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Facts
The assessee filed an appeal against the order of the CIT(A) for AY 2004-05. The assessment was framed under section 153A after a search under section 132. The AO assessed total income at Rs.42.49 Lacs. The CIT(A) allowed partial relief.
Held
The addition of Rs. 8.50 Lacs on account of unexplained cash credit (unsecured loans) was confirmed as the assessee failed to prove its genuineness. For the addition of Rs. 5 Lacs, the assessee claimed reconciliation via bank statement, and the AO was directed to verify and re-adjudicate.
Key Issues
Confirmation of addition of Rs. 8.50 Lacs as unexplained cash credit and direction to verify and re-adjudicate addition of Rs. 5 Lacs.
Sections Cited
153A, 132, 34(4)
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, “DB” BENCH, AGRA
Before: HON’BLE SHRI SATBEER SINGH GODARA, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM
(िनधा�रणवष� / Assessment Year: 2004-05) Shri Sridhar Pandey ACIT-2, बनाम/ S/o Late Sh. Babu Ram Pandey Agra Vs. Muradganj, Distt. Auriya (UP). �थायीलेखासं./जीआइआरसं./PAN/GIR No. ALJPP-4364-J (अपीलाथ�/Appellant) : (��थ� / Respondent) अपीलाथ�कीओरसे/ Appellant by : None ��थ�कीओरसे/Respondent by : Sh. Arun Kumar Yadav – Ld. CIT-DR सुनवाईकीतारीख/Date of Hearing : 19-02-2025 घोषणाकीतारीख /Date of Pronouncement : 23-04-2025 आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2004-05 arises out of an order passed by learned Commissioner of Income Tax (Appeals)-1, Agra [CIT(A)] on 31-03-2012 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s. 153A of the Act on 12-12-2006. At the time of hearing, none appeared for assessee. Accordingly, the appeal was heard with the able assistance of Ld. CIT-DR who pleaded for dismissal of the appeal.
From the case records, it could be ascertained that the assessee was subjected to search u/s 132 on 03-03-2005 and notice u/s 153A was issued on 24-01-2006. The Ld. AO assessed total income of Rs.42.49 Lacs after certain additions. The Ld. CIT(A) allowed part relief and confirmed addition of Rs.8.50 Lacs and Rs.5 Lacs against which the assessee is in further appeal before us.
The addition of Rs.8.50 Lacs is addition of unexplained cash credit which represents loans as taken by the assessee from farmers. The Ld. CIT(A), in para 8.3 of the impugned order, rendered a finding that the assessee failed to prove the genuineness of unsecured loans. Even before us, no new material has been placed to controvert these findings. Accordingly, we confirm this addition.
On the addition of Rs.5 Lacs, it has been stated in the grounds of appeal
that this amount was later on reconciled by the assessee by mean of bank reconciliation statement. Considering the same, we direct Ld. AO to verify the same and re-adjudicate the same.
5. The appeal stand partly allowed for statistical purposes. Order pronounced u/r 34(4) of Income Tax (Appellate Tribunal) Rules, 1963.