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TMI Blog2016 (12) TMI 502X X X X Extracts X X X X X X X X Extracts X X X X ..... law and on the facts of the case in confirming the order of the CIT(A) and thereby deleting the addition made by the A.O. on account of unexplained investment of Rs. 58,01,339/- ? (B). Whether the ITAT is right in law and on facts of the case in confirming the order of the CIT(A) and thereby deleting the addition made by the A.O. on account of unexplained expenditure under section 69C of the Act of Rs. 1,28,670/-?" 2.00. Heard Mr.Nitin Mehta, learned counsel appearing on behalf of the appellant - Revenue at length. We have perused and considered at length the orders passed by the learned A.O., CIT(A) and the learned tribunal. 2.01. Now, so far as the proposed question No.(A) is concerned, it is required to be noted that the A.O. made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transactions of Rakesh Panchal H.U.F. The assessee while filing petition before Settlement Commission has to disclose the true and correct income. When the assessee is owning up and disclosing so many other concerns' income as his income there was no reason not to disclose the income of Rakesh Panchal H.U.F., if genuinely it had belonged to it. The contention of the appellant is strengthened from the fact that Rakesh Panchal H.U.F. has filed an Affidavit clearly mentioning as under :- "I, the undersigned Mr. Rakesh Panchal s/o. Ishwarlal Panchal do hereby state and confirm that the Bank Account with Catholic Syrian Bank Ltd., Asharam Road Branch, Ahmedabad in the name of Rakesh I. Panchal - HUF having Bank A/c. No.000400 and all the trans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o issue Summons and verify further details if he had any doubt. However, the Assessing Officer has made the addition as is evident from Para 4.1 of the order that the assessee could not produce the Karta of H.U.F. for cross examination. In my view the assessee has discharged his onus fully by filing the complete details of bank transactions, name and address, P.A. No. and above all declaration on oath in shape of Affidavit wherein the said Party Rakesh Panchal H.U.F. has owned up the entire transactions of the Bank Account. It is for the Assessing Officer of Rakesh Panchal H.U.F. to verify as to why there is no income generated from several transactions in the bank account or for that matter conduct other inquiries. The assessee having disc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Commission and before the Assessing Officer the said person himself was owning up all these transaction, there is no question of making addition of Rs. 58,01,339/- as unexplained investment. The addition made was therefore rightly deleted by the CIT(A). There is no infirmity in CIT(A)'s order. Therefore, we uphold the same." 3.00. Having heard Mr.Mehta, learned counsel appearing on behalf of the appellant - revenue and considering the facts and circumstances of the case, more particularly when the assessee discharged its onus by submitting and producing necessary material in support of his case that the aforesaid transactions belongs to one one Rakesh Panchal HUF and thereafter onus was shifted upon the A.O. to hold necessary inquiry with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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