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TMI Blog2010 (3) TMI 1078X X X X Extracts X X X X X X X X Extracts X X X X ..... law, the learned C. I. T. (A)-V, Surat erred in not adjudicating that Assttt. C. I. T. made addition only on Statement u/s 132(4) and failed to make proper enquiry about depositors despite requested by the assessee and therefore additions made u/s 68 should be deleted. 2. The assessee sought adjournment on the ground that copy of the remand report and English version of the statement are yet to be compiled. None appeared on behalf of the assessee at the time of hearing of the appeal. The record reveals that the assessee on several occasions sought adjournment on one or the other reasons. It, therefore, appears that the assessee is no more interested in appearance and a rguing the appeal. Adjournment application is, therefore, rejected ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... credit u/s 68 of the IT Act which in his own opinion was not offered to tax, although quantified in disclosure of the additional income made during the survey. He has also made another addition of ₹ 3,52,112/- as non-genuine loan as per Para 10 of the assessment order. 5. Both the additions were challenged before the learned CIT(A) and it was submitted that certain parties could not be produced before the AO whose examination is imperative for proper quantification of genuine income. The learned CIT(A) remanded the matter back to the AO to record the statement of various parties whom the assessee wanted to produce to substantiate his claim of genuine cash credits. The AO in the remand report mentioned that despite numbers of opportun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ai Lakhani has admitted in his voluntary statement and his group members had accepted unsecured loans by giving cash to the persons from whom loans and advances were receive. He has agreed that cash given to obtain these loans are not recorded in the books of account. The assessee agreed to surrender the non-genuine credits in the revised return but only part of the amount was disclosed as undisclosed income in a sum of ₹ 11,17,975/-. The assessee did not comply with the statutory notices before the AO and no specific details were filed to prove the genuineness of the various credits. No details were furnished before the AO. The AO issued show cause notices to the assessee which was also not complied. The assessee failed to produce th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the credits of the rest of the amount which the assessee has not disclosed in the revised return despite admitted in the voluntary statement recorded on the date of survey. The assessee has however, not complied with the statutory notices before the AO at the assessment stage. Even at the appellate proceedings the assessee did not produce the parties and their complete addresses and particulars before the AO in the remand proceedings. Therefore, it stands proved that the assessee has no explanation to offer to explain the genuine credits in the matter. It was the assessee who has made a claim before the learned CIT(A) to produce the parties before the AO to substantiate his claim of genuine credit. Therefore, the assessee should have take ..... X X X X Extracts X X X X X X X X Extracts X X X X
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