9911796707
TMI Blog2012 (9) TMI 792X X X X Extracts X X X X X X X X Extracts X X X X ..... despite service of notice. It was, however, decided to dispose of this appeal on the basis of material available on record and the submissions of the learned Departmental Representative. 3. Before us, the learned Departmental Representative in his submissions relied on the order of the Assessing Officer and copy of statement recorded under section 132(4) of the Income Tax Act, 1961 (for short "the Act") as also the remand report dated 18th February 2011, of the Assessing Officer. 4. We have considered the orders of the authorities below, copy of statement of the assessee recorded under section 132(4) of the Act, remand report dated 18th February 2011, and the copy of bank statement filed before us by the learned Departmental Repre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said amount of Rs. 38,60,698, was received on behalf of Samardhan Securities and the same has been given back to them. The Assessing Officer has stated that the assessee could not bring on record creditworthiness and especially identity of the entity which has done these transactions. The assessee is simply serving as supporting staff of M/s. Alacrity Securities P. Ltd. The Assessing Officer considered the said amount of Rs. 38,60,698, as unexplained cash credit under section 68 of the Act and added to the income of the assessee. 8. However, the assessee filed before the learned Commissioner (Appeals) the following details regarding the credit entries:- * Copy of PAN card, election ID Card and Driving License of Mr. Devan Sanghvi, propr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e remand report to seek our comments thereto and in response to which we have to state as under:- We are in receipt of remand report dated 18/02/2011 with reference to above case issued by learned Dy. Commissioner of Income Tax, Central Circle-45. With this respect under the instruction of our client we have to submit as under:- In case of addition of Rs. 38,60,698 being credit entries for amount received on behalf of Samardhan Securities, we have submitted all the required details, information and supporting as asked by learned officer and attended from time to time. Additional evidence with respect to above submitted before your goodself on 25/01/2011, to support our argument and genuineness of said transaction which could not be submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... als) has stated that the assessee has provided enough evidence to prove the identity of the party and creditworthiness of the entity. He has further stated that the genuineness of the transaction also cannot be doubted as the amount has been re-paid on the same day or within a fortnight of receiving the same. The learned Commissioner (Appeals) has stated that the counter party confirmation goes on to prove the same beyond doubt. The learned Commissioner (Appeals) has stated that the credit entry of Rs. 38,60,698, on behalf of Samardhan Securities cannot be charged to tax and, accordingly, deleted the same. 11. During the course of hearing before us, the learned Departmental Representative has not disputed the fact that on the basis of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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