Brief of the case:
In case of Prabhat Chandra S Jain Vs. ACIT Pune bench of ITAT have held that where it is not established that name PC Jain of Mumbai written in the said document was in fact the assessee before us and in the absence of any evidence having been found to establish that the assessee before us has received the said amounts from Shri Sohan Raj Mehta on account of M/s. DIL group, we find no merit in the aforesaid addition made in the hands of the assessee. Assessee’s name was mentioned in the documents founds during search. Revenue failed to establish that the person, whose name was mentioned in the documents, is the assessee. Additions could not be made on this basis. The assessee as well as revenue were in appeal against the order of CIT(A) and have raised their respective issues. The first issue of assessee is with regard to the addition made on account of third party evidence and second issue raised without prejudice is the application of GP rate @ 35% on unaccounted sales. The Revenue is in appeal against the application of gross profit rate @ 35% on the unaccounted sales.
Facts of the case:
