9911796707
TMI Blog2001 (10) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... in ITSSA No. 1894/JP of 1996: "Whether, on the facts and in the circumstances of the case as well as in law, the Appellate Tribunal was justified in: (i) deleting the addition of Rs. 10,62,000 out of the addition of Rs. 11,03,000 observing that the addition in respect of regular credits was not warranted inasmuch as no material was available with the Assessing Officer justifying the addition and primary facts relating to these credits stood duly disclosed in the regular books notwithstanding the fact that the assessee could not prove the genuineness of loans claim and recording of loans in regular books is not enough evidence for not making addition in view of the specific provisions of sections 158B(b)/158BB(1) and 158BB(2) of the Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessing Officer and sought to rely on various evidences which were not produced/furnished before the Assessing Officer and, therefore, the matter required to be restored to the file of the Assessing Officer for want of verification/cross-tally, and accordingly in not setting aside the assessment? (vii) in not holding that the contention raised on behalf of the assessee as mentioned in para. 16 of the Income-tax Appellate Tribunal's order that all the evidences related to loans were produced before the Commissioner Income-tax was totally incorrect and in any case to examine such evidences, the matter required to be restored to the file of the Assessing Officer? and (viii) in holding that although the Assessing Officer was right in ado ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the matter and after laying down the foundation for consideration, reduced the income from undisclosed sources for the block period from Rs. 1,27,61,240 to Rs. 20,47,562. Apart from the above additions, an addition of Rs. 11,03,000 was also made on account of unexplained cash credits, out of which a sum of Rs. 10,62,000 was also deleted by the Tribunal by holding that the source of deposit has not been explained, but the provisions of section 68 cannot be invoked for assessment for the block period under section 158B and also held that the assessee could only be assessed in the status of an association of persons. The Tribunal agreeing with the findings of the Assessing Officer that the assessment in the status of the association of pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Revenue, is whether in resorting to block assessment, where an Assessing Officer finds in the books of the assessee any cash credits which have not been explained or explanation furnished by the assessee is not found satisfactory, the deeming provision under section 68 can be invoked? Or where the assessee has been found to be in possession of the assets and source of their acquisition is not satisfactorily explained, still the statutory presumption raised about such cash credit value of assets, found in the possession of the assessee or investments found to have been made by the assessee to be income of a particular year of the assessee, can be raised or cannot be pressed into service? This question needs consideration of various s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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