9911796707
TMI Blog2023 (11) TMI 943X X X X Extracts X X X X X X X X Extracts X X X X ..... , he set aside the action of the AO since there was already specific material adduced by the company and came to the conclusion that there is no rationale in accepting the purchases and the sale, but rejecting the outstandings of such purchases. In such circumstances, the addition was directed to be deleted. A perusal of the order of the assessment would also go on to show that in his comments, at one place, AO has mentioned that the ITR is not legible and the bank statement is difficult to read and resultantly came to the conclusion that the creditworthiness and genuineness of transaction is not proved. Similar observations have also been made for rejecting the entries without any reasons given. The Appellate Authority thereafter has, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecured loans obtained from 8 parties and certain unverifiable purchases. The deletion had been made by the Commissioner of Income Tax in respect of the said unsecured loans on the ground that the assessee had produced enough evidence on the file establishing the identity, credit worthiness of the loan creditors as well as the genuineness of the transactions. The Appellate Authority had accordingly appreciated the evidence on the file and observed that the Assessing Officer had wrongly observed that the purchase made was bogus in view of the specific evidences adduced by the assessee-company in this respect. Resultantly, the Appellate Authority came to the conclusion that there was no rationale on the part of the Assessing Officer in accepti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A) of the Income Tax Rules 1962. 7. The powers of the CIT(A) are coterminous with that of the assessing officer. The Ld. CIT(A) after considering the evidences on the file has deleted the impugned additions made by the assessing officer and even the department has not assailed the findings of the CIT(A) on merits. In view of the above discussion, we do not find any merit in the present appeal of the revenue and the same is accordingly dismissed. 8. Both the Ld. Representatives of the parties have submitted that the facts and issues involved in revenue' s appeal for AY 2016-17 bearing ITA NO. 1292/CHD/2019 are identical. In this appeal also, the revenue has not assailed the findings of the CIT(A) on merits but only accepting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oner of Income Tax (Appeals) who admitted additional evidences of the assessee in violation of Rule 46A(3) of the Income Tax Rules, 1962. (iv) Whether the impugned order dated 24.05.2021, passed by the Hon'ble Income Tax Appellate Tribunal is erroneous in the eyes of law and deserves to be vacated and overruled. 5. On 09.02.2023, the co-ordinate Bench had passed the following order while adjourning the matter:- Learned counsel for the appellant seeks time to inspect the original documents produced before the Assessing Officer, which have been made basis to answer in favour of the assessee and to allow the appeal by the Commissioner of Income Tax (Appeals)-1, Ludhiana. The Tribunal has observed in para 6 of the order dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstances, the addition of Rs.25,84,77,022/- was directed to be deleted. 9. A perusal of the order of the assessment would also go on to show that in his comments, at one place, the Assessing Officer has mentioned that the ITR is not legible and the bank statement is difficult to read and resultantly came to the conclusion that the creditworthiness and genuineness of transaction is not proved. Similar observations have also been made for rejecting the entries without any reasons given. The Appellate Authority thereafter has, thus, applied its mind to the material which was on record and had allowed the appeal. The said appeal was never contested on merits before the Tribunal but only on the technicality that there was additional evi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
