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TMI Blog2017 (5) TMI 159X X X X Extracts X X X X X X X X Extracts X X X X ..... authorities below so as to ensure that mandate of Section 68 of 1961 Act was fulfilled - appeal allowed by way of remand. - I.T.A. No. 1088/Mum/2013 - - - Dated:- 10-4-2017 - Shri Joginder Singh, Judicial Member And Shri Ramit Kochar, Accountant Member Assessee by None Revenue by : Shri Suman Kumar, D.R. ORDER Per Ramit Kochar, Accountant Member This appeal, filed by the assessee, being ITA No. 1088/Mum/2013, is directed against the appellate order dated 26th November, 2012 passed by learned Commissioner of Income Tax (Appeals)-32, Mumbai (hereinafter called the CIT(A) ), for the assessment year 2009-10, the appellate proceedings before the learned CIT(A) arising from the assessment order dated 28th December, 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alf of assessee when the appeal was called for hearing on 4th April 2017 nor any application for adjournment was moved by the assessee. Under these circumstances, we proceed to decide the appeal on merits after considering the submission of the assessee available on record after hearing ld. D.R. The assessee had also earlier filed paper book containing 24 pages which is placed in file. 4. Brief facts of the case are that during the year under consideration, the assessee was engaged in the business of share trading . During the course of assessment proceedings u/s 143(3) r.w.s. 143(2) of 1961 Act, the A.O. noticed that the assessee had deposited cash on various dates in his savings bank account No. 013110008919 with Dena Bank, Vile Parle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee. The ld. CIT(A) considered the submission of the assessee but doubted the genuineness of these cash transaction as copy of income-tax returns filed by such lenders filed with the Revenue were not enclosed by the assessee . The ld. CIT(A) also doubted that the assessee who is trading in shares will receive such cash deposits from persons in cash and not by cheque. The learned CIT(A) also held that these deposits do not inspire confidence as no interest was paid, no sources as well reasons of repayment in cash of these deposits were satisfactorily explained by the assessee. The ld. CIT(A), thus confirmed the addition made by the A.O. as the assessee failed to satisfactorily explain the nature and source of these cash credit entries ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceived as well repaid in cash and no interest was also paid . However, the confirmations from these creditors carrying name, address and PAN were filed but copies of tax-returns of these creditors were not filed by the assessee. In our considered view, all these confirmations from creditors filed by the assessee need verification by the authorities below so as to ensure that mandate of Section 68 of 1961 Act was fulfilled. In the fitness of the matter and in the interest of justice, we are inclined to set aside and restore this issue back to the file of the AO for de-novo determination of the issue on merits after examination of all these details submitted by the assessee. The assessee is directed to produce all necessary and relevant evid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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