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2021 (6) TMI 573 - AT - Income TaxUnexplained cash credit u/s 68 - providing accommodation entry. - HELD THAT:- In the present case we note that the lower authorities have noted that notice u/s. 133(6) has not be responded - assessee has submitted that the assessee was not required to produce the director of the investor company - the issue of additional evidence and additional ground are no more germane to the issue at hand as the assessee has himself produced affidavit from Shri S.C. Shah for the proposition that he is not providing accommodation entry. Identity, creditworthiness and genuineness of the transaction - The same is not clear from the documents on record. The same is also cogently not brought out in the orders of the authorities below. Assessee submits that if the assessee is asked to produce representative/director of the investor company the same can be attempted. In the facts and circumstances of the case we deem it appropriate to remit this issue of addition u/s. 68 of the Act to the file of the Assessing Officer. The Assessing Officer shall issue necessary notices to the assessee company and shall make the necessary examination with respect to identity, creditworthiness and genuineness of the transaction. He shall properly examine the documents and financial statement being submitted by the assessee company and pass a speaking order. The grounds raised by the assessee for both the years are remitted to the file of the ld. AO to decide the same in the light of the aforesaid decision of this Tribunal. Accordingly, the grounds raised by the assessee are allowed for statistical purposes. Appeals of the assessee are allowed for statistical purposes.
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