TMI Blog2012 (9) TMI 792X X X X Extracts X X X X X X X X Extracts X X X X ..... ard, etc. Bank statement, confirmation of account and confirmation regarding receipt and payment of the aforesaid amount. Since said sum was given back also; and that too through banking channels, hence, the assessee has proved the genuineness of the transaction also. CIT(A) rightly deleted the addition on observation that genuineness of the transaction cannot be doubted as the amount has been re–paid on the same day or within a fortnight of receiving the same - Decided against Revenue. - ITA no. 3908/Mum./2011 - - - Dated:- 6-7-2012 - SHRI B.R. MITTAL AND SHRI RAJENDRA, JJ. Revenue by : Mr. Pravin Verma ORDER PER B.R. MITTAL, J.M. The present appeal preferred by the Revenue, is directed against the impugned orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee s name was registered as director in the following concerns / companies. M/s. H.N. Tradelink Pvt. Ltd. M/s. Niketan Merchant Pvt. Ltd. M/s. Aspire Mercantile Pvt. Ltd. M/s. Accurate Mercantile Pvt. Ltd. 6. The assessee stated during the recording of his statement at the time of search action that he did not know the business activities, accounts numbers and nothing about authorized or subscribed share capital. He further stated that he was ordered to sign by Mr. Hiten Mehta, his then employer. The Assessing Officer stated that from his bank account, the following entries were found: The Bank of India 29.12.2005 Rs. 3,30,102 The Kapol Coop Bank 26.09.2006 Rs. 11,77,466 do 16.10.2006 Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 32.90 on 16.10.2006 from JSEL Securities Ltd. on behalf of M/s. Samardhan Securities. 9. The learned Commissioner (Appeals) sought remand report from the Assessing Officer. A copy of the remand report was also filed by the learned Departmental Representative at the time of hearing which is placed at Pages 14 and 15 of the paper book. The Assessing Officer only stated that some of the evidences submitted are in the nature of additional evidences which were not submitted at the time of assessment. The learned Commissioner (Appeals) gave a copy of the said remand report of the Assessing Officer to the assessee and the assessee filed his reply dated 22nd January 2011. The learned Commissioner (Appeals) has reproduced the said reply of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, it is evident that the above amount was received on behalf of Samardhan Securities and accordingly paid to them by account payee cheques. In view of above, we strongly refute the stand taken by the A.O. in his remand report which is against the principle of natural justice and requires your goodself to consider the additional evidence submitted before you sympathetically. Further, the assessee has also claimed as under: In case of credit entries, the assessee has established the identity of the party (as above) by submitting the PAN, Election Card, I Card, etc. Bank statement, confirmation of account and confirmation regarding receipt and payment of the aforesaid amount. What more the assessee can produce in support of such credit ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
