TMI Blog2014 (5) TMI 357X X X X Extracts X X X X X X X X Extracts X X X X ..... year 2003-04 and the AO ssessing Officer had directed the assessee to produce all the shareholders in the year 2011 - He allowed only a few days’ time to produce the shareholders which would be evident from the fact that the assessment order was passed on 30.11.2011, i.e., within 13 days - if adequate time is allowed, the assessee would make a sincere effort to produce all the shareholders before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in law CIT(A) was wrong in confirming the addition of Rs.20,00,000/- u/s 68 of the Income Tax Act, 1961. 2. That on the facts and circumstances of the case the ld.A.O. as well as CIT(A) failed to appreciate that alleged undisclosed income actually represented the share application money. 3. That the assumption of jurisdiction and procedure adopted u/s 148 of the Income Tax Act, 1961 by ld.A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led to give opportunity to the assessee to cross examination Sh. Tarun Goyal. 9. That on the facts and circumstances of the case CIT(A) was wrong in not accepting the explanation of the assessee regarding source of cash credits forming the basis of addition made by A.O. 3. At the time of hearing before us, learned counsel stated that the assessment was completed without allowing adequate op ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tted that the assessee will also produce all the relevant evidences to explain the share application money. He, therefore, submitted that the order of the Assessing Officer may be set aside and matter may be restored to his file. 4. Learned DR strongly objected to the assessee s submission and stated that adequate opportunity of being heard was allowed to the assessee. He, therefore, submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X
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