TMI Blog2020 (7) TMI 395X X X X Extracts X X X X X X X X Extracts X X X X ..... om the above, the building where the records were stated to be maintained was sold away and records were destroyed. All the above reasons appear to be convincing reasons for non-submission of the details. In the instant case, the AO has neither examined the auditor who had represented the case earlier and also did not dispute the fact that the financial transactions were looked after by her husband. In addition the Ld.Pr.CIT as well as the AO has called for the details after the lapse of six years from the end of relevant assessment year. All the above reasons appear to be genuine and convincing for non-submission of the details. Thus, we hold that the reasons explained by the Ld.AR are the convincing reasons for non-submission of the de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GH, ACCOUNTANT MEMBER : S.A.No.44/Viz/2020/S.A.No.45/Viz/2020 The assessee filed stay applications requesting for stay of demands of ₹ 10,65,483/- for the A.Y.2007-08 and ₹ 69,80,469/- for the A.Y.2008-09. Since the appeals are taken up simultaneously, the Ld.AR did not press the stay applications, hence, the stay applications filed by the assessee are dismissed as not pressed. I.T.A.48/Viz/2020, A.Y.2007-08 I.T.A.49/Viz/2020, A.Y. 2008-09 2. These appeals are filed by the assessee against the orders of the Commissioner of Income Tax (Appeals) [CIT(A)]-1, Visakhapatnam vide ITA Nos. 10463 10469/2016-17/CIT(A)-1/VSP/2019-20 dated19.12.2019. Since the facts are identical, these appeals are clubbed, heard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot in a position to furnish the details , Ld.CIT(A) did not find any reason to interfere with the order of the AO, hence, upheld the order of the AO. 5. Against which the assessee is in appeal before us. During the appeal hearing, the Ld.AR submitted that the assessee furnished the cash flow statements before the AO and taken the realization of debtors of ₹ 10,50,000/- as sources of funds for the A.Y.2007-08 and ₹ 74,50,000/- for the A.Y.2008-09. The Ld.Pr.CIT during the 263 proceedings has called for the details of the debtors, which the assessee could not furnish, due to the fact that the entire business activity of the assessee was looked after by her husband, who had expired on 29.06.2010 and she had no idea with regard t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d had expired on 29.6.2010. After the lapse of more than two years of completion of the assessment year, the AO has taken up the proceedings u/s 143(3) r.w.s. 147, where the assessee has furnished the cash flow statement, explaining the sources of funds and completed the assessment u/s 143(3) r.w.s. 147 of the Act. The AO did not doubt the genuineness of realization of debtors in the assessment proceedings. However, the Ld.Pr.CIT, doubted the realization of debtors and directed the AO to redo the assessment de novo. In the instant case, the claim of the assessee was that the sources of funds was realization of debtors. The Ld.AR has explained that the 263 proceedings were taken up in 2016 vide notice dated 01.03.2016 i.e. after more than se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... considered opinion the case needs to be decided as per the information available in the statement of affairs and accordingly we decide the appeals as under: (a) A.Y.2007-08 For the A.Y.2007-08, the AO made the addition of ₹ 10,50,800/- on account of realization of debtors. The assessee has furnished the statement affairs on 31.03.2016 which was also placed before the lower authorities. As per the statement of affairs as on 31.03.2016 outstanding debtors was was ₹ 69,75,800/- which was the opening balance for the year under consideration. Whereas the same balance was reduced to ₹ 59,25,000/- by the end of the year which shows that there was reduction of debtors to the extent of ₹ 10,50,000/- which represent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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