TMI Blog2022 (5) TMI 597X X X X Extracts X X X X X X X X Extracts X X X X ..... nished in course of assessment proceedings. As rightly observed by learned Commissioner (Appeals), assessee cannot adduce any additional evidence as a matter of right. The assessee has to explain satisfactorily why such evidence could not be furnished in the earlier proceedings. In the facts of the present appeal, assessee has failed to furnish any such cogent explanation. Therefore, learned Commissioner (Appeals) was justified in rejecting the additional evidences. As regards the merits of the issue, the material available on record clearly reveal that the assessee did not furnish any evidence which can either prove the identity and creditworthiness of the creditors or the genuineness of the loan transaction. That being the factual posi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rte qua the assessee with the assistance of learned Departmental Representative and based on facts and material available on record. 6. The dispute in the present appeal is confined to addition of Rs.2.2 crores made under Section 68 of the Income-Tax Act, 1961. 7. Briefly, the facts are, assessee is a resident company. For the assessment year under dispute, assessee filed its return of income on 31.03.2015, declaring total income of Rs.55,15,440. In course of assessment proceedings, while verifying the audited balance sheet, assessing officer noticed substantial increase in unsecured loans during the year. Thus, he called upon the assessee to file the details of unsecured loan and also furnish supporting evidence to prove the genuinen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irst Appellate Authority, assessee furnished certain additional evidences and sought admission of them under Rule 46A. 10. On a perusal of the order of learned Commissioner (Appeals), it is evident, the additional evidences sought to be furnished by the assessee are mostly its own documents and must be internally available with the assessee. The assessee has not furnished any satisfactory explanation why such documents could not be furnished in course of assessment proceedings. As rightly observed by learned Commissioner (Appeals), assessee cannot adduce any additional evidence as a matter of right. The assessee has to explain satisfactorily why such evidence could not be furnished in the earlier proceedings. In the facts of the present ..... X X X X Extracts X X X X X X X X Extracts X X X X
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