GANESHLAL RAMESHWARDAS AGRAWA,BHARAT NAGAR vs. ITO WARD 1 JALNA, JALNA

The assessee’s sole substantive ground raised in the instant appeal challenges correctness of both the learned lower authorities action adding the alleged on-money payment of Rs.3,01,000/- going by the some incriminating material found/seized during the course of search carried out in case of the 2 ITA.No.1244/PUN/2023 Ganeshlal Rameshwardas Agrawal vendor concerned. Ms. Deshpande vehemently argued that the vendor herein Mr. Rajesh Bhagwandas Soni, Jalna had got recorded his search statement admitting receipt of the on-money from assessee’s side.

I have given my thoughtful consideration to the vehement rival stands herein and find no merit in the impugned addition since the same has been made only on the basis of the vendor’s alleged search statement which hardly carries any significance as per the CBDT’s landmark Circular F.No.286/2/2003 dated 10.03.2023. It is further coupled with the fact that the learned lower authorities have also not made available the vendor’s search statement to the assessee nor could they produce him for the purpose of cross examination in the course of assessment. Be that as it may, once it is clear that the impugned addition is not in consonance of the CBDT Circular, it deserves to be deleted. Ordered accordingly.

This assessee’s appeal is allowed in above terms.