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TMI Blog2015 (9) TMI 1651X X X X Extracts X X X X X X X X Extracts X X X X ..... dition is made u/s. 68 of the Act, by treating it as non-genuine cash credit, it needs to be reconsidered as to whether the Assessing Officer can invoke provisions of section 269SS so as to levy penalty. Since the quantum proceedings are set aside the Assessing Officer is at liberty to initiate penalty proceedings afresh, after making a fresh assessment. - Decided in favour of assessee for statistical purposes. - I.T.A. No. 731 & 732/Mum/2013 - - - Dated:- 9-9-2015 - Shri D. Manmohan (VP) AND Shri Sanjay Arora (AM) For the Appellant : Shri Chetan A. Karia Shri Haresh P. Kenia For the Respondent : Shri A.K. Srivastava ORDER Per D. Manmohan (VP):- These two appeals by the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee contended that the information with regard to loan liability of the Director, Mr. Kashinath Tapuriah, could not be provided due to judicial custody of Mr. Kashinath Tapuriah by the Enforcement Directorate of Mumbai. It was also submitted that the loan outstanding, of Mr. Kashinath Tapuriah, could also be verified and checked from the income tax records of Mr. Kashinath Tapuriah as jurisdiction of Mr. Kashinath Tapuriah for the purpose of assessment was with the same Assessing Officer and thus addition made on the ground of cessation of liability is not in accordance with law. The learned CIT(A) confirmed the addition on the ground that no evidence with regard to the identity, capacity and genuineness of the loan transactions we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to enable the assessee-company to furnish required details. 8. Learned Departmental Representative has not raised any serious objection with regard to the request of the assessee s counsel i.e., to enable the assessee to furnish proper evidence before the Assessing Officer at this stage. 9. Having regard to the submissions of the respective parties, we are of the opinion that the assessee has bonafide reasons for not furnishing complete details before the tax authorities. Therefore in the interest of substantial justice, the matter deserves to be set aside to the file of the Assessing Officer, who is directed to reconsider the matter afresh, in accordance with law. In so far as penalty proceedings u/s. 271D are concerne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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