Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2021 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (11) TMI 750 - HC - Income TaxAddition u/s 68 - unexplained cash credit - assessee could not satisfactorily explain the genuineness of the transactions and creditworthiness of the share applicants in question - CIT-A deleted the addition - HELD THAT:- Order passed by the CIT(A) does not suffer from any error. CIT(A) is entitled to exercise the power of the Assessing Officer. Therefore, two options were available before the CIT(A), in the event he found that facts were required to be brought on record. The first of the options available was to remand the matter to the Assessing Officer for fresh consideration. The second option would be to call for the remand report from Assessing Officer by keeping the appeal pending. CIT(A) exercised the second option which undoubtedly could go to save a lot of time in the matter of completion of the assessment. Upon direction being issued by the CIT(A) calling for a remand report, the Assessing Officer before us treated the matter with more seriousness and after thorough factual exercise reported that genuineness and creditworthiness of the share applicants have been established. In absence of any material available with the revenue to discard the remand report we find the CIT(A) was fully justified in accepting the remand report in deleting the addition. Tribunal has also re-examined the facts and rightly accepted the conclusion arrived at by the CIT (A). Thus we find there is no questions of law much less substantial questions of law arising for consideration in this appeal. - Decided against revenue.
|