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TMI Blog2018 (11) TMI 1259X X X X Extracts X X X X X X X X Extracts X X X X ..... s and conjectures; without actually verifying the genuineness of the transactions. The Tribunal also relied on the findings of the CIT (Appeals) with respect to the verification done for the previous years. There is absolutely no verification done as to how many deposits of the previous year were revalidated in the present year. This is a permissible exercise by the AO, who has to do it at the first instance. In fact, the first appellate authority could also have done the said exercise or at least called for a remand report from the AO, which measure was not resorted to. In such circumstances, though after 22 years, we are constrained to remand the matter to the AO. The assessee shall produce the list of depositors and prove their genui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted to furnish the names and complete details including postal addresses of the persons from whom unsecured loans were received, the dates and mode of receipt of loans as also the manner in which the amounts were transferred. Notice as per the assessment order, is dated 14. 1. 1999, which was not responded to. 3. Return was filed by the assessee on 2. 12. 1996, which was processed under Section 143(1) on 29. 12. 1996. Scrutiny assessment was taken up calling for details and explanations of the claims made in the return. The assessee is said to have sought an adjournment and later an application under Section 144A was also filed before the Additional Commissioner of Income Tax. The assessee was directed to furnish the details as sought fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s year also. It was also found that some of the deposits were revalidated in the present assessment year. The details of certain depositors were extracted by the first appellate authority and it was found that the payments were made by cheques. If the list of depositors were produced, as we noticed, it would have been appropriate that the matter was remanded back to the AO itself. The verification said to have been done by the appellate authority is only a perusal of the list and not a verification of the genuineness of such transactions. The details as entered in the list of cheque payments were also taken as true by the first appellate authority. We are of the opinion that the first appellate authority erred in having so deleted the addit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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