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TMI Blog2013 (11) TMI 151X X X X Extracts X X X X X X X X Extracts X X X X ..... to produce the parties in person from whom amounts have been received - Also the AO didn’t considered the documents and submissions made by the assessee - In view of natural justice –The issue was set aside for fresh adjudication. - ITA No.5954/Del/2010 - - - Dated:- 21-12-2012 - I C Sudhir and B C Meena, JJ. For the Appellant: Shri Pravin Kumar, CA For the Respondent: Shri Satpal Singh, Sr.DR ORDER:- The assessee has questioned first appellate order on the following grounds: Reopening the case u/s 147/148 1. The learned CIT(A) failed to appreciate the fact that the AO reopened the case merely on vague information without having reason on record which have led him to believe that a notice should be issued. Therefore the proceedings u/s 148 is uncalled and may be quashed. 2. The learned CIT(A) failed to appreciate the fact that the reopening was bad in law as far as regarding the addition made by the AO were on other items which was not covered by the reasons recorded u/s 148 which is unjustified and proceeding u/s 148 deserves to be quashed. 3. The learned CIT(A) failed to appreciate the fact that the AO deviated from his own reasons for r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... credits has been received whereas he specifically called for Bank Statement of all the persons along with their ITR and Balance Sheet which were duly submitted before him. Therefore confirming the additions by CIT(A) on this mere reason is result of ignorance for taking into cognizance of the already filed Bank statement on record while drafting the appeal order and such additions deserves to be deleted. Non Consideration of Case Laws 11. The learned CIT(A) erred in law whereas he did not mention the reasons why he is deviating from such jurisdictional case law. 12. The learned CIT(A) erred in law wherein he mentioned the case law to support his confirming the additions the facts of which are completely different. 13. The learned CIT(A) erred in law while taking support of the case law ITO Vs. Sanraj Engg. Pvt. Ltd in which it has been held that bank statement of the loan creditors could be equated with establishing the creditworthiness, in the present case bank statements were very much available with the CIT(A) on record as called by him. Ground Nos. 1 to 3 2. The relevant facts are that the assessee a Pvt. Ltd. Company is engaged in the business of Fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the AO that income chargeable to tax has escaped assessment. The investigation wing had informed that the assessee company is one of group companies of M/s Vikas Holdings Pvt. Ltd. managed by Shri Ajay Kumar and Pradeep Kumar through whom accommodation entries were provided. In the reasons recorded, a copy whereof has been made available at page no. 69 of the PB, the AO after noting the information received from the investigating wing of the department has also noted that he had also perused various materials and report received from investigation wing and on that basis it is evident that the assessee company had introduced its own unaccounted money in its bank by way of accommodation entries. Thus it is obvious that the reasons have been recorded by the AO after application of his mind on the information supplied by the investigation wing. It is now well settled proposition of law that at the stage of initiation of reopening proceedings a prima facie belief that an income chargeable to tax has escaped assessment is required to form, sufficiency of which cannot be questioned in a Court of law. We are of the view that there was sufficient material in possession of the AO under wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k and also that why the same cash was again deposited in the bank. Likewise no evidences or vouchers regarding the purpose of withdrawal as well as these deposits in the bank was furnished. 9. Considering the above submissions we find that authorities below have not assigned reason for not considering the opening cash balance in hand shown in the audited accounts and withdrawal of amount from the bank. No doubt onus lies upon the assessee to explain the source of cash deposit but at the same time there should have been specific reasons assigned by the authorities below for their non-reliance on the cash book filed by the assessee to explain the source of the deposit and explanation of the assessee regarding availability of some amount in hand as reflected in the opening cash balance. We thus set aside the matter to the file of the AO to examine the issue afresh after affording opportunity of being heard to the assessee and after verification of explanation of the assessee regarding the source of the deposit as well as genuineness of the cash book already filed. Ground nos. 4, 5, 6 are accordingly allowed for statistical purposes. Ground nos. 7, 8, 9, 10 10. In these groun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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