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TMI Blog2011 (9) TMI 1027X X X X Extracts X X X X X X X X Extracts X X X X ..... ut at para 2, page 1 of the Ld. CIT(A) s order which is extracted for ready reference. 2. The appellant is in the business of financing of vehicles and investment in other companies. Return of income for the Assessment Year 2002-03 declaring an income of ₹ 38,290.00 was filed on 17.11.2002 which was duly processed under Section 143(1). Notice under Section 147 was issued on 27.3.2009 on the basis of information from investigating wing, New Delhi about receipt of ₹ 60,00,000/- alleged to be bogus on account of accommodation entries. As no response was received in response to the notice under Section 148 nor was there any response to the notice under Section 142(1), therefore assessment was completed under Section 144 on 11.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd in law in deleting addition of ₹ 60,30,000/- made under Section 68 of the Income Tax Act, 1961 ignoring that:- a) the assessee failed to submit necessary details during the course of assessment proceedings even as several opportunities were allowed to him. Ld. CIT(A) was not right in entertaining additional evidence during the appellate proceedings. b) The assessee failed to discharge his onus to prove necessary ingredients of s.68 of the Income Tax Act, 1961. 5. We have heard Mr.PirthiLal, Sr.D.R. on behalf of the Revenue and Sri Manoj Kumar, the Ld. Counsel for the assessee. 6. On a careful consideration of the facts and circumstances of the case and on perusal of the material available on record as well as th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for sustaining the addition, specifically when overwhelming evidence is furnished by the assessee. The AO had the power to summon the Directors himself in case of doubt. Coming to the finding of the Investigation Wing, these are vague and the assessee has not been confronted with the comments and material of the Investigation Wing. 9. Coming to the legal position, the Jurisdictional High Court in ITA no. 212/2012 judgement dt. 11.4.2012 in the case of Goel Sons Golden Asset Pvt.Ltd. held as follows:- 3. We have examined the said contention and find that the assessee during the course of assessment proceedings has filed confirmation letters from the companies, their PAN numbers, copy of bank statements, affidavits and balance sheet. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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