9911796707
TMI Blog2024 (8) TMI 804X X X X Extracts X X X X X X X X Extracts X X X X ..... ot explain the ingredient under Section 68 HELD THAT:- Before us, the Assessee has submitted e-proceedings acknowledgement wherein the Assessee has submitted various submissions including written statement as well as several judicial pronouncements. CIT(A) passed the appellate order without considering any of the submissions made by the Assessee. As the appellate order was passed this written statement as well as the evidence and contentions raised by the Assessee submitted should have been considered by the Ld. CIT(A). Non consideration of submission made by the Assessee by the Ld. CIT(A) makes his order un-sustainable in law. Therefore we set aside the whole issue back to the Ld. CIT (A) to consider all the submissions made by the Assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otice and hence the order is passed on the basis of the order of the Assessing officer 3. In doing so the Learned CM(A) has erred in passing the said order without cognizance of the submission made by the Appellant on the e-portal on 7th June 2023 4. In the view of the above, the said order passed by the learned CIT(A) is without proper examination of the submissions made by the Appellant and non-est and therefore should be set aside B. ADDITION TO THE TOTAL INCOME OF THE APPELLANT UNDER SECTION 68 OF THE ACT 5. The provisions of section 68 of the Act is limited to credits made in the books of accounts for which the assessee provides no explanation or unsatisfactory explanation 6. However, the Assessing Officer and the learned CIT(A) has er ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce to, each other 14. The learned CIT (A)'s Order being contrary to the law, evidence and facts of the case, should be set aside, quashed or modified on the grounds deduced above 3. The brief facts of the case shows that the Assessee is an individual engaged in the business of finance. The Assessee filed return of income on 28.9.2009 declaring loss of Rs. 6,64,569/-which was revised on 28.9.2009 at a loss of Rs. 10,05,124/-. The return was processed under section 143(1) of the Act. 4. Further information was received from Director General of Income Tax (Investigation) that the Assessee has received Rs. 1,79,99,920/- on 19.2.2009 in his saving bank account maintained with HSBC. The Assessee claimed that this was loan taken by him from M/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. AO noted that the Assessee has failed to produce the necessary evidence for the credit of Rs. 1.80 crores in his personal capacity. The loan was provided by M/s. Tecons Oleum India Ltd., however, no documents were produced. The claim of the Assessee that it is a refundable deposit was also not substantiated. This amount was received by the Assessee on 19.2.2009 immediately after signing of the joint venture fund agreement on 11.1.2009. On examination of the Bank account of the Assessee with HSBC bank, it was found that after receiving the fund, the Assessee has withdrawn Rs. 23 lakhs in cash, Rs. 27 lakhs has been transferred to his son s account and Rs. 25 lakhs has been transferred to the joint account of the Prasad Bopanna Rao. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 30.5.2023. He further submitted that on 7.6.2023, Assessee also submitted one more judicial precedent. According to him the Ld. CIT(A) is incorrect in stating that Assessee has not submitted any evidences. He further submitted an application for permitting an additional ground raised in the appeal with respect to re- opening of the assessment as well as the validity of approval granted under section 151 of the Act. It was submitted that this additional ground is jurisdictional and therefore goes to the root of the matter and hence should be admitted. He further referred to his written statement placed before the Ld. CIT(A). 7. The Ld. Departmental Representative supported the order of the lower authorities and stated that the Assessee ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see. As the appellate order was passed on 25.7.2023 this written statement as well as the evidence and contentions raised by the Assessee submitted on 7.6.2023 should have been considered by the Ld. CIT(A). Non consideration of submission made by the Assessee by the Ld. CIT(A) makes his order un-sustainable in law. Therefore we set aside the whole issue back to the Ld. CIT (A) to consider all the submissions made by the Assessee before him as well as granting further opportunities of hearing to the Assessee. The Assessee may make any further submissions, which it requires to defend his case. The Ld. CIT(A) may consider the same and decide the issue on the legalities of re-opening of the assessment as well as the merits of the addition. Acco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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