9911796707
TMI Blog2015 (4) TMI 1160X X X X Extracts X X X X X X X X Extracts X X X X ..... meaning thereby, additions have been deleted qua 9 creditors. Revenue is challenging the deletion qua five creditors only. The grievance of the revenue is that discussion was not made by the Ld. First Appellate Authority with respect to five. In our opinion, when Ld. First Appellate Authority has made observation about 13 creditors then it is to be appreciated that Ld. First Appellate Authority must have a glance on all the details. It is the Assessing Officer who did not make specific objections to the details submitted by the assessee, in his remand report in respect of these five creditors. Therefore, after going through the order of Ld. CIT(A), we are of the view that Ld. CIT(A) has appreciated the facts in right perspective and no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erest thereon i.e. Closing balance (Rs.) 1 A.K. Traders 50,000/ 2 Gurumukhdas Dulhanomal Pritmani 2,80,000/ 3 Dulhanmal A. Printmani 2,00,000/ 4 Suresh Lalchand 1,48,674/ 5 S.K. Shah 55,082/ 6 Niraj Damodar Gopalani 95,000/ 7 R.V. Finance 6,00,000/ 8 Rehandibai Nanikram 50,000/ 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... am, out of the list extracted above. 5. With the assistance of Ld. representatives, we have gone through the record carefully. Section 68 of the Act contemplates that where any sum is found credited in the books of an assessee maintained for any previous year and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the AO, satisfactory, the sum so credited may be charged to income tax as the income of the assessee of that previous year. No doubt, credit entries are available against the names of 13 persons in the books of assessee, therefore, he is supposed to explain the source of deposits in the books. Section 68 of the Act puts an obligation upon the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Dulhanomal A Pritmani had not received any money from the assessee before issuance of a cheque to the assessee. He was a income tax payer and the copy of the return was also submitted. It is pertinent to mention that there are 13 creditors. Ld. CIT(A) has confirmed the addition qua four, meaning thereby, additions have been deleted qua 9 creditors. Revenue is challenging the deletion qua five creditors only. The grievance of the revenue is that discussion was not made by the Ld. First Appellate Authority with respect to five. In our opinion, when Ld. First Appellate Authority has made observation about 13 creditors then it is to be appreciated that Ld. First Appellate Authority must have a glance on all the details. It is the Assessing Of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
