ACT') ON ACCOUNT OF UNEXPLAINED CASH CREDIT. 4. BRIEFLY STATED FACTS ARE THAT THE ASSESSEE IN TH E PRESENT CASE IS A PRIVATE LIMITED COMPANY AND ENGAGED IN THE BUSINESS OF CONSTRUCTION AND DEVELOPMENT. THERE WAS A SEARCH UNDER SECTION 132 O F THE ACT ON THE NEPTUNE GROUP OF CASES DATED 1 ST NOVEMBERS 2006. THE PREMISE OF THE ASSESSEE WAS ALSO COVERED UNDER SEARCH AND SEIZURE OPERATION CARRIED OUT UNDER SECTION 132 OF THE ACT. AS A RESULT OF THE SE ARCH, PROCEEDINGS UNDER SECTION 153A(1) OF THE ACT WERE INITIATED AGAINST T HE ASSESSEE. ACCORDINGLY, THE AO DURING THE ASSESSMENT PROCEEDIN GS REQUIRED THE ASSESSEE TO FURNISH NECESSARY DETAILS. HOWEVER, THE ASSESSEE IN RESPONSE TO THE NOTICE ISSUED BY THE AO REPLIED VIDE LETTER DATED 16 TH DECEMBER 2008 THAT THE STATEMENT RECORDED DURING SEARCH AND SEIZURE AND POST- SEARCH & SEIZURE CAN BE CONSIDERED FOR THE PURPOSE OF THE ASSESSMENT. AS THE ASSESSEE DID NOT FURNISH THE REQUIRED DETAIL S, THEREFORE, THE AO MADE THE ADDITION OF 47,48,870/- AS MADE IN THE ORIGINAL ASSESSMENT FRAMED UNDER SECTION 143(3) OF THE ACT VIDE ORDER D ATED 30 TH MARCH 2005. THE AO MADE THE SAME ADDITION AS MADE IN THE ORIGIN AL ASSESSMENT FRAMED UNDER SECTION 143(3) OF THE ACT BY OBSERVING THAT THE YEAR UNDER IT(SS)A NO.18/AHD/2011 MAHALAXMI HOUSING & FINSTOCK VS.ACIT ASST .YEAR 2002-03 - 3 - CONSIDERATION GOT ABATED. THUS THE AO ADDED THE SUM OF 47,48,870/- TO THE TOTAL INCOME OF THE ASSESSEE. 5. AGGRIEVED, ASSESSEE PREFERRED AN APPEAL TO LD. CIT (A). THE ASSESSEE BEFORE THE LD. CIT (A) SUBMITTED THAT THE IMPUGNED AMOUNT OF 47,48,870/- IS REPRESENTING THE AMOUNT RECEIVED FRO M MAHALAXMI BHAVAN CO. OPERATIVE HOUSING SOCIETY LTD. OUT OF TH E OPENING BALANCE OF 1,26,03,575/- ONLY. ACCORDINGLY, THE ASSESSEE CLAIM ED THAT NO ADDITION FOR THE IMPUGNED AMOUNT RECEIVED FROM MAHA LAXMI BHAVAN CO. OPERATIVE HOUSING SOCIETY LTD. COULD BE ADDED TO TH E TOTAL INCOME OF THE ASSESSEE ON ACCOUNT OF A CASH CREDIT. 6. HOWEVER, THE LD. CIT (A) DISREGARDED THE CONT ENTION OF THE ASSESSEE AND CONFIRMED THE ORDER OF THE AO BY OBSERVING AS U NDER: 7. I HAVE CONSIDERED THE AFOREMENTIONED SUBMIS SIONS OF THE APPELLANT. IN ITS SUBMISSION DATED 16.11.2009, REP RODUCED ABOVE, THE COUNSEL OF THE APPELLANT HAS MENTIONED THAT FRE SH ASSESSMENT ORDER FOR A.Y. 2002-03 IS PENDING WITH THE ASSESSIN G OFFICER. HOWEVER, THE COUNSEL OF THE APPELLANT HAS FAILED TO TAKE COGNIZANCE OF THE FACT THAT THE ORIGINAL PROCEEDING S GOT ABATED, AFTER ISSUE OF THE NOTICE U/S.153A OF THE I.T. ACT. 7.1. IN THE ORIGINAL ASSESSMENT ORDER DATED 30.03.2 005, THE ASSESSING OFFICER HAS VERY CLEARLY MENTIONED THAT T HE AMOUNT OF RS.47,48,870/- WAS FOUND TO BE DEPOSITED IN THE BAN K ACCOUNT OF THE APPELLANT, BANK A/C.NO.1921 (CURRENT ACCOUNT) O F MEHSANA URBAN CO-OP. BANK, C.G. ROAD BRANCH, AHMEDABAD. IN APPELLATE PROCEEDINGS, IN BOTH THE SUBMISSIONS, REPRODUCED IN THE INSTANT APPELLATE ORDER, THE APPELLANT HAS FAILED TO EXPLAI N THE NATURE AND SOURCE OF THESE DEPOSITS. THE IDENTITY OF THE CRED ITORS, GENUINENESS IT(SS)A NO.18/AHD/2011 MAHALAXMI HOUSING & FINSTOCK VS.ACIT ASST .YEAR 2002-03 - 4 - OF THE TRANSACTIONS AS WELL AS CREDITWORTHINESS OF THE CREDITORS IS ALSO NOT ESTABLISHED. IT IS WELL ESTABLISHED BY TH E SERIES OF DECISIONS OF THE HONBLE SUPREME COURT NAMELY KALE KHAN MOHAMMAD HANIF VS. CIT 50 ITR 1 (SC), CIT VS. DEVI PRASAD VISWANATH PRASAD 72 ITR 194 (SC), THAT THE ONUS OF PROVING SOURCE OF ANY MONEY RECEIVED BY THE ASSESSEE IS UPO N HIM. IN THE PRESENT CASE, THE APPELLANT HAS MISERABLY FAILED TO DISCHARGE THE ONUS OF PROOF AND TO EXPLAIN THE SOURCE AND NATURE OF CREDITS, AS APPEARING IN THE BANK ACCOUNTS OF THE APPELLANT. I N VIEW OF THE ABOVE, THE ADDITION OF RS.48,47,870/- IS CONSIDERED JUSTIFIED. THE ASSESSING OFFICERS ACTION IS COMPUTING THE TOTAL T AXABLE INCOME OF RS.46,95,220/- IN THE IMPUGNED ASSESSMENT ORDER IS CONFIRMED. 7.2. AS REGARDS TO APPELLANTS CONTENTION FOR ALLOW ANCE OF B/F LOSSES, THE ASSESSING OFFICER IS DIRECTED THAT WHIL E GIVING EFFECT TO THIS ORDER, CONSIDER THIS POINT AND PASS A SPEAKING ORDER ON THIS POINT. 7.3. AS REGARDS TO INITIATION OF PENALTY PROCEEDING S U/S.271(1)(C) AND 271E OF THE I.T. ACT IS CONCERNED, THE MERE INI TIATION OF PENALTY PROCEEDINGS IS NOT APPELLABLE. HENCE, THIS GROUND IS DISMISSED.\ 8. IN THE RESULT, THE APPEAL IS DISMISSED. 7. BEING AGGRIEVED BY THE ORDER OF LD. CIT ( A), ASSESSEE IS IN APPEAL BEFORE US. THE LEARNED AR BEFORE US FILED 2 PAPER B OOKS ONE IS RUNNING FROM PAGES 19 TO 199 AND ANOTHER ONE IS RUNNING FRO M 1 TO 47 AND SUBMITTED THAT REGARDING RECEIPTS OF RS.47,48,870/-. 20. THE ASSESSING OFFICER MADE ADDITION OF RS.47,4 8,870/- WITHOUT VERIFYING THE RECORDS PROPERLY AS THERE IS NO SUCH AMOUNT OF RS.47,48,870/-. THE AMOUNTS MENTIONED BY THE ASSESS ING OFFICER HIMSELF IN THE ASSESSMENT ORDER WERE NOT TOTALED CORRECTLY BY HIM. THE ACTUAL TOTAL OF THE AMOUNTS MENTIONED IN THE ASSESSMENT OR DER AMOUNTED TO IT(SS)A NO.18/AHD/2011 MAHALAXMI HOUSING & FINSTOCK VS.ACIT ASST .YEAR 2002-03 - 5 - RS.43,69,600/- AS AGAINST ADDITION MADE BY ASSESSIN G OFFICER OF RS.47,48,870/-. THUS THE ASSESSING OFFICER IS HIMSE LF NOT SURE ABOUT THE AMOUNT OF ADDITION HE WANTS TO MAKE. 21. THE ASSESSING OFFICER AS WELL AS THE HONOUR ABLE CIT(A) FAILED TO APPRECIATE THE FACT THAT THE AMOUNT CREDITED IN THE MEHSANA URBAN CO- OP BANK ACCOUNT NO. 1921 WAS RECEIVED AGAINST THE D UES FROM THE MAHALAXMI CO-OP HOUSING SOCIETY LTD THROUGH CHEQUES ONLY. THE RECEIPTS WERE JUST COLLECTION FROM THE DEBTORS. ACC ORDINGLY, THERE ARE NO UNEXPLAINED CASH CREDITS IN THE BOOKS OF THE ASSESS EE AND HENCE IT IS NOT A FIT CASE FOR SECTION 68 OF THE INCOME TAX ACT, 19 61. 22. MAHALAXMI CO-OP HOUSING SOCIETY LTD. WAS A DE BTOR OF THE ASSESSEE SINCE F.Y. 1997-98 DUE TO CANCELLATION OF A CONTRACT. BUT DUE TO LACK OF FUNDS, THE DEBTOR DID NOT MADE PAYMENT T O THE ASSESSEE. ACCORDINGLY, THE ASSESSEE HAS SHOWN THE OUTSTANDING AMOUNT FROM THE DEBTOR IN HIS BOOKS OF ACCOUNTS UNDER THE HEAD 'SUN DRY DEBTORS'. THE ASSESSEE HAS NEVER WRITTEN OFF THE AMOUNT AS BAD DE BTS. 23. NEVERTHELESS, AFTER 4 YEARS THE DEBTOR MAHAL AXMI BHAVAN CO. OP. HOUSING SOCIETY LTD. WAS AIDED WITH FUNDS AND SO IT MADE THE PAYMENT TOWARDS THE OUTSTANDING DUES DURING THE FINANCIAL Y EAR 2001/02 BY ISSUING MANY CHEQUES. ACCORDINGLY, IT IS EVIDENT TH AT IT IS MERE CASE OF COLLECTION OF DUES FROM THE DEBTORS. ALSO, ALL THE CREDITS IN THE BOOKS OF ACCOUNTS ARE NOT COVERED BY THE AMBIT OF SECTION 68 OF THE INCOME TAX ACT, 1961. 24. FOLLOWING CHART REVEALS THAT DUES FROM THE DE BTOR MAHALAXMI BHAVAN CO. OP. HOUSING SOCIETY LTD. WERE OUTSTANDIN G IN THE BOOKS OF THE ASSESSEE AND THE MONEY RECEIVED IN THE MEHSANA BANK A/C OF THE ASSESSEE WAS TOWARDS THE SAID DUES. YEAR END BALANCE OF DEBTOR - MAHALAXMI BHAVAN CO. OP. HOUSING SOCIETY LTD. IN THE BOOKS OF THE ASSESS EE COMPANY FINANCIAL YEAR ASSESSMENT YEAR AMOUNT (RS.) IT(SS)A NO.18/AHD/2011 MAHALAXMI HOUSING & FINSTOCK VS.ACIT ASST .YEAR 2002-03 - 6 - 1996-97 1997-98 3,56,703 1 997-98 1998-99 1,69,56,703 1998-99 1999-00 1,37,08,703 1999-00 2000-01 1,26,03,575 2000-01 2001-02 1,26,03,575 2001-02 2002-03 54,000 FULL OUTSTANDING DUES OF RS.1,26,03,575/- WERE RECE IVED IN THE YEAR UNDER CONSIDERATION. THE AMOUNTS RECEIVED WERE THE RECOVERY FROM THE DEBTOR. 25. TOTAL COLLECTION FROM DEBTOR MAHALAXMI BHAV AN CO. OP. HOUSING SOCIETY LTD. OF RS. 1,26,03,575/- WAS BY CH EQUES. THE BALANCE OF RS.54,000/- WAS DEBITED DURING THE YEA R AND THE SAME WAS CARRIED FORWARD IN SUBSEQUENT YEAR. IT IS PERTINENT TO NOTE THAT THE ASSESSING OFFICER TREATED ONLY RS. 47,48,870/- R ECEIVED BY CHEQUES WHICH WERE DEPOSITED IN THE MEHSANA URBAN CO-OP BAN K ACCOUNT NO. 1921 AS UNEXPLAINED CASH CREDIT OUT OF TOTAL COLLEC TION OF RS. 84,43,850/- FROM MAHALAXMI BHAVAN CO. OP. HOUSING S OCIETY LTD CREDITED IN THE SAME BANK. THE TOTAL COLLECTION FRO M MAHALAXMI BHAVAN CO. OP. HOUSING SOCIETY LTD AMOUNTED TO RS. 1,26,03 ,575/- BUT THE ASSESSING OFFICER MADE ADDITION OF RS.47,48,870/- AS CASH CREDIT WHICH IS BASELESS. WHICH MEANS THAT BALANCE RS. 78,54,705 /- [ 1,26,03,575 - 47,48,870/-] RECEIVED ARE TREATED AS GENUINE BY THE ASSESSING OFFICER. THERE IS NO LOGIC AS TO WHY THE ASSESSING OFFICER T REATED PART AMOUNT AS UNEXPLAINED CASH CREDIT AND PART AMOUNT AS GENUINE, WHEN ALL COLLECTION OF DUES ARE FROM THE SAME PARTY. 8. ON THE CONTRARY, LEARNED DR SUBMITTED THAT T HERE WAS NO DETAIL FURNISHED BY THE ASSESSEE BEFORE THE AUTHORITIES BE LOW DURING THE EARLIER PROCEEDINGS. THE LEARNED DR IN SUPPORT OF HIS CLAIM RELIED ON THE ORDER OF THIS TRIBUNAL IN THE CASE OF PAVANKUMAR M SANGHV I VERSUS ITO IN ITA IT(SS)A NO.18/AHD/2011 MAHALAXMI HOUSING & FINSTOCK VS.ACIT ASST .YEAR 2002-03 - 7 - NO. 2447/AHD/2016. THE LEARNED DR VEHEMENTLY SUPPOR TED THE ORDER OF AUTHORITIES BELOW. 9. WE HAVE HEARD THE RIVAL CONTENTIONS AND PERU SED THE MATERIALS AVAILABLE ON RECORD. IN THE INSTANT CASE THE ASSESS EE HAS RECEIVED A SUM OF 47,48,870/- FROM MAHALAXMI BHAVAN CO. OPERATIVE HO USING SOCIETY LTD. WHICH WAS TREATED AS AN UNEXPLAINED CASH CREDI T. THEREFORE, THE ADDITION WAS MADE BY THE AO UNDER SECTION 68 OF THE ACT WHICH WAS SUBSEQUENTLY CONFIRMED BY THE LD. CIT (A). 9.1. NOW THE CONTROVERSY ARISES BEFORE US WHETH ER THE AMOUNT RECEIVED FROM MAHALAXMI BHAVAN CO. OPERATIVE HOUSING SOCIETY LTD. REPRESENTS THE UNEXPLAINED CASH CREDIT IN THE HANDS OF THE ASS ESSEE. IN THIS REGARD, WE NOTE THAT THE ASSESSEE HAS SHOWN AMOUNT RECEIVAB LE FROM MAHALAXMI BHAVAN CO. OPERATIVE HOUSING SOCIETY LTD IN ITS FIN ANCIAL STATEMENTS AS ON 31 ST MARCH 1997, 1998, 1999 AND 2001 WHICH ARE PLACED O N PAGES 58 TO 148 OF THE PAPER BOOK. 9.2. WE ALSO NOTE THAT THE ASSESSEE DURING T HE YEAR HAS CLAIMED TO HAVE RECEIVED A SUM OF 1,26,03,575/- FROM MAHALAXMI BHAVAN CO. OPERATIVE HOUSING SOCIETY LTD WHICH WAS ACCEPTED BY THE AO DURING THE ASSESSMENT PROCEEDINGS EXCEPT A SUM OF 47,48,870/- ONLY. THUS IT IS CLEAR THAT THE AO HAS TREATED PART OF THE AMOUNT RE CEIVED FROM MAHALAXMI BHAVAN CO. OPERATIVE HOUSING SOCIETY LTD AS UNEXPLAINED CASH CREDIT UNDER SECTION 68 OF THE ACT. THE NECESS ARY DETAILS OF THE TOTAL AMOUNT RECEIVED BY THE ASSESSEE ARE PLACED ON PAGE 57 OF THE PAPER BOOK. IT(SS)A NO.18/AHD/2011 MAHALAXMI HOUSING & FINSTOCK VS.ACIT ASST .YEAR 2002-03 - 8 - 9.3. THE AMOUNT SHOWN AS RECEIVABLE BY THE AS SESSEE IN ITS BOOKS OF ACCOUNTS IN THE EARLIER YEARS CANNOT BE TREATED AS UNEXPLAINED CASH CREDIT AT THE TIME OF RECEIPT. IN THIS REGARD WE FIND SUPP ORT AND GUIDANCE FROM THE JUDGMENT OF THIS TRIBUNAL IN THE CASE OF ALKABE N TEJPAL PATWA & OTHERS VERSUS ITO & OTHERS REPORTED IN 46 CCH 0482 PERTAINING TO THE ASSESSMENT YEAR 2008-09 WHEREIN IT WAS HELD AS UNDE R: 5. HEARD BOTH SIDES. CASE FILED PERUSED. RELEVANT FACTS NARRATED IN THE PRECEDING PARAGRAPHS ARE NOT REPEATED FOR TH E SAKE OF BREVITY. THIS ONE IS SECOND ROUND OF LITIGATION BEF ORE THE PARTIES BEFORE THE TRIBUNAL (SUPRA). THERE IS NO DISPUTE AB OUT THE FACT THAT THE ASSESSEE'S HDFC BANK ACCOUNT STANDS CREDITED WI TH 14 PAYMENTS OF RS. 49,000/- EACH FOLLOWED BY ANOTHER O NE INVOLVING RS. 14,000/-. THIS GROSS FIGURE OF RS. 7 LACS FORMS SUBJECT MATTER OF SECTION 68 ADDITION. THE ASSESSEE'S ENDEAVOUR SEEKS TO TREAT THE SAME AS REPAYMENT OF LOANS/OLD ADVANCES. A CO-ORDIN ATE BENCH HAS ALREADY DIRECTED THE ASSESSING OFFICER TO VERIFY TH E SAME FROM THE MATERIAL ON RECORD. THE ASSESSEE FILES BEFORE US HE R LEDGER ACCOUNT MAINTAINED IN CASE OF ABOVE STATED 15 PARTIES RIGHT FROM 01-04- 2003 TO 31-03-2008 STATING OUTSTANDING CLOSING BALA NCES OF RS. 49,000/- AND RS. 14,000/-. THIS IS NOT THE REVENUE' S CASE THAT THESE ACCOUNTS ARE NOT GENUINE OR IMPROPER MAINTAINED. TH ERE IS HARDLY ANY DISPUTE THAT THE SAME STANDS ACCEPTED AS CORREC T IN THE RELEVANT INTERVENING ASSESSMENT YEAR. LD. DR FAILS TO REBUT THIS FACTUAL POSITION. WE DO NOT FIND ANY OBSERVATION IN ASSESSING OFFICER'S CONSEQUENTIAL ORDER ALLEGING THAT HE EVER SUMMONED THESE CREDITORS FOR THE PURPOSE OF CONDUCTING VERIF ICATION AND THEY DID NOT TURN UP TO CONFIRM ASSESSEE'S STAND. WE TAK E INTO ACCOUNT TOTALITY OF ALL THESE FACTS AND CIRCUMSTANCES TO HO LD THAT THE ASSESSEE HAS SUCCESSFULLY PROVED HER CASE OF HAVING RECEIVED REPAYMENT OF EARLIER LOANS AND ADVANCES GIVEN TO TH E ABOVE STATED 15 CREDITORS IN FINANCIAL YEAR 2003-04. THE REVENUE 'S ARGUMENTS STRONGLY SUPPORTING ASSESSING OFFICER'S ACTION MAKI NG THE IT(SS)A NO.18/AHD/2011 MAHALAXMI HOUSING & FINSTOCK VS.ACIT ASST .YEAR 2002-03 - 9 - IMPUGNED ADDITION STAND REJECTED. WE ACCORDINGLY DE LETE THE IMPUGNED SECTION 68 ADDITION OF RS. 7 LACS IN QUEST ION. ITA 3486/AHD/2015 SUCCEEDS. 9.4. IN THE BACKDROP OF THE ABOVE CASE, WE ARE OF THE VIEW THAT THE AMOUNT RECEIVED FROM MAHALAXMI BHAVAN CO. OPERATIVE HOUSING SOCIETY LTD CANNOT BE TREATED AS UNEXPLAINED CASH C REDIT UNDER SECTION 68 OF THE ACT. THEREFORE, WE ARE NOT IMPRESSED WITH TH E FINDING OF THE AUTHORITIES BELOW. ACCORDINGLY, WE SET ASIDE THE OR DER OF LEARNED CIT (A) AND DIRECT THE AO TO DELETE THE ADDITION MADE B Y HIM. HENCE, THE GROUND OF APPEAL OF THE ASSESSEE IS ALLOWED. 10. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS A LLOWED. THIS ORDER PRONOUNCED IN OPEN COURT ON 03 /12/2018 SD/- SD/- (MAHAVIR PRASAD) (WASEEM AHMED) JUDICIAL MEMBER ACCOUNTANT MEMBER AHMEDABAD; DATED 03/12/2018 &.., .(.. / T.C. NAIR, SR. PS / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. )*+ , / CONCERNED CIT 4. , ( ) / THE CIT(A)-I, AHMEDABAD 5. /01 ((*+ , *+# , ) / DR, ITAT, AHMEDABAD 6. 145 6 / GUARD FILE. / BY ORDER, / ( //TRUE COPY// / ( DY./ASSTT.REGISTRAR) $%, / ITAT, AHMEDABAD IT(SS)A NO.18/AHD/2011 MAHALAXMI HOUSING & FINSTOCK VS.ACIT ASST .YEAR 2002-03 - 10 - 1. DATE OF DICTATION (WORD PROCESSED BY HONBLE AM IN HIS COMPUTER) 2. DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICTATING MEMBER ..28.11.2018 3. OTHER MEMBER 4. DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR.P. S./P.S 5. DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE D ICTATING MEMBER FOR PRONOUNCEMENT 6. DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR.P .S./P.S.10.12.2018 7. DATE ON WHICH THE FILE GOES TO THE BENCH CLERK 10.12.2018 8. DATE ON WHICH THE FILE GOES TO THE HEAD CLERK ... 9. THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT RE GISTRAR FOR SIGNATURE ON THE ORDER.. 10. DATE OF DESPATCH OF THE ORDER