9911796707
TMI Blog2014 (1) TMI 232X X X X Extracts X X X X X X X X Extracts X X X X ..... r in Indian made foreign liquor, had filed return for the impugned assessmenet year declaring an income of Rs.97,95,030/-. There was a survey under section 133A of the Income Tax Act, 1961 (in short "The Act") carried out in the shop and godown premises of the assessee on 04.03.2008 and during survey no physical cash whatsoever was found. One Shri Partha Sarthi Ghosh, the Director of the assessee-Company stated that no physical cash available on 04.03.2008. However, from the extract of computer printout, it was noted by the Assessing Officer that the Trial Balance and cash book reflected cash balance of Rs.3,79,85,384.91 on 04.03.2008. Explanation was sought from the assessee. As per the assessee, a large number of cash payments were made f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ciliation to the Assessing Officer for a remand report. In the remand report dated 18.08.2011, the Assessing Officer stated that ld. A.R. of the assessee had appeared before him and he had no comments to offer. 5. Ld. CIT(Appeals) after examining the found that the assessee had paid excise duty of Rs.4,30,42,000/- during the period 23.10.2007 to 03.03.2008. Credit entries in the cash book for remittances on excise duty though made prior to 04.03.2008 were not accounted on 04.03.2008, resulting in the inflated cash balance. As per ld. CIT(Appeals), there was no case for any addition under section 68 of the Act, since assessee had discharged its onus by producing all material facts relevant. He thus deleted the addition. 6. Now before us, l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yments and remittances, including bank deposits were not incorporated in such books, resulting in the abnormal cash balance. In support of this, assessee had filed reconciliation and documents numbering 250 pages before the ld. CIT(Appeals). This was sent by the l d. CIT(Appeals) to the Assessing Officer for a remand report. In the remand report, the assessing Officer stated as under :- "In this regard, assessee was asked to appear before the undersigned on 25.07.2011 at 11.30 a.m. In response, Shri Babul Biswas, AR of the assessee comp any appeared and stated that all documents which were submitted before the ld. CIT(A)- XII, Kolkata, had already been submitted before the AO in course of the assessment proceeding. It is clear that no new ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isfactory, the sum so credited may be charged to income tax as the income of the assessee of that previous year : Provided that where the assessee is a company (not being a company in which the public are substantially interested), and the sum so credited consists of share application money, share capital, share premium or any such amount by whatever name called, any explanation offered by such assessee-comp any shall be deemed to be not satisfactory, unless - (a) The person, being a resident in whose name such credit is recorded in the books of such company also offers an explanation about the nature and source of such sum so credited, and (b) Such explanation in the opinion of the Assessing Officer aforesaid has been found to be satisf ..... X X X X Extracts X X X X X X X X Extracts X X X X
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