9911796707
TMI Blog2015 (4) TMI 1306X X X X Extracts X X X X X X X X Extracts X X X X ..... banking transactions. In these circumstances, we are of the opinion that the CIT (A) could not have proceeded to adjudicate on the rights of the parties and return the findings that he did on the basis of the materials which existed. Whilst, the assessee may be within its rights in saying that additions under Section 68 were not sustainable, at least, the CIT (A) should have enquired into the materials placed on the record and should have duly considered them. In the light of the above findings, the impugned order of the ITAT and CIT (A) are set aside. Additional documents produced by the assessee are directed to be taken on the record and duly considered. - ITA 3/2015 - - - Dated:- 20-4-2015 - HON'BLE MR. JUSTICE S. RAVINDRA BH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osed was insufficient. The assessee s appeal succeeded so far as the additions in respect of M/s Alter Investments Pvt. Ltd. (₹ 36,12,25,209/-) and M/s Illac Investments Pvt. Ltd. (₹ 12,29,99,000/-) were concerned. The CIT (A), before whom the assessee had articulated its grievance, chose to confine himself to the record and did not deal with the application for production of additional evidence filed under Rule 46 (A) (1) of the Income Tax Rules. The Revenue s appeal was, however, dismissed. The ITAT confirmed the findings of the CIT (A). It is argued by the Revenue that given the state of law in respect of Section 68, the genuineness of the transactions alleged to have been the basis for the credits claimed had not been pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ransactions. However, that is not the end of the matter. It is an established matter of record that in appellate proceedings before the CIT (A), the assessee had produced copies of the balance sheets, profit and loss statements and bank accounts pertaining to the concerned parties, i.e., M/s Alter Investments Pvt. Ltd. M/s Illac Investments Pvt. Ltd. This was in addition to the extracts of its own ledger records to say that there was regularity in the transaction between those parties and consequently all these credits were through normal banking transactions. In these circumstances, we are of the opinion that the CIT (A) could not have proceeded to adjudicate on the rights of the parties and return the findings that he did on the basis of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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