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TMI Blog2018 (1) TMI 1045X X X X Extracts X X X X X X X X Extracts X X X X ..... the Appellate Tribunal are completely borne out from the record. As stated earlier, neither before the CIT (A) nor before the Appellate Tribunal, the appellant offered to procure presence of those 23 persons. Therefore, there is finding of fact recorded by the Appellate Tribunal confirming the observation of the Assessing Officer that the appellant - assessee had failed to establish the creditworthiness of the subscribers and even genuineness of the transactions. - Decided against assessee X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Assessing Officer while passing the order dated 22nd December, 2009 noted that after giving further opportunity, the assessee filed copies of the acknowledgments of the returns of income for the assessment year 2007-08 in the cases of 20 subscribers. The Assessing Officer in the assessment order recorded the finding that almost all parties were new assessees in the sense that they had filed returns for the first time. Secondly, it was found that most of them had an income of ₹ 1.25 lakhs and none of them had income above ₹ 3 lakhs. It was also found that most of them were in early twenties. In paragraph 4.5 of the assessment order, it is noted that the notice/summons under Section 131 of the Act were issued to 23 parties. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have been affirmed before the same notary public between 8th to 13th April, 2010. It is also mentioned that there was no change in addresses of these persons and the addresses mentioned in the affidavits were the same as stated on the share applications. The Assessing Officer was of the view that the appellant has failed to establish identity of the persons who filed the affidavits and, therefore, even genuineness of the claim made by the same was not established. 5. The CIT (A) proceeded to allow the appeal for the appellant - assessee by deleting ₹ 95,10,000/- as unexplained cash credit. Being aggrieved by the said judgment and order, an appeal was preferred by the respondent - revenue before the Income Tax Appellate Tribunal (for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer in the remand report observed that it was the case of the appellant that the said twenty three persons were his business partners. He noted that when the summonses under Section 131 of the Act were issued to the said persons, they were not available at the given addresses. He observed that from the declaration/ affidavits, it appears that the franking was done on all affidavits on 8th April, 2010 and were allegedly affirmed before a notary public from 8th to 13th April, 2010. The copies of the said affidavits are annexed to the memorandum of appeal and we find that the said two observations made by the Assessing Officer are correct on perusal of the said affidavits. 8. In the written response to the remand report, the app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is reiterated that when summonses were issued to these 23 persons, 22 were returned unserved. All these factual aspects have been examined in the context of the case of the appellant that the said persons were his business partners. A specific finding of fact has been recorded that the appellant failed to produce even a single person before the Assessing Officer despite specifically asked by the Assessing Officer. 9. We may note here that even the order dated 22nd December, 2009 passed by the Assessing Officer records that repeated opportunities were granted to the appellant to substantiate its case. However, basic evidence was not produced by the appellant to corroborate its claim. 10. The issue before the authorities was of identity, ge ..... X X X X Extracts X X X X X X X X Extracts X X X X
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