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TMI Blog2023 (7) TMI 1197X X X X Extracts X X X X X X X X Extracts X X X X ..... unchanged before the First Appellate Authority. Needless to mention that source of such investment made by the assessee was not demonstrated neither proved by the assessee. Hence, in the absence of any assistance rendered by the assessee, the order passed by the authorities below, is found to be just and proper so as to warrant interference - Decided against assessee. - I.T.A. Nos. 2279 & 2280/Ahd/2018 - - - Dated:- 9-6-2023 - SMT. ANNAPURNA GUPTA, ACCOUNTANT MEMBER AND MS. MADHUMITA ROY, JUDICIAL MEMBER For the Appellant by : None For the Respondent by : Shri Atul Pandey, Sr. DR ORDER PER Ms. MADHUMITA ROY - JM: Both appeals filed by the assessee are directed against the order dated 28.09.2018 12.09.2018, passed by the Ld. Commissioner of Income Tax (Appeals)-6, Ahmedabad (in short the CIT(A)) arising out of the order dated 27.02.2015 20.12.2017 passed by the ITO, Ward-2(1)(1), Ahmedabad under section 144 143(3) of the Income Tax Act, 1961 (hereinafter referred as to the Act ) for Assessment Year 2012-13 2015-16; respectively. Since, both appeals relate to same assessee, these are heard analogously and are being disposed of by a common ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , in turn, confirmed by the First Appellate Authority. 6. Before the First Appellate Authority, additional evidences under Section 46A of the Act were filed, upon which, remand report was called for from the Addl. CIT, Range-2(1), Ahmedabad. Upon receipt of the said remand report, the same was forwarded to the appellant for its comment but without any result. However, keeping in view the principle of natural justice, those additional evidences were filed by the assessee was admitted by the First Appellate Authority. So far as the commission expenses is concerned, during appellate proceeding, the appellant filed the copy of the agreement with Somnath Foods Chemicals Ltd., Sundervan Bhoomi Vikas Ltd. and Tropical Green Fruits Exports Ltd. for payment of commission and investment as additional evidence. The agreement reads as follows: AGREEMENT/ MEMORANDUM OF UNDERSTANDING (MOU) This agreement made on date 02/04/2010 by 1. Investor: Shantilal M. Patel Advocate, Gujarat High Court. (party No. 1) Financial consultant, Age: 65, Resident at: F/102. Indraprasth Tower, Mr. Drive in Cinema, Memnaqar Ahmedabad- 380052 BETWEEN : 2. Borrowe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this is internal agreement. The dispute arise with company will be solved by arbitration act and no party is going to the court. All the disputes will be settled by arbitration. 14. In the year of investment 31st March, 2012 investment of Rs. 4,74,71,391/- and commission of 10% i.e. Rs. 52,74,599/- =Investment of Rs. 5,27,45,990/-by S.M. Patel in GCFGL and short term loan of Rs. 52,74,5997- as a commission payable to S.M. Patel from Somnath Foods Chemicals Ltd., outstanding amount as per books of accounts. 15. This agreement continuation from 2010 to 2030 as per agreed terms of party No. 1 party No 2 and if agreement breaks, any party liable for consequences of recovery act both the parties. 7. The Ld. CIT(A) was, however, not satisfied in regard to modus of business and the justification of payment of commission expenses from the submission and documents filed by the assessee. In fact, the complete details of the respective parties to whom the commission was paid and the rate at which commission was paid and the details of service rendered by those parties for which commission was paid was not filed and therefore, the addition made by the Ld. AO was found to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... question to addition required in Total Income with regards we are submit herewith copy of Balance Sheet from F.Y 2011-12 to 2012-13 for your kinds consideration Rs. 11,00,000/- and 49,85,000/- are brought forward from 2010-11 Rs, 3,75,000/- are related to 2014-15 already submitted. Further we are submit balance sheet from 2010-11 to 2012-13 for your kinds consideration with ITR-IV. Non Current Investment We have already submitted conformation of account for your kinds consideration Account of Shri Shantilal M. Patel U.K Investment A/c Rs. 3,75,000/- we hereby submit herewith balance sheet of last year for your kinds consideration. As per Annexure-1. 9. The Ld. A.O., however, found the source of such investment of Rs. 64,60,000/- failed to have been proved by the assessee and thus added the same to the total income of the assessee with the following observation: 5.4 The submission of the assessee is duly considered but not found to be acceptable. It is or.us on the assessee to submit the rectified balance sheet for F.Y. 2013-14 to substantiate its claim. But, the assessee failed to submit rectified balance sheet for F.Y. 2013-14. Hence, I have no option other than to r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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