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TMI Blog2023 (12) TMI 342X X X X Extracts X X X X X X X X Extracts X X X X ..... ts. In view of the submission made on the side of the assessees that they are ready to submit the relevant documents, this court deems it appropriate to remand the matter to the Assessing Officer / respondent authority for fresh consideration. The learned standing counsel appearing for the respondent has no serious objection for the same. Questions of law raised in all these appeals are left open and the matters are remanded to the respondent authority / assessing officer for fresh consideration. - Hon'ble Mr. Justice R. Mahadevan And Hon'ble Mr. Justice Mohammed Shaffiq For the Appellant in all TCAs : Ms.Vandana Vyas for Mr.R.Sivaraman For the Respondent in all TCAs : Mr.Karthik Ranganathan Senior Standing Counsel COMMON JUDGMENT R. MAHADEVAN, J. These tax case appeals arise from two different orders dated 25.11.2022 passed by the Income Tax Appellate Tribunal, 'B' Bench, Chennai, in which, the following substantial questions of law have been raised : T.C.A.Nos.84 85 of 2023 : (i) Whether on the facts and circumstances of the case, the Appellate Tribunal was right in law in confirming the addition under Section 68 of the Income Tax Act, 1961 especially when the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stantiate, with documents and evidence, the source of the impugned investments inasmuch as they were out of cash balance available in the books of accounts and financials of the preceding assessment years and consultancy income received during the relevant previous year? (iii) Whether on the facts and circumstances of the case, the order of the Appellate Tribunal is perverse inasmuch as it failed to adhere to the doctrine of stare decisis insofar as dismissing the appeal for the impugned Assessment Year 2012-13 wherein it had earlier remanded the appeals for the preceding assessment years to the file of the respondent on identical issues? (iv) Whether on the facts and circumstances of the case, the Appellate Tribunal was right in law in invoking the provisions of Section 68 of the Income Tax Act, 1961 despite the additions falling under the nature of an 'investment'? T.C.A.No.89 of 2023 : (i) Whether on the facts and circumstances of the case, the Appellate Tribunal was right in law in confirming the addition under Section 68 of the Income Tax Act, 1961 especially when the sum credited in the bank account were accounted and explained from being out of the cash balance decla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e subject AY 2012-13? T.C.A.No.129 of 2023 : (i) Whether on the facts and circumstances of the case, the Appellate Tribunal was right in law in confirming the addition under Section 68 of the Income Tax Act, 1961 especially when the sum credited in the bank account were accounted and explained from being out of the cash balance declared in the books of accounts and financials of the preceding assessment year and consultancy income received during the relevant previous year? (ii) Whether on the facts and circumstances of the case, the Appellate Tribunal was right in law in failing to accord a reasonable opportunity to the appellant to substantiate, with documents and evidence, the source of the impugned investments inasmuch as they were out of cash balance available in the books of accounts and financials of the preceding assessment years and consultancy income received during the relevant previous year? (iii) Whether on the facts and circumstances of the case, the order of the Appellate Tribunal is perverse inasmuch as it failed to adhere to the doctrine of stare decisis insofar as dismissing the appeal for the impugned Assessment Year 2013-14 wherein it had earlier remanded the ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nities, the assessment orders u/s.143(3) of the Act came to be passed. The orders of the Assessing Officer were confirmed by the CIT(A). Challenging the same, the assessees went on further appeals before the ITAT, Chennai, which, in turn, dismissed the appeals filed by the assessees in T.C.A.Nos.84, 85, 86, 87, 89 and 90 of 2023 by a common order dated 25.11.2022 and partly allowed the appeal preferred by the assessee in T.C.A.No.129 of 2023 by order dated 25.11.2022. Therefore, the appellants/assessees are before this Court. 3. The learned counsel for the appellants/assessees submitted that the Tribunal has committed a grave error in holding that nothing was produced by the assessees to prove that the investments in shares of SBQ Steels Ltd. by the assessees are out of the explained investments. The appellants during the course of hearing, had stated that the said investments were out of cash balance available in the books and they were in possession of all the relevant documents to substantiate the source of their investments, which they were ready to submit. However, on the date of hearing of the impugned appeals, fifteen other cases relating to the group were also listed and he ..... X X X X Extracts X X X X X X X X Extracts X X X X
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