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TMI Blog2014 (4) TMI 751X X X X Extracts X X X X X X X X Extracts X X X X ..... any specific ground with regard to the validity of enhancement of income except merely contesting on merits that the CIT(A) is not justified in holding that the balance amount is assessable to tax u/s 68 of the Act - no material was placed to contradict the findings of the CIT(A) and also no material was filed to prove the genuineness and creditworthiness of the creditors – thus, there is no infirmity in the order of the CIT(A) – Decided against Assessee. - ITA No. 3039/Mum/2012 - - - Dated:- 26-3-2014 - Shri D. Manmohan And Shri Rajendra,JJ. For the Appellant : None For the Respondent : Ms. Neeraja Pradhan ORDER Per D. Manmohan, V. P. This appeal is filed at the instance of the assessee and it pertains to A.Y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8.2009 and thereafter the case was listed for hearing from time to time. During the course of assessment proceedings the AO noticed that the assessee incurred expenditure and also made investments apart from cash credit, which was not explained. He accordingly made an addition of Rs.8,58,11,391/- referable to unexplained cash credit/unexplained investment and unexplained expenditure. 6. Aggrieved, assessee contended before the CIT(A) that the additions/ disallowances made by the AO is not in accordance with law. We are concerned herein with the addition of Rs.52,40,000/- and Rs.1,09,30,504/- under section 68 of the Act. The learned CIT(A) observed that the initial onus is upon the assessee to prove the identity and creditworthiness of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... extent. 7. Aggrieved, assessee is in appeal before us on these two additions. None appeared on behalf of the assessee and no material, whatsoever, was filed before us to contradict the findings of the CIT(A). As can be noticed from the order passed by the learned CIT(A), a remand report was obtained from the AO who in turn might have obtained explanation from the assessee and presumably because of that reason the assessee has not raised any specific ground with regard to the validity of enhancement of income except merely contesting on merits that the CIT(A) is not justified in holding that the balance amount is assessable to tax under section 68 of the Act. As rightly pointed out by the learned D.R. no material, whatsoever, was placed b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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