2016 (12) TMI 618

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..... f assessee - TAX APPEAL NO. 864 of 2016 - - - Dated:- 6-12-2016 - MR. M.R. SHAH AND MR. B.N. KARIA, JJ. FOR THE APPELLANT : MR NITIN K MEHTA, ADVOCATE ORAL ORDER (PER : HONOURABLE MR.JUSTICE M.R. SHAH) 1.00. Feeling aggrieved and dissatisfied with the judgement and order passed by the learned Income Tax Appellate Tribunal A Bench, Ahmedabad in ITA No.993/Ahd/2011 for A.Y. 2005-2006, revenue has preferred the present Tax Appeal to consider the following proposed question of law :- 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 cash credits under section 69 of the Act of ₹ 50,61,60, .....

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..... ks of accounts maintained like cash book, bank book, journal register, general ledger, purchase register, sales register, stock register etc. and all the bank accounts of the appellant company. From the voluminous audit report of more than 250 pages, I have seen that the Auditors have examined and reproduced every bank account and credit entries and have obtained appropriate audit evidence as well as other evidences to explain the source of the same. The Auditors have obtained all material and confirmations, which explains the genuineness, capacity and creditworthiness of all the creditors and credits appearing on bank account. After verifying and satisfying themselves, the Auditors have finally given their opinion on Page 22 of the Report .....

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..... genuineness, capacity and creditworthiness of all the creditors and credits appearing in bank account. After verifying and satisfying themselves, the auditors had finally given their opinion on Page 22 of the Report that income earned in the above 10 concerns / persons from mutual funds, share investment and other income,were of ₹ 68,55,384/-. Thus, all other bank entries and credits therein stand clearly explained and could not be considered as unexplained. In view of this, the addition made of ₹ 56,61,60,657/- deserves to be deleted. This particularly so because the income of ₹ 68,55,384/- as suggested by Special Auditor also could not be added and sustained inasmuch as the assessee had offered ₹ 72,00,000/- as it .....

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