2018 (11) TMI 1259

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..... e fact that the Commissioner of Income-tax (Appeals) admitted the fixed deposit register as a fresh evidence without giving an opportunity of being heard to the Assessing Officer as prescribed under Rule 46A(3) of the Income-tax Rules, the Tribunal is right in law, in upholding the finding of Commissioner of Income-tax (Appeals) that the assessee maintained the fixed deposit register properly and is not the finding of the Commissioner of Income-tax (Appeals) and the confirmation of the same by the Tribunal absolutely perverse, against natural justice and the order is null and void?" 2. The assessee is a Nidhi Company. For the assessment year 1996-97, the Assessing Officer (AO) noticed unsecured loans of Rs. 6, 49, 15, 063/- credited to th .....

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..... s of the year 1996-97 were missing. The subsequent proceedings in which the assessee is said to have not responded, was found to be after the records went missing. The first appellate authority entered a finding that, in fact, there is a reasonable presumption of the assessee having produced records before the Assessing Officer, especially since the authorised representative appeared before the AO on an assessment under the Interest Tax Act. 4. The assessee then furnished a list of deposits, a few of which were verified by the first appellate authority. In fact, the first appellate authority; on the assessee producing the records, ought to have remanded the matter to the AO. The first appellate authority found that many of the deposits wer .....

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..... he assessee shall produce the list of depositors and prove their genuineness before the AO. In view of the above, the orders of the appellate authorities are set aside and the question of law is answered in favour of the Revenue and against the assessee. 5. The AO shall obtain the list from the records of the first appellate authority or the assessee shall produce the same with necessary details to ascertain the genuineness of the depositors within a period of three months from the date of receipt of certified copy of this judgment. We make it clear that nothing is expressed on the merits of the matter, since a decision has to be taken by the AO, after verification of the genuineness of the records as above. The Income Tax Appeal is allow .....

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