TMI Blog2014 (7) TMI 600X X X X Extracts X X X X X X X X Extracts X X X X ..... assessing the person to examine the credits – AO does not have power to examine the source of the source and on the facts of the case, there is no merit in the Revenue’s grounds at all – Decided against Revenue. - ITA No.1216/Hyd/13 - - - Dated:- 9-7-2014 - Shri B. Ramakotaiah And Smt. Asha Vijayaraghavan,JJ. For the Appellant : Shri D. Sudhakar Rao DR For the Respondent : Shri K. A. Sai Prasad ORDER Per B. Ramakotaiah, Accountant Member: This is Revenue s appeal against the order of the Commissioner of Income-tax(Appeals) V, Hyderabad dated 31.5.2013, for the assessment year 2009-10. 2. Revenue has raised four grounds on the issue of accepting investment of ₹ 5 crores, by the CIT(A), as genuine, and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led confirmation letters alongwith additional evidence, which was sent to the Assessing Officer on remand. The Assessing Officer in his various remand reports accepted that Shri V.Chamundeswar Nath has confirmed ₹ 15 lakhs and other three persons also confirmed the amounts invested by them. However, the Assessing Officer further examined the sources of Shri Chamundeswar Nath in his remand report and found that an amount of ₹ 5 crores was claimed to have been received from M/s. Suresh Productions. The assessee did furnish the evidences with reference to the credit of M/s. Suresh Productions to Shri Chamudneshwar Nath and explained that M/s. Suresh Productions has paid an amount of ₹ 5 crores vide cheque No.817170 dated 30.3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the provisions of Section 68 are not applicable to the credits amounting to ₹ 19crores. The Assessing Officer is accordingly directed to delete the addition of ₹ 19 crores. 4. Aggrieved, Revenue preferred this appeal before the Tribunal. 5. After considering the rival contentions, we do not see any merit in the Revenue s grounds. First of all, we are unable to understand how the Revenue is contesting the issue, when Shri Chamundeswar Nath confirmed the amount of ₹ 15 crores as invested by him and also furnished the evidence with reference to his bank accounts and returns filed by him. All the four investors are assessees on record, and there is no dispute with reference to confirmations filed by them, as far a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
