9911796707
TMI Blog2021 (2) TMI 780X X X X Extracts X X X X X X X X Extracts X X X X ..... . 68 of the Income Tax Act 1961 (the Act) even when the assessee had failed to discharge its initial onus to prove the creditworthiness of the investors u/s. 68 of the Act before Assessing Officer (the AO) as well before the Ld CIT(A)? 2. Whether on facts and in circumstances of the case, the Ld. CIT(A) is legally justified in deleting addition of Rs. 1,56,10,00,000/- u/s. 68 of the Act by holding that creditworthiness of investors was proved by mere production of papers relating to identity of investors, copies of bank statement, use of banking channel, confirmations and KYC forms of some of the investors, proof of TDS by ignoring the ratio decidendi as laid down by Hon'ble Delhi High Court on the issue in the cases of CIT vs. N.R. P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or forgo any ground/(s) of appeal either before or at the time of hearing of the appeal." 3. The assessee filed its return of income on 29.09.2010 and declared total income of Rs. 42,25,206/-. The Assessing Officer after taking into consideration the documents and replies filed by the assessee, assessed the total income at Rs. 193,89,36,280/- thereby making an addition of Rs. 156,10,00,000/- and held that the funds introduced in the books of the assessee company in the shape of debenture investments re unexplained in view of the provisions of Section 68 of the Act. 4. Being aggrieved by the assessment order the assessee filed appeal before the CIT (Appeals). The CIT (Appeals) partly allowed the appeal of the assessee. 5. The Ld. Departme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly Rs. 18 crores was never explained by the assessee before the CIT (Appeals). Despite this, the CIT (Appeals) deleted the entire addition and set aside the order of the Assessing Officer. The Ld. DR specifically pointed out Annexure A, Annexure B and Annexure C to the remand report, which was available to the assessee as well and was very much before the CIT (Appeals). Thus, the Ld. DR submitted that the matter may be remanded back to the file of the Assessing Officer in respect of the evidences and the additions made by the Assessing Officer. 6. The Ld. AR submitted that all the details were given before the CIT (Appeals) as the Assessing Officer has not given the sufficient opportunity/time to the assessee, therefore, each and every par ..... X X X X Extracts X X X X X X X X Extracts X X X X
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