2014 (6) TMI 801

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..... ocate - CIT(A) has confirmed the addition stating that the AO has doubted the genuineness of the evidence filed before him – the issue needs re-adjudication at the assessment level – thus, the matter is required to be remitted back to the AO for adjudication - assessee is directed to file the details of chronological events which took place before the SEBI alongwith confirmations from the parties – Decided in favour of Asssessee. - I.T.A. No. 3742/Mum/2012 - - - Dated:- 6-6-2014 - Shri I. P. Bansal, JM And Shri N. K. Billaiya, AM,JJ. For the Appellant : Shri Vijay Mehta For the Respondent : Shri Vikas Agarwal ORDER Per N. K. Billaiya, AM: This appeal by the assessee is preferred against the order of the Ld. CIT .....

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..... CIT(A) that the AO did not give sufficient time to file evidence accordingly, the assessee filed some documentary evidences before the Ld. CIT(A) in terms of Rule 46A. The submission of the assessee alongwith documentary evidence submitted by the assessee were forwarded to the AO by the Ld. CIT(A). The AO submitted a Remand report vide letter dt. 29.2.2012. It was submitted by the AO that the assessee never attended the remand proceedings. The AO also doubted the genuineness of the documents filed by the assessee before the Ld. CIT(A). 5.1. After considering the facts and the submissions and the remand report, the Ld. CIT(A) came to the conclusion that the assessee has received the amount of Rs. 12 lakhs during the course of its business .....

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..... ing that the AO has doubted the genuineness of the evidence filed before him. In our considered view, this issue needs readjudication at the assessment level. We, therefore, restore this issue back to the file of the AO. The assessee is directed to file the details of chronological events which took place before the SEBI alongwith confirmations from the parties. The AO is directed to verify these documents afresh after giving reasonable opportunity of being heard to the assessee. 10. Before closing, the AO is also directed to verify whether the same income has been offered for tax in A.Y. 2010-11 and decide accordingly. 11. In the result, the appeal filed by the assessee is allowed for statistical purpose. Order pronounced in the o .....

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