9911796707
TMI Blog1999 (11) TMI 97X X X X Extracts X X X X X X X X Extracts X X X X ..... in overlooking the evidence on record that during the course of investigation in Bombay some cash creditors had confirmed before the enquiry officer that they had only given names and not advanced any loans and in overlooking the facts that in spite of repeated opportunities provided to the assessee he failed to prove the genuineness and creditworthiness of even one of the cash creditors. 2. The grounds of cross objections taken by the assessee for three assessment years are as under: (i) The CIT(A) erred in not giving clear decision relating to action of AO in reopening the assessments for asst. yrs. 1982-83 to 1984-85. (ii) The CIT(A) erred in not giving any decision about validity of assessment made under s. 143(3) r/w s. 147/148 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ormation obtained from the AO before whom some of the parties have confessed that they were indulging into name-lending activity only and they have not given any genuine loan to the parties. 4. The assessee appealed and pleaded before the CIT(A) that there was no ground for reopening the assessments and the AO has not made any enquiry whatsoever during the course of reassessment proceedings and the reassessment proceedings were completed without issuing any specific notices under s. 142(1) and/or s. 143(3) and the reassessments were simply based on the basis of some alleged information received from the AO at Bombay before whom some of the creditors have admitted that they were indulging into name-lending activity. The CIT(A) during the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the order of the CIT(A) the Revenue has filed case appeals while the assessee has filed cross-objections in relation to the action of the CIT(A) in not recording specific finding with regard to the assumption of jurisdiction by the AO under s. 147 as well as the validity of the assessments framed under s. 143(3) r/w ss. 147/148 of the Act. 6. We have considered the rival submissions and have also gone through the orders passed by the AO as well as the CIT(A). We are constrained to observe that the Revenue has filed these appeals without application of mind. The original assessments for all these years were completed by the AO under s. 143(3) when the information with regard to these cash credits along with the confirmation letters were f ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
