9911796707
TMI Blog2010 (11) TMI 1093X X X X Extracts X X X X X X X X Extracts X X X X ..... . The CIT(A) failed to appreciate that account with Lauren Software Pvt. Ltd. was a mutual, open and current account and hence Sec. 2(22)(e) was in applicable to its case. 3. In any event CIT(A) failed to appreciate that addition sustained by him as deemed dividend represent business transactions which cannot be regarded as loan or advance which is a pre condition for application of Sec. 2(22)(e) of the Act. 3. On appeal before us, the Ld. Counsel for the assessee Shri M.S. Mathuria requested that in accordance with Rule 29 of the I.T. Rules, 1963 permission may be granted for production of additional evidence before the Tribunal. The Ld. Counsel for the assessee submitted as follows: While passing impugned a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 26, Kamothe Taluka, Panvel, Jain Park, Navi Mumbai-401 209. It is pertinent to note that during the assessment proceedings for captioned assessment year various details called for by the said AO from time to time were submitted before him with supporting documents/evidences. He was supplied with a chart showing pattern of shareholders holdings for the years 1998-99, 1999-2000, 2000-01 and specifically showing that above said M/s. Lauren Information Technologies Pvt. Ltd became shareholder of our company only w.e.f. 16.3.2001 but, for unknown reasons, the said AO insisted for copy of annual return filed with the Registrar of Companies which was not readily available with us and was not immediately traceable due to shifting of all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... old records/documents/evidences for various years stored in our above said warehouse were completely and irreparably destroyed/damaged. Under the circumstances, we applied to the Registrar of Companies for supply of certified true copy of Annual Return filed by us 28.9.2001 showing details of shareholders for the relevant accounting year from 1.4.2000 to 31.3.2001 copy of which Annual Return is filed at page Nos. 1 to 15 of this paper book supported by solemn affidavit dt. 24.3.2010 filed at page Nos. 16 to 18 of this paper book. Audited Balance Sheet for the year ended 31st March, 2000 is filed at page Nos. 19 to 28 in support of list of shareholders with their holdings for the years: 1998-99, 1999-2000, 2000=01 and general rese ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e required to be admitted for any other substantial cause , it would rather be the duty of the Tribunal to admit them. Therefore, if the receipt or admission of additional evidence is vital and essential for the purpose of consideration of the subject matter of appeal and to arrive at a final and ultimate decision, the Tribunal is amply empowered to admit additional evidence under rule 29. Therefore, the Tribunal had to admit additional evidence produced by the assessee since that was vital and essential for rendering justice and in deciding appeals. However, it was necessary to give the department a reasonable opportunity of rebutting it according to the principle of nature justice and for that purpose the matter was restored to the file ..... X X X X Extracts X X X X X X X X Extracts X X X X
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