9911796707
TMI Blog2012 (8) TMI 678X X X X Extracts X X X X X X X X Extracts X X X X ..... he amount added by the assessing officer on the ground that the credits were not genuine. The learned Commissioner of Income-tax(Appeals) ought to have seen the fact that the amounts were received through banking channels and the said person confirmed the fact of paying the amount towards advance for acquisition of the property. 4. The learned Commissioner of Income-tax(Appeals) ought to have seen that the said amount was in the bank account for a period of about a month and the entire amount was repaid by the appellant to the same person and, therefore, ought to have held that the credit is genuine, particularly in view of the fact that the appellant did not draw the amount from the bank and did not utilize the same. 5. The learned Commissioner of Income-tax(Appeals) erred in confirming the addition of Rs.1,11,401/- being the disallowance of expenditure by the Assessing officer. " 3. The first effective grievance of the assessee in this appeal relates to the addition of Rs.12,11,200 made by the assessing officer, and confirmed by the CIT(A), disbelieving the agricultural income disclosed by the assessee. 4. Brief facts of the case on this issue are that in the return filed, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of the certificates issued by them, it was found that the language and content thereof was the same, and therefore, it appeared that they issued those certificates as per the proforma provided by the assessee only and therefore, the assessing officer submitted that since the said certificates are in the nature of self-serving evidence, the same should not be relied upon. After calling for the objections of the assessee on the said remand report, the CIT(A) observing that since the said certificates produced by the assessee are not from the competent authorities or technical experts, declined to admit the said additional evidence, and further observing that the estimation of agricultural income made by the assessing officer is reasonable, confirmed the addition made by the assessing officer. Aggrieved by the order of the CIT(A), assessee preferred appeal before us on this issue. 7. During the proceedings before us, The learned counsel for the assessee submitted that the agricultural income disclosed by the assessee is reasonable and commensurate with the land-holding of the assessee, and agricultural activity undertaken and crops grown by the assessee. He submitted that the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edits therein that the assessee had explained the credit of Rs.1,29,000 as a loan received from Maverick. Besides, he noticed that an amount of Rs.1,65,000 had been claimed as received from S.K.Construction and the same had been repaid also. The assessing officer further noticed that the assessee had claimed having received an amount of Rs.50, lakhs from one Shri S.V.Ravikant for land advance. The said amount also had been returned during the year. Not satisfied with the explanation of the assessee, and observing that the assessee could not furnish any supporting documentary evidence in support of the credits in the bank account, such as complete addresses of the creditors, their PAN, nature of credit etc., and as such the assessee failed to establish the identity land creditworthiness of the creditors, as also the genuineness of transactions, the assessing officer brought to tax the unproved credits of Rs.54,65,500. 12. On appeal before the CIT(A), the learned authroised representative submitted that the corresponding debits or the credits added by the assessing officer were also in the same bank statement. He submitted that the addition of Rs.50 lakhs was made, even though the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Representative on the other hand, strongly supported the orders of the lower authorities. 15. We heard both sides and perused the impugned orders of the lower authorities on the issue relating to addition made on account of unproved credits. One of the reasons that weighed with the assessing officer was that since the address of the creditor given in the confirmation letter is that of the USA, it is beyond verification by the Indian Incometax Officers. In view of the statement of the learned counsel for the assessee at bar that the said creditor has returned to India, and the assessee would be in a position to establish the genuineness of the transaction, duly establishing identity of the creditor and his creditworthiness, in the interests of justice, we deem it just and proper to set aside this issue for adjudication. We accordingly set aside the impugned order of the CIT(A) on this aspect and restore the matter to the file of the assessing officer for fresh adjudication on this issue, in accordance with law, and after giving reasonable opportunity of hearing to the assessee. 16. The next effective grievance of the assessee in this appeal relates to an addition of Rs.1,14,401, b ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
