9911796707
TMI Blog2022 (4) TMI 592X X X X Extracts X X X X X X X X Extracts X X X X ..... rounds of appeal: "1. On the facts and circumstances of the case and in law, ld. CIT(A) erred in confirming the addition U/s 68 of Rs. 13,94,23,769/- without considering, analyzing and appreciating the written submissions, supporting documents and judicial decisions filed by the appellant during course of Appellate proceedings. 2. On the facts and circumstances of the case and in law, ld. CIT(A) erred in confirming the addition U/s 68 of Rs. 13,94,23,769/- in respect of deposits made in bank accounts, though the nature and source of credits had been explained alongwith supporting documents. 3. The ld. CIT(A), before sustaining the addition of cheque/RTGS deposits made in bank accounts of Rs. 13,94,23,769/-, ought to have considered th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sactions were made in the account of assessee with Axis bank. The enquiry was conducted by the Investigation Wing and the assessee could not explain the source of credit entry in its bank account. On the basis of such information, the Assessing Officer made his belief that the income of assessee chargeable to tax has escaped assessment. The notice under Section 148 of the Act was issued to the assessee to file return of income. The Assessing officer recorded that despite service of notice, no return of income in response to notice under Section 148 of the Act was filed by the assessee. The Assessing Officer issued several notices under section 142(1) of the Act. The Assessing Officer recorded that despite giving ample opportunity, the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... genuine. The assessee has to prove the identity, creditworthiness and the genuineness of transactions. The assessee made no attempt to prove the same. The ld. CIT(A)/NFAC by referring the decision of the Hon'ble Apex Court in the case of CIT Vs Devi Prasad Viswanath 72 ITR 194 (SC), wherein it was held that onus is on the assessee to prove the source of income from any particular source.the ld CIT(A)/ NFAC upheld the addition by taking a view that the additions are in accordance with the provisions of law. Further aggrieved, the assessee filed the present appeal before this Tribunal. 4. We have heard the submissions of the ld. authorised representative (AR) of the assessee and the learned Commissioner of Income-tax- departmental repres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess and genuineness of transaction. The ld. AR submits that the assessee has furnished complete details of all the parties, their addresses, bank statements, PAN number, confirmation, ledger accounts of all the parties and discharged its primary onus. No comments were made on such evidences by first appellate authority. The ld. AR prayed that since the order was passed by the ld. CIT(A)/NFAC was without considering the documentary evidences, the order is absolutely silent on the documentary evidences furnished by the assessee, therefore, the matter may be restored back to the file of the ld. CIT(A)/NFAC with the direction for adjudicating the issue afresh after considering the various documentary evidences and to pass reasoned order. The ld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... details to substantiate the credit entry in the bank account of assessee and that such evidence was not considered by the ld. CIT(A)/NFAC. We find merit in the submission of the ld. AR of the assesse that the assessee has furnished sufficient documentary evidences to substantiate its contention with regard to credit entries in the bank account of the assessee. The assessing officer also passed the assessment order and made huge addition of entire credit found in various banks accounts. We find that the ld. CIT(A)/NFAC ignored the vital piece of evidence, therefore, keeping in view the relevancy of the evidences, the appeal of the assessee is restored back to the file of the ld. CIT(A)/NFAC to adjudicate all the grounds of appeal raised by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
