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TMI Blog2021 (3) TMI 699X X X X Extracts X X X X X X X X Extracts X X X X ..... But, the Revenue would not be right in contending that the assessee never offered an explanation in spite of this alleged cash credit. Probably, if the CIT(A) had recorded its opinion upon perusal of the records placed in the form of annexures, in all probabilities, the Revenue would have been on appeal before us and not the assessee. Considering the fact that the assessee is an individual and also taking note of the fact that there is an explanation offered by the assessee, this Court is of the view that the matter can be remanded back to the CIT(A) for fresh consideration of the explanation offered by the assessee in respect of the alleged cash credit and pass a speaking order on merits and in accordance with law. - Tax Case Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... complete details of the capital account maintained right from 1.4.2003, which proved the perversity in recording the findings of facts? 3. We have elaborately heard Mr.A.S.Sriraman, learned counsel appearing for the appellant-assessee and Mr.J.Narayanasamy, learned Senior Standing Counsel appearing for the respondent-Revenue 4. The only issue which falls for consideration is whether the Tribunal was right in reversing the findings rendered by the Commissioner of Income Tax (Appeals) [CIT(A)], in respect of a sum of ₹ 1,02,06,929/-, which was treated as unexplained cash credit. 5. The Assessing Officer had completed the assessment under Section 143(3) of the Act by order dated 30.03.2015 holding that the assessee has failed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ration. Thus, the CIT(A) held that the balance sheet may not present exact and correct facts and figures. Therefore, any reliance on these facts and figures would result in incorrect assessment of taxable income. Therefore, the CIT(A) concluded that there was no unexplained cash credit available with the assessee during the year under consideration and the same could have been taxed under Section 68 of the Act. 7. The Revenue preferred appeal as against the said finding before the Tribunal as well with regard to other issues, which was held in favour of the assessee. The Tribunal accepted the stand taken by the Revenue and in fact agreed with the observation made by the Assessing Officer that the assessee was unable to substantiate befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned under Section 68 does not belong to the year in question, but relates to the assessment year 2004-05 and the statutory presumption that the said sum is treated as income of the previous year is not factually applicable. 10. The assessee produced a photostat copy of the return of income filed by it for all the assessment years i.e., from 2003-04 to 2010-11 along with computation of income for all the years in the form of annexure to the written submissions. The appellant also submitted photostat copies of the bank statements starting from 01.04.2002 to 31.03.2010 as annexures along with the written submissions. These facts appear to have weighed in the mind of the CIT(A) for granting relief to the assessee. The Revenue alleged in para ..... X X X X Extracts X X X X X X X X Extracts X X X X
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