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TMI Blog2018 (7) TMI 131X X X X Extracts X X X X X X X X Extracts X X X X ..... been given the opportunity to produce the concerned person from the said company. CIT (A) in his order though sought for the remand report but has not given the mandate to the AO to confront the same to the assessee - Matter should be restored back to the file of the AO and assessee will ensure full corporation and produce the concerned person from the said company and or provide correct details of the said company for issuing of summon - Decided in favour of assessee for statistical purposes. - ITA No.:- 1260/Del/2015 And ITA No. :- 1446/Del/2015 - - - Dated:- 2-7-2018 - SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI B.R.R. KUMAR, ACCOUNTANT MEMBER For The Assessee : Shri M.P. Gupta, Shri M.K. Gupta, Adv. For The Department : Shr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i) bank statement of the creditor; iv) proof of allotment of shares; v) confirmation letter; vi) copy of register of members showing the investor s name; vii) balance sheet etc. The AO had issued a summons u/s 131 to the Director of M/s. Kangaroo Financial Services and also sent Income Tax Inspector from where it was gathered that the Director, Shri M K Arora does not live in the said address and people of the nearby place were not aware of such company. Accordingly, AO concluded that assessee was unable to substantiate the genuineness of the transactions and accordingly after relying upon various decisions he has made the addition of ₹ 15 Lacs u/s 68 after detail discussion. 5. Before the Ld. CIT(A) assessee reiterated the same ev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dy passed by him on 31-12-2013 i.e. three days prior to the investigation on 03-01-2014. The cash credit of ₹ 14,50,000/- in this case as such was genuine and undisputed till the date of passing of the order on 31-12-2013 as the so called adverse material if any was brought on the file only on 03-01-2014 i.e. three days after passing of the order. Most of the case laws cited and relied upon in respect of addition on account of the share application money as cited herein above are applicable to the loans I cash credits also. The amounts received are not out of the cash deposits if any into the bank account of the share applicant or the loan creditor as the case may be. Copies of documents such as i) ITR, ii) Forwarding Lett ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the required certified copies as requested in the application asked the assessee to file the application in his office for passing of appropriate order thereon but no order was passed nor the certified copies supplied till date which makes it suspicious, contradictory and unbelievable that the mistake in mentioning the date as 03-01-2014 (INSTEAD OF WHICH DATE?) could have happened due to typographical error more so because all the digits in respect of date, month as well as the year relate to a future period which was coming very soon and also because as per last line of the remand report at Page 4 the last entry on the order sheet noted by the AR of the assessee was on 27-12-2013 and thereafter 28-12-2013 was Saturday and 29-12-2013 was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll as the material placed on record, we find that evidences which have been furnished by the assessee have not been discussed; and if the Director has not been found then it cannot be said that identity of the company is not established especially in wake of income tax records and share allotment form and other host of documents. If in the inquiry, by the ITI it was found that on the said addressee the company of the Director was not traceable, then AO should have confronted to the assessee and assessee should have been given the opportunity to produce the concerned person from the said company. Even the Ld. CIT (A) in his order though sought for the remand report but has not given the mandate to the AO to confront the same to the assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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