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2022 (2) TMI 1393 - RAJASTHAN HIGH COURTAddition u/s 68 - unexplained unsecured loans obtained by the assessee - tribunal confirmed the view of the CIT (Appeals) that the additions made by the assessing officer were not sustainable - HELD THAT:- As observed that the companies through which the assessees had indulge into bogus accommodation entries, were not managed or controlled by Mr. Anand Sharma, who was supposed to be the kingpin. As it was observed that there was no link found in the documents and the financial statements of the companies concerned. As noted that the assessee had produced the affidavit and the notices issued by the AO u/s 131 and 133(6) of the Act which was duly complied by the creditors. The statement of director of Ms. Royal Crystal Dealers Pvt. Ltd. was also recorded by the assessing officer while the director has confirmed the transaction of loan. The tribunal further observed that the assessment order was passed solely on the report of the Investigation Wing, Kolkata which merely contained the narration of the statements recorded during the investigation and the assessing officer had in his possession only the statement of Anand Sharma. Tribunal was of the opinion that the assessing officer could not have made the additions in the hands of the assessee on the basis of the Investigation Wing at Kolkata to which the assessee was not privity to. The assessee was also not granted opportunity to cross-examine the persons whose statements were recorded by the investigation wing. Decided against revenue.
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