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TMI Blog2016 (4) TMI 506X X X X Extracts X X X X X X X X Extracts X X X X ..... im of the assessee. However, we find that the explanation of the assessee has not been considered by the Assessing Officer in proper perspective nor proper opportunity was given to the assessee to furnish complete evidences. Further claim of assessee to have received the amounts from his father have also been not accepted, inspite of various evidences filed. In the above said facts and circumstances of the case, where the assessee before us has furnished several documents / evidences, we are of the view that the principles of natural justice demand that an opportunity of hearing should be allowed to the assessee. Accordingly, we set-aside the matter to the file of Assessing Officer to decide the issue de novo after considering the evidences ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... admissible. The appellant craves leave to add or amend the grounds of appeal on or before the appeal is heard or disposed off. It is prayed that the order of the Commissioner of Income tax (Appeals) be set aside that of the A.O. be restored. 4. The assessee in ITA No. 1827/PN/2013 has raised the following concise grounds of appeal:- 1. The learned CIT(A) was not justified in sustaining the addition of ₹ 40,76,600/- without appreciating that the addition made u/s 68 based on bank statements was bad in law liable to be deleted. 2. The learned CIT(A) grossly erred in sustaining addition based entirely on presumptions and surmises. 3. The learned CIT(A) was unjustified in not appreciating that the ld Asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom foreign currency transactions as well as income by way of commission in respect of investments brought by him in Aurum Realty Ltd. and Shree Om Sainath Car on Rent Pvt. Ltd. The assessee also explained that certain amount was received by him on conversion of US dollars and the said amount was deposited in Bank of Maharashtra. Further, in respect of cash deposits in ABN Amro Bank, it was claimed that he had received the amount from his father Mr. Ved Prakash Sharma on 28.05.2008 of ₹ 2 lakhs. Further, he claimed to have received cash from Ms. Sangita Sharma for investing in Aurum Realty Ltd. of ₹ 1,25,000/- and similarly, another cash amount of ₹ 6,20,000/- was received from Ms. Sangita Sharma on 20.12.2008. The assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see in the Paper Book were forwarded to the Assessing Officer for comments with regard to admission of additional evidence under Rule 46A of the Income Tax Rules, 1962 (in short the Rules ) . The Assessing Officer in reply, opposed the admission of documentary evidence furnished by the assessee supporting the claim of receipt of compensation towards land acquisition and proof evidencing cash withdrawal by Mr. Ved Prakash Sharma, father of the assessee, as additional evidence. The Assessing Officer in the remand report rejected the said evidence as these were not filed during the course of assessment proceedings. The CIT(A) rejected the explanation of the assessee and upheld the addition made by the Assessing Officer. With regard to the sou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essing Officer did not accept further evidence and also did not allow reasonable opportunity to submit further evidence in this regard. Further, Affidavits of both the parties were also filed with a request to admit the same under Rule 29 of the Rules. Our attention was drawn to the proceedings before the Assessing Officer by the learned Authorized Representative for the assessee and it was pointed out that the confirmation along with supporting documents in respect of cash deposits in the bank accounts are available with the assessee, which has not been considered by the Assessing Officer. It was pointed out that during the assessment proceedings total queries were in respect of deposits in ABN Amro Bank and in respect of Bank of Maharasht ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The perusal of tabulated details filed by the assessee reflected that many of amounts have been received from his father and other amounts which are deposited in cash in Bank of Maharashtra are on account of investment to be made in Shree Om Sainath Car on Rent Pvt. Ltd. Once the assessee has given an explanation that he was receiving these amounts and further made investments, then the Assessing Officer should have made enquiries from the other parties to verify the claim of the assessee. However, we find that the explanation of the assessee has not been considered by the Assessing Officer in proper perspective nor proper opportunity was given to the assessee to furnish complete evidences. Further claim of assessee to have received the amo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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