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TMI Blog2012 (8) TMI 521X X X X Extracts X X X X X X X X Extracts X X X X ..... s and (ii) similar addition u/s 68 involving cash creditors. In this regard, the learned counsel for the assessee submitted that all the grounds raised in this appeal revolve around the said issues. 3. At the very outset, Ld. Counsel for the Assessee read out relevant paragraphs from the orders of the revenue and mentioned that the additions made by the Assessing Officer for the stated reasons of failure to file the details and confirmation letters. Subsequently, during the first appellate proceedings, the assessee filed all the particulars and confirmations letters, which were remanded to the Assessing Officer. The CIT(A) sustained the additions made by the Assessing Officer considering the absence of sufficient information and details a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, the learned counsel for the assessee submitted that by furnishing confirmation letters and the details of current postal addresses of the cash creditors/share applicants, the assessee has discharged its initial onus and the Assessing Officer did not execute his part of the onus before coming to the conclusion that the share application money/unsecured loans are not genuine. 6. Per contra, the learned DR for the revenue relied heavily on the order of the CIT(A). He submitted that the assessee is required not only to establish the identity of the share applicants/cash creditors but also to establish the genuineness of the transactions apart from creditworthiness of the creditors/applicants. Further, the learned DR stated that the Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer with a direction to adjudicate the same afresh after conducting requisite verification as indicated by him in the remand report dated 24/02/2010. If necessary, he should also examine the parties involved before coming to conclusion about the genuineness or otherwise. The assessee is also directed to furnish the requisite information to substantiate its claims on both counts, i.e., share application money/cash creditors. The Assessing Officer also shall consider the case laws relied upon by the assessee in support of its case while deciding the issue. 8. In the result, appeal of the assessee is treated as allowed for statistical purposes. ITA NO. 913/HYD/10 - REVENUE'S APPEAL 9. The revenue has raised the following groun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity as contingent liability. He averred that it is an ascertained liability and, hence, allowable. After considering the submissions of the assessee, the CIT(A) directed the Assessing Officer to delete the estimation of excise duty made in respect of closing stock of finished goods of the value of Rs. 3,79,887/- by observing as under:- "9.1 Even if such excise duty as is payable on the uncleared goods is added under the provisions of section 145A and payment of excise duty in respect of such enhanced value of closing stock is not allowed as per sec. 43B, such unilateral treatment would throw out unrealistic picture of the profits during the year. In the appellant's case, however, the Assessing Off icer proceeded to estimate the payable exc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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