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TMI Blog2013 (1) TMI 430X X X X Extracts X X X X X X X X Extracts X X X X ..... clear and express conclusion as to whether the explanation offered by the assessee was satisfactory or not. Also that the Tribunal is the final fact finding authority under the scheme of Income Tax Act and therefore, it is incumbent on the Tribunal to return a finding in clear and express terms. This is so, because it is only when the finding is clear that a question of law based on those findings can be examined by the High Court. Consequently it would be appropriate to remit the matter to the Tribunal to return a clear finding as to whether the explanation offered by the assessee is satisfactory or not - in favour of the revenue by way of remand - parties shall appear before the Tribunal in the first instance on 06.05.2013. - ITA 60 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... could not be recorded as unaccounted investments. 4. The Commissioner of Income Tax (Appeals) by virtue of its order dated 31.03.2011 held in favour of the assessee in the following manner :- 4. I have considered the submissions of the appellant on the issue and it is seen that the Assessing Officer has made the addition without examining the submissions detailing the sources of investment of Rs.70,15,800/-. The evidence filed by the assessee during the assessment proceedings has been completely ignored, whereas the same clearly shows that investment made by the assessee during the assessment proceedings has been completely ignored, whereas the same clearly shows that the investment made by the assessee are duly unaccounted for. In vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal had concluded that the assessee had offered an explanation, neither the Commissioner of Income Tax (Appeals) nor the Tribunal has returned any clear-cut finding as to whether the explanation offered by the assessee was satisfactory. He submitted that there must be a clear finding inasmuch as both the Commissioner of Income Tax (Appeals) as also by the Tribunal are appellate authorities and they are supposed to return findings of fact. The only finding of fact that has been returned by the two authorities is that the assessee had offered an explanation. The further finding of fact that the explanation was satisfactory has not been expressly stated by either the Commissioner of Income Tax (Appeals) or by the Tribunal. 6. The learned co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such financial year. A plain reading of the aforesaid provision would show that it envisages two situations when an addition can be made on account of unexplained investments. The first situation being, where the assessee does not offer any explanation about the nature and source of the investment. The second situation being, where the explanation offered by him is, in the opinion of the assessing officer, not satisfactory. 10. In the present case, we find that the assessing officer was clearly wrong in holding against the assessee by concluding that the assessee had not offered any explanation. This fact has been realized both by the Commissioner of Income Tax (Appeals) as also by the Income Tax Appellate Tribunal. It is clear that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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