9911796707
TMI Blog2021 (3) TMI 699X X X X Extracts X X X X X X X X Extracts X X X X ..... ar 2012-13. 2. The appeal was admitted on 18.01.2019 to decide the following substantial questions of law: "1. Whether the provisions of Section 68 of the Act would empower the respondent/the Assessing Officer to go into the source of the capital credited in compiling the financial statements of the earlier Assessment Years and filed along wi th the respective returns of income within the prescribed time limit under the statute in finalizing the assessment of the subsequent year, namely, the Assessment Year under consideration for making the addition of the opening capital taken from the initial earlier Assessment Year i.e., 2002-03 as unexplained with a view to tax such sum in the computation of taxable total income? and 2. Whether th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d as unexplained credit and assessed to tax under Section 68 of the Act. 6. The assessee preferred appeal before the CIT(A), who found the case of the assessee to be acceptable and accordingly deleted the addition. The CIT(A) held that the foremost thing that is to be noted is whether the said amount was ever introduced in the form of cash in the books of accounts of the assessee during the relevant year under consideration and whether it was deposited in the bank account of the appellant in that relevant year. Taking note of this fact, the CIT(A) observed that if the same is not there, then the taxability of something which is not existing does not arise. Further, the CIT(A) held that as the balance sheet was drawn for the purpose of bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . On a perusal of the appeal papers filed before the CIT(A), we find that it may not be a case where the assessee has not produced any proof to substantiate their stand. In fact, in the appeal, they have stated that the sum of Rs. 1,02,06,929/- was not introduced by the assessee either in the form of cash or bank during the previous year relevant to the assessment year 2012-13. In this regard, a working was given as to how a sum of Rs. 1,18,42,598/- has been arrived at as opening capital of the assessee for the assessment year 2003-04. It was further stated that out of the sum of Rs. 1,18,42,598/-, which represents the opening balance, the land holdings at cost and the bank balance as on 31.03.2003 were reduced to arrive at the sum of Rs. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
