9911796707
TMI Blog2022 (11) TMI 1525X X X X Extracts X X X X X X X X Extracts X X X X ..... the 7 parties who had denied any balance in their accounts as on 31.03.2012 - HELD THAT:- In the remand report called for by the CIT(A), AO has clearly reported that the assessee had claimed that the amount was not received in the relevant assessment year, but no evidence was produced by the assessee to substantiate the contention that the loans were received in the earlier financial years. Thus, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t if the loan amount is received in the financial year between 01.04.2012 and 01.03.2013, the Assessing Officer shall be at liberty to satisfy himself with regard to the veracity of the loan. - THE HON'BLE MR. JUSTICE P.S.DINESH KUMAR AND THE HON'BLE MR. JUSTICE T.G.SHIVASHANKARE GOWDA FOR THE APPELLANT : SMT. SHEETAL BORKAR, ADVOCATE FOR SHRI. S.PARTHASARATHI, ADVOCATE) FOR THE RESPONDE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respect of 41 creditors as mentioned at pages 11 and 12 of the assessment order and also that of Sri Prakash which was made purely on suspicion, surmises and conjectures is perverse in the eye of law and unsustainable? 3. Whether the Tribunal is justified in law in upholding the addition of closing balances as on 31.03.2012, even though the said closing balances pertained to receipts of earlier p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the A.Y. 2012-13 (financial year 2011- 12). The Assessing Officer has recorded that the unsecured loans are bogus. Such a finding in respect of the loans which were received prior to 01.04.2011 are perverse because, Assessing Officer had no jurisdiction to consider and pass any order. 5. The said proposition is not disputed by Shri. Dilip. However, he contended that there is no clarity as to whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ained. 6. In that view of the matter, in our view, it is just and appropriate to remit the matter to the file of the Assessing Officer granting liberty to the assessee to furnish the material in support of his contention. 7. Hence, the following: ORDER (a) Appeal is allowed. (b) Matter is remitted to the of Assessing Officer reserving liberty to the assessee to produce any material to show that al ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
