Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (10) TMI 409 - ITAT AHMEDABADAddition u/s.68 - unexplained partners capital - Held that:- We are of the view that the proceedings qua the addition of ₹ 1.985 crores is difficult to resolve conclusively unless the outcome of the Settlement Commission proceeding are ascertained.A perusal of the Hon’ble Bombay High Court’s interim-order dated 12.3.2015 on the petitions of the partners reveals that these petitions were to be placed for final hearing board in the week commencing from 6.4.2015, meaning thereby, the writ petitions are on the board of Hon’ble High Court and likely to be disposed of on an early date. Therefore, we deem it appropriate to set aside this issue to the file of the CIT(A) for re-adjudication. The ld. First Appellate Authority will take up the proceedings preferably after ascertaining of outcome of the settlement petitions. In case the outcome is not brought to the notice of ld. First Appellate Authority, within reasonable period, then the ld. First Appellate Authority will be at liberty to proceed in accordance with law. As far as other two issues are concerned, both the parties have conceded that these issues may also be restored to the file of the ld. First Appellate Authority for fresh adjudication, because, the addition u/s.68 has a link with Settlement Commission proceedings. The books were seized by the DRI, therefore, relevant material was not produced. The ld. AO disallowed ₹ 1,00,000/- on account of non-filing of supporting evidence. But from the orders, exact failure of the assessee not discernible. Major item of expenses is for power which can easily be verified from the electricity department. Thus, both these issues also required re-appreciation at the level of ld. First Appellate Authority. Taking into consideration the impugned orders and the stand of the ld.representative, we set aside this issue also to the file of the ld.CIT(A). The ld.CIT(A) shall have a re-look on the total addition of ₹ 84 lakhs made under section 68 of the Income Tax Act. - Decided in favour of assessee for statistical purpose.
|