- (1.) HEARD learned counsel for the parties.
(2.) THE appellant is aggrieved against the finding recorded by the C.I.T.(Appeals) in its order dated 20.4.2010 and by the Income Tax Appellate Tribunal, Ranchi Circuit Bench, Ranchi in order dated 14.7.2011. As per the brief facts of the case during the course of search on 18.7.2006 some loose sheet of paper was seized from the residence of Dr. K.K. Sinha, the assessee's premises. The requisite notice was issued to the assessee and he was asked to explain the nature of transactions of Rs.52,00,000/- written in the loose papers. The assessee explained that the figures related to the planning made for payment of margin money for the proposed term loan for the company from S.B.I, Commercial Branch, Ranchi. The Assessing Officer did not accept the explanation and, therefore, held that amount of Rs.36,00,000/- be added as assessee's unexplained investment and added it to the total income.
(3.) LEARNED C.I.T.,(Appeals) observed that there is explanation of the assessee and the A.O has also examined the books of account which were audited and also examined the seized material. However, the C.I.T(Appeals) did not found anything adverse regarding the income declared by the assessee in his return. The finding recorded by the A.O. has been considered by the C.I.T.,(Appeals) in para 7(iii) and 7(iv). According to C.I.T.,(Appeal), the A.O. has not given any reason for not accepting the explanation furnished by the assessee in respect of the transactions relating to the seized papers wherein the assessee submitted that the notings pertained to arrangement of fund for depositing margin money in the bank for securing loan for the purpose of buying C.T and MRI machines. These machines were purchased by the assessee for its diagnostic centre from M/s Siements Limited. These facts are verifiable from the books of account. The C.I.T, Appeal also observed that though an amount of Rs. 36,00,000/- has been alleged to be paid on the basis of seized paper, further details are not available on record. Apparently, no statement was recorded during search. No statement was recorded during the course of assessment also. There is no material to hold that the assessee company has made investment of this amount in any asset which is not disclosed in the accounts. The finding recorded by the C.I.T, Appeal has been upheld by the Tribunal.;