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TMI Blog2017 (11) TMI 976X X X X Extracts X X X X X X X X Extracts X X X X ..... n order to check the genuineness of the impugned transactions. We, therefore, set aside the order of the ld. CIT(A) and restore the matter back to the first appellate authority to decide the appeal afresh after making proper examination in the light of observations made in the body of this judgment. The ld. CIT(A) if feels necessary, may take remand report from the AO in this regard. Appeal of the assessee is allowed for statistical purposes. - ITA No. 4475/Del./2011 - - - Dated:- 13-6-2017 - Shri S.K. Yadav, Judicial Member And Shri L.P. Sahu, Accountant Member For The Assessee : Sh. Y.K. Kapoor, Advocate For The Revenue : Sh. Umesh Chand Dubey, Sr. DR ORDER Per L.P. Sahu, A.M.: This appeal is filed by the assessee against the order of ld. CIT(A)-XXI, New Delhi dated 02.08.2011 for the assessment year 1999-2000. The appellant has raised amended grounds of appeal which read as under : 1. That the order passed by the authorities below is contrary to the order dated 12.11.2008 of this Hon'ble Tribunal as the direction of the Tribunal to supply the material which was the basis of assessment that was used against the assessee, is till date not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ile of AO with the following observations : 7. We have given careful thought to the last addressed argument of the assessee. We find that the order passed by theAO is very cryptic and the only relevant observation is Addition of ₹ 9,41,334 is made as accommodation entry . Against the assessment, the assessee raised the following ground of appeal before the ld. CIT(A):- That issuance of notice u/s 148 of Income Tax Act in absence of inability to provide copy of seized papers/documents statements obtained during search proceedings of M/s My Money Securities Ltd, relating to appellant company and non-production of opportunity to verify/cross examine, is illegal/baseless. 7.1 Then there are letters filed by the assessee before the AO asking for copies of information in his possession and being used against the assessee for making addition. According to the ld. Counsel for the assessee, the information used against the assessee was never supplied to the assessee. We are unable to reject above claim of the assessee as there is no discussion in die assessment order or in the order of CIT(A) on the above material issue. There is nothing on record to show that re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in appeal before the ld. CIT(A) who again confirmed the order of AO vide impugned order. Aggrieved, the assessee is in this appeal before the Tribunal. 4. Assailing the impugned order, the ld. AR of the assessee that the AO while passing the impugned assessment order has failed to comply with the directions of the Tribunal, according to which the AO was required to supply the information received and all the material seized from the premises of M/s. My Money Securities Ltd. having relevance to the impugned transactions and to issue summons to the purchaser of shares for crossexamination and to verify the impugned transactions of shares, but he failed to do so. The AO only provided the copies of statements recorded by the Revenue Authorities of Investigation Wing, but did not bother to issue summons to the share purchaser for cross examination with the appellant with respect to the impugned transactions of shares. It was also submitted that the ld. CIT(A) has recorded contrary facts that no details regarding share transactions were placed whereas contract notes etc. of the broker were furnished before the authorities below. He, therefore, submitted, that there being no material ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd loss account (iii). Computation of Income (iv). Photocopy of return of income (v). Details of sale/purchase transactions where from the profit of ₹ 9,41,334/- became receivable by assessee. (vi). Confirmation certificate of M/s. My Money Securities (P) Ltd. with consolidated chart. However, the ld. Assessing Officer has not made any reference to these documentary evidences in the assessment order nor has tried to examine the same to check the veracity of the impugned share transactions. The assessee had also stated that the audited books of accounts showed the transactions and outstanding amounts receivable from broker and the income earned in assessment year 1998-99 was disclosed in the return of income based on audited financial statements, the details of which were furnished for examination before the AO, but the AO has made no reference or comments on the same. In fact, the verification of the impugned transactions was necessary to be examined by the AO from the details/documents furnished by the assessee in its support, which is lacking in the present case. The learned AR of the assessee has also furnished before us the paper book which was filed before ..... X X X X Extracts X X X X X X X X Extracts X X X X
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