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TMI Blog2013 (4) TMI 289X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn of income disclosing the same at Rs.280/-. The matter was taken up by invoking section 143(3) of the Income Tax Act by the Assessing Authority. During the course of assessment proceeding, the Assessing Authority has noticed that the assessee Firm has received deposits from various persons. All these deposits have been categorized under three heads ?Fixed Deposits, Small Deposits and Cumulative Deposits. The Assessing Officer was of the opinion that the assessee has not been able to prove these cash credits about nature and source whereof. Explanation offered by the assessee with regard to all these cash credits were found unsatisfactory. Additions were made under section 68 of the Income Tax Act. The matter was carried unsuccessfully ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Act. He submits that only the few depositors were asked to be produced by the Assessing Authority and they were produced. The assessee Firm is a finance Firm and it has received deposits of small amount from various persons ranging from Rs.4500/- to Rs.9500/- and Rs.3,750/- to Rs.11,500/-. Considered the respective submissions of learned counsel for the parties and perused the record. A bare perusal of the order of Tribunal would show that it runs into fourteen pages and is divided in 18 paragraphs. Upto paragraph 13, the Tribunal has noticed the facts of the case and argument of counsel for parties. Without assigning any reason, the Tribunal has jumped to its conclusion as recorded in paragraph-14 of its order. For the sake of conv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... satisfactory and therefore, the same cannot be allowed to stand. Besides the above, the learned counsel for the department submits that in view of the aforesaid judgment of this Court in the case of Jagmohan Ram Ram Chandra (supra) the finding recorded by the Tribunal in paragraph-16 is unjustified which is being disputed by the learned counsel for the assessee. In view of the fact that we are remanding the matter back to the Tribunal, it is not necessary for us to say anything in this regard. By way of clarification, it is added that the entire order of the Tribunal is set aside and the matter is restored back to the Tribunal to decide the appeal afresh in the light of observations made above keeping in view the ingredients of section 68 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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