TMI Blog2019 (10) TMI 1209X X X X Extracts X X X X X X X X Extracts X X X X ..... rities. In view of the matter, we set aside the order of the Ld. CIT(Appeals) and direct the Assessing Officer to delete the addition from the hands of the assessee. Income from undisclosed sources taking recourse to the provisions of Section 68/69 - Disallowance was made since there was some discrepancy regarding PAN - HELD THAT:- As per the remand report, correct PAN of the assessee is available with the file. This fact is not controverted by the Ld. DR nor any evidences were brought on record to show that the transactions done by the assessee were not genuine. In view of the contents of the remand report and the undisputed fact that correct PAN of the assessee is mentioned therein, the addition made in this count does not have legs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce of ₹ 14,67,300/-. As the credit is not proved by the assessee, Assessing Officer added to the income of the assessee being income from undisclosed sources taking recourse to the provisions of Section 68/69 of the Income Tax Act, 1961 (hereinafter referred to as the Act ). 4. Aggrieved with the assessment order, the assessee preferred appeal before the Ld. CIT(Appeals). The assessee contended before the Ld. CIT(Appeals) that there is a factual misinterpretation as far as credits in the case of M/s. J.J. Metals is concerned. To prove its contentions, the assessee filed a copy of J.J. Metals ledger account where it has been reflected that it is a loan account and an opening balance of ₹ 11,72,800/- has been rec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /-, an amount of ₹ 11,72,800/- has already been explained by the assessee. There is dispute only to the extent of ₹ 2,94,500/-. We further observe that substantial amount has been explained by the assessee in the given situation and the Revenue has made addition with respect to small amount for which also, details were furnished by the assessee. The Ld. DR could not controvert these facts. There is no doubt that the bona-fide intent of the assessee and genuineness of the transactions have been established by the assessee because all the transactions made by the assessee were through banking channels and evidences has also been submitted before the Revenue Authorities. In view of the matter, we set aside the order of the Ld. CIT( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rietary concern, the assessee failed to submit even the confirmation letter and even PAN was also not given and therefore, the genuineness of the transactions remained unproved and accordingly, an amount ₹ 3,00,000/- was confirmed by the ld. CIT(Appeals). 11. At the time of hearing through e-court, the Ld. AR of the assessee submitted that this disallowance was made since there was some discrepancy regarding PAN of the assessee. The Ld. AR of the assessee read out the remand report wherein it is clearly mentioned that correct PAN of the assessee is there in the file. 12. We have perused the case records and heard the rival contentions. As per the remand report, correct PAN of the assessee is available ..... X X X X Extracts X X X X X X X X Extracts X X X X
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