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TMI Blog2023 (1) TMI 1172X X X X Extracts X X X X X X X X Extracts X X X X ..... Vinimoy Pvt. Ltd. and M/s R. R. Dealers Pvt. Ltd. showing the payment to the assessee and the photo copies of the income tax return of the said two parties. During the course of assessment proceedings vide letter dated 16/11/2015. However no enquiries were made by the A.O. during the course of the assessment proceedings. As found that the Ld. A.O. has made necessary enquires during the remand proceedings to verify the genuineness of the advance of 5,00,00,000/- received by the assessee from the above said two parties. The Ld. A.O. has also issued notice u/s 133(6) of the act to the aforesaid creditors. The above said parties have duly acknowledged the notice issued u/s 133(6) of the Act and thereafter they have sent their confirmation, f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le in law and on facts. (b) The appellant craves leave to add, alter or amend any all of the grounds of appeal before or during the course of the hearing of the appeal. 3. Brief facts of the case are that, search and seizure action u/s 132 of the Income Tax Act, 1961 ( Act for short) was carried out on 20/01/2014 in the business premises of Sharp Group cases. The assessee Company s business premises was also covered u/s 132(1) of the Act. The notice u/s 153A of the Act was issued to the assessee, in compliance, the assessee filed return declaring total income of Rs. 1,08,180/-. The assessment order u/s 153A/143(3) of the Act was completed on 31/03/2016 by making an addition of Rs. 5,00,00,000/- u/s 68 of the Act by treating the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ining identity of the person and genuineness of advance received, accordingly, made addition u/s 68 of the Act. During the appellate proceedings, the Ld. AR vehemently contended that the necessary details were duly filed during the course of assessment vide letter dated 16/11/205 and the assessee had discharged its initial onus placed on the assessee u/s 68 of the Act to prove the identity, genuineness and creditworthiness of the parties and further contended that the Ld. A.O. has not made any further query to disprove the same. 9. It is found that during the course of appeal proceedings remand report has been called by the Ld.CIT(A) vide letter dated 13/12/2016 which is as under:- 2. During the course of the appellate proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olkata 20,000,000.00 Vedanga Vinimoy AAACV9110B -do- 30,000,000.00 The assessee was issued show cause notice dated 23.03.2016, during assessment proceedings requesting it to explain the nature/purpose for receipt of such advances and also as asked earlier also, furnish the complete details/documents like complete bank statement, ITR etc. for explaining the sources of the money which has been shown as advances. In response to this vide letter dated 29.03.2016 assessee submitted reply which was considered by the AO and addition of Rs. 5,00,00,000/- was made u/s 68 of the IT Act, 1961. During the course of appellate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... R. P. Dealers Pvt Ltd and M/s Vedanga Vinimoy Pvt. Ltd. The ACIT issued notices u/s 133(6) of the Income Tax Act dated 31.01.2017 to the said two parties. 3. The said two parties have duly acknowledged the notices issued u/s 133(6) and thereafter have sent their Confirmation, Final accounts and ITR for the assessment year 2013-14. Thus these facts prove the identity, credit worthiness and genuineness of the said two parties. 4. Further, the ACIT has also not given any adverse comments or findings regarding the said two parties. In other words, the ACIT has accepted the identity, credit worthiness and genuineness of the said two parties namely R. P. Dealers Pvt. Ltd (PAN : AABCR4122J) and Vedanga Vinimoy Pvt. Ltd (PAN : AAACV911 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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