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TMI Blog2021 (8) TMI 860X X X X Extracts X X X X X X X X Extracts X X X X ..... ed Counsel for the assessee. In term of the above, the matter is set aside and restore to the file of the Assessing Officer. Appeal of the assessee is allowed for statistical purposes. - ITA No. 4134/Mum/2018 - - - Dated:- 13-8-2021 - Mahavir Singh, Vice President And M. Balaganesh, Member (A) For the Appellant : Tarun Ghia, AR For the Respondents : Shreekala Pardeshi, DR ORDER Mahavir Singh, Vice President 1. This appeal of assessee is arising out of the order of the Commissioner of Income Tax (Appeals)]-7, Mumbai, [in short CIT(A)], in appeal No. CIT(A)-7/IT-31/135/2016-17 dated 02.04.2018. The assessment was framed by the Income Tax Officer, Ward 16(1)(3) (in short ITO/Assessing Officer) for the A.Y. 2009-10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... act provisions of Sec. 68 in the assessment of previous year relevant to assessment year 2009-10. 3. On the facts and circumstances of the case and in law, learned AO ought to have appreciated that the appellant had produced substantial evidences about identity, credit worthiness and genuineness of the transactions and had discharged burden of proof and there is no cogent evidence against the genuineness of the transactions. Ld. CIT(A) could have also appreciated the same. 4. Learned AO has already accepted genuineness of the transactions in respect of share application money to the extent of ₹ 18,00,000/-. Learned CIT(A) has also confirmed the same. Therefore, learned AO as well learned CIT(A) ought to have appreciated that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in earlier years. The CIT(A) only noted that the assessee could not prove the genuineness of transactions or even identity of the creditors. Hence, the transaction is not genuine because creditworthiness of the creditor is not established. The CIT(A) confirmed the action of the Assessing Officer by observing in Para 7.2 as under:- 7.2 Having considered the rival submissions and perused the relevant material on record filed by the Appellant, I am of the view that the Appellant has not given adequate documentary evidence with regard to the identity of Shri I Gunawan Sulaiman, the genuineness of the transaction and above all the creditworthiness of the creditor. The sources of income of the creditor have not been explained/provided by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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