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TMI Blog2024 (2) TMI 158X X X X Extracts X X X X X X X X Extracts X X X X ..... as unexplained or bogus particularly when the Department has not disputed the investment in shares by the assessee during the earlier period of time i.e. in the A.Y. 2008-09 in the year of investment by the assessee. Decided in favour of assessee. - Shri N.K. Billaiya, Accountant Member And Shri Yogesh Kumar U.S., Judicial Member For the Appellant : Sh. Ved Jain, Adv. And Ms. Supriya Mehta, CA For the Respondent : Sh. Prakash Nath Baranwal, CIT-DR ORDER PER YOGESH KUMAR U.S., JM: These three appeals are filed by the Assessee against the order of Learned Commissioner of Income Tax (Appeals)-30, New Delhi [ Ld. CIT , for short], dated 05/09/2022, 09/09/2022 13/09/2022 for the Assessment Year 2015-16, 2016-17 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts and circumstances of the case, the learned CIT (A) has erred in confirming the addition of Rs. 5,00,000/- u/s 68 of the Act on account of income from undisclosed sources (ii) That the above addition has been confirmed ignoring the detailed submissions provided by the assessee. Similar Grounds were also raised in ITA No. 2600/Del/2022 in Ground No. 14(i) and (ii) and in ITA No. 2597/Del/2022 in Ground No. 14(i) and (ii). 4. The ld. Counsel for the assessee submitted that the Ld. A.O. and the CIT(A) erred in making/confirming the addition u/s 68 of the Act on account of income from undisclosed sources. The Ld. Counsel further submitted that during the first appellate proceedings, while admitting the additional documents/evidenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of RNB Infrastructure Pvt. Ltd. @10% which were acquired by the assessee at the very same price i.e. @10 per share. The AO made addition by observing that the explanation submitted by the assessee was baseless as the impugned amount remained unexplained credit and the explanation of the assessee was not found to be sustainable to the satisfaction of the AO, therefore, the AO made addition u/s 68 of the Act. Before Learned CIT(A), assessee filed an additional evidence under Rule 46A of the Income Tax Rules and remand report was called from the AO wherein the AO after verification and examination of additional evidence and by taking on record the replies of the assessee from the share purchaser parties in response to notice u/s 133(6) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es. Copy of the said replies is also enclosed here with this report for your goodself's kind consideration and reference. In the replies the parties have confirmed that funds were given to the assessee on behalf of RNB Leasing and Financial Services on account of purchase of shares by them from RNB Leasing and Financial Services out of their disclosed sources of fund Further, in support of their explanation they have submitted copy of their bank statement, financial statements, ITR. The explanation given by assessee is substantiated by the documents submitted. 6. It is noticed that the explanation/submission now being made by the assessee was not made during the course of assessment proceedings. During the assessment proceedings am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ank Statement, Financial Statement, Income-tax Returns in response to notice u/s 133(6) of the Act issued by AO. The Assessing Officer has concluded his remand report by merely alleging that despite several opportunities, the assessee did not submit documentary evidences during the proceedings which were submitted belatedly before Learned First Appellate Authority without any reason. The AO have not made any adverse comments on the additional evidences filed by the assessee and submitted the report by finally stating that the documents now being filed as additional evidences and replies of share purchaser confirming the transaction of purchaser of shares are on record. 12. In view of above factual findings stated by the AO in the reman ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evenue in the present case. Accordingly, Ground No.4 of assessee on merits is allowed and AO is directed to delete the addition. 7. By respectfully following the orders of the Coordinate Bench (supra) and finding the parity the Ground No. 12.1 and 12.2 in ITA No. 2593/Del/2022, Ground No. 14.1 and 14.2 in ITA No. 2600/Del/2022 ITA No. 2597/Del/2022 are allowed and the additions made by the A.O. which was sustained by the CIT(A) is hereby deleted. 8. Since, we have decided the Appeals on merit in all the above three appeals by allowing the respective grounds mentioned above, other Grounds of Appeals requires no adjudication. 9. In the result, Appeal in ITA Nos. 2593/Del/2022, 2600/Del/2022 and 2597/Del/2022 are allowed on merit. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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