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TMI Blog2014 (9) TMI 436X X X X Extracts X X X X X X X X Extracts X X X X ..... ciliation/record of land, no sale-deed record owned by the person in whose names sale of potatoes have been credited - There is also no proof of cultivation of potatoes or storage of such potatoes in the cold storage - the mystery pertaining to the creditworthiness remained unsolved – thus, the matter is remitted back to the Tribunal for fresh adjudication – Decided in favour of revenue. - Income Tax Appeal No. - 415 of 2011 - - - Dated:- 9-9-2014 - Hon'ble Tarun Agarwala And Hon'ble Dr. Satish Chandra,JJ. For the Appellant : A. N. Mahajan, Sr. S. C.,R. K. Upadhya For the Respondent : Krishna Agrawal ORDER (Per Hon'ble Dr. Satish Chandra, J) The present appeal is filed by the Department under Section 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case are that the assessee is a private limited company and derives the income from cold storage, which was constructed and installed during the year itself. During the course of assessment proceedings u/s 143(3) of the Act, the assessee was required to furnish details of investment in the cold storage, source of share capital and genuineness of loans. The assessee has filed some details, but did not file the complete documentary evidence as required by the A.O., so the A.O. has made the addition under Section 68 of the Act. Both the Appellate Authorities have deleted the said addition. Being aggrieved, the Department has filed the present appeal. With this background Shri R.K. Upadhyay, the learned counsel for the appellant-Departm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acs from 15 shareholders; ₹ 64 lacs from 4 Directors; and ₹ 11 lacs from other 11 shareholders. All the shareholders were from same family having agricultural background with substantial land holdings. To meet the financial needs for construction activities, the assessee also raised the loan of ₹ 34,45,000/- from 19 persons who too were having the agricultural background. The assessee has furnished the necessary details before the A.O., however, the A.O. considered ₹ 27,33,000/- out of share capital, as explained and added remaining amount of ₹ 82,12,000/-(Rs. 47,67,000/- out of share capital and ₹ 34,45,000/- of unsecured loans) as income from unexplained sources. It is also a submission of the learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 44,45,000/- as unexplained income on account of share application money. The A.O. further accepted the amount of ₹ 7,78,000/- representing capitalization of land for the cold storage, and for the remaining amount, he made the addition under Section 68 of the Act. The First Appellate Authority has partly allowed the appeal of the assessee and deleted the addition in dispute and the same was confirmed by the Tribunal. From the records, it appears that the Tribunal has passed the impugned order in the absence of the learned Departmental Representative (DR), who in his written submission states that even if Khatauni have been provided, there is no reconciliation/record of land, no sale-deed record owned by the person in whose names sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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