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TMI Blog2015 (12) TMI 189X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts and in the circumstances of the case and in law was CIT(A) justified in deleting an addition of Rs. 20,02,030/- made u/s 68 on account of alleged bogus accommodation entries received from M/s Garg Finvest Pvt. Ltd. and M/s Shekhawati Finance Pvt. Ltd. ii. The appellant craves leave to add, alter or amend any ground of appeal raised above at the time of hearing. 2. The brief facts of the case are that the respondent assessee is a company duly incorporated under the provisions of the Companies Act, 1956. The return of income for the assessment year 2004-05 was filed on 09.10.2004 declaring income of Rs. 5,36,520/-. The said return of income was processed under Section 143(1) of the Income-tax Act, 1961 (for short "the Act"). Ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ide 2 cheques as share application money received from B.T. Technet Ltd. Thus, in the books of the Appellant Company there are no credits in the account of Garg Finvest Pvt. Ltd. and shekhawati Finance Pvt. Ltd. In this regard, detailed confirmation has been field before AO during the course of assessment proceedings which are available in the Paper Book. So as per requirement of section 68, AO has travelled beyond the jurisdiction and without making any meaningful enquiry in this regard. The reliance in the case of Gangeshwari Metals Pvt. Ltd. & M/s Rhombus Infrastructure Pvt. Ltd. by the Ld. AR of the appellant, is appreciated. Ground of appeal No. 1 is allowed." Being aggrieved from the above order, the Revenue is before us with the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the practice of taking cash and receiving cheques in the guise of subscription and share capital consideration in the form of commission, the assessee company had not discharged its initial onus lying upon it, nor rebutted the report of Investigation Wing. Further, we find from the order of the CIT(A) that certain additional evidences/details were filed by way of paper book and there is nothing on record to show that the requirements of the provisions of Section 46A of the Income Tax Rules, 1962 had been complied with by the ld. CIT(A). In the circumstances, we are of the considered opinion that the interest of justice would be served, if the matter is restored to the file of the Assessing Officer for de-novo assessment after affording due ..... X X X X Extracts X X X X X X X X Extracts X X X X
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