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2015 (8) TMI 1162 - AT - Income TaxUnexplained cash credits - identity and credit worthiness of the creditors and the genuineness of the transactions had not been established - CIT (Appeals) denying the admission of additional evidence submitted by the assessee in appellate proceedings under Rule 46A - Held that:- It appears from a plain reading of the order of assessment that the Assessing Officer at this stage, instead of putting the assessee on notice by affording the assessee an opportunity of being heard and to adduce evidence to rebut the Assessing Officer’s view and buttress its own stands that the aforesaid four loans were genuine, proceeded to render an adverse finding in the matter thereby violating the principles of natural justice by not affording the assessee adequate opportunity to present evidence in this regard. On appeal too, the CIT (Appeals) in the impugned order, declined to admit the additional evidence sought to be admitted by the assessee u/R 46A of the Rules on the ground that the assessee was unable to establish reasonable cause since it was afforded adequate opportunity by the Assessing Officer. Thus we are of the view that the assessee was prevented by reasonable and sufficient cause from presenting the details, sought to be filed and admitted as additional evidence, since it had no opportunity to do so before the Assessing Officer and was not allowed to do so before the learned CIT (Appeals). We, therefore, in the interest of justice and equity, admit the additional evidence, filed by the assessee for consideration and adjudication. Decided in favour of assessee.
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