9911796707
TMI Blog2014 (1) TMI 1133X X X X Extracts X X X X X X X X Extracts X X X X ..... nce. "4. In this case original return of income was filed declaring an income of Rs.3,65,968/-. The return was accepted u/s 143(1) of the Act, thereafter, order u/s 154 was passed on 15.3.2007 and provisions of section 115 JB were applied and book profit was computed. Thereafter the case was reopened u/s 147 of the Act and notice u/s 148 of the IT Act was issued on 30.3.2011 on the basis of information received from the Investigation Wing of the department wherein Sh. Suresh Kumar Gupta, Director of the Galaxy Mines & Stones had made a statement that he was engaged in providing accommodation entry to various beneficiaries through number of shell companies controlled by him. It is seen that during the year appellant has received accommodati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alent amount received from Mrs. Sudesh Arora, Director of the Company. 1.3 Part sustenance of disallowance of Rs.3,12,309/- on account of alleged non-production of vouchers/bills of various expenses. 2. As per Affidavit dated 28.09.2013 filed by the assessee, adequate and reasonable opportunity was not provided by CIT (Appeals) by declining the request for adjournment on 3.10.2013. Complete sequence of facts are mentioned in the affidavit itself. 3. In view of the same the entire matter needs to be remanded back to the file of the Assessing Officer, for following reasons:- 3.1 The assessee discharged its initial onus to prove identity, genuineness and credit worthiness with respect to unsecured loan of RS.1.70 crores by filing confirmat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stands duly explained (refer Page 54 of the Paper Book) in as much as the loan was extended out of refund of loan received from another company namely M/s Yorco Scientific Udyog Pvt. Ltd. 4. It has been held in various cases that where the evidences filed by the assessee were to be examined by the Assessing Officer, it would be in the interest of justice to restore the matter to the file of the Assessing Officer. He relied on the following case laws: Anmol Colour India Pvt. Ltd. Vs. ITO 31 SOT 18 (Jaipur) (URO); Dhanna Ram Garg Vs. ITO 49 SOT 73 (Del) (URO)." 5. The Ld.Sr.D.R. agreed that the issue should be restored to the file of the Assessing Officer on the facts and circumstances of the case. 6. In view of the above discussion, w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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