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ACIT, Central Circle-23, New Delhi Versus Hillridge Investment Ltd.

2015 (10) TMI 1894 - ITAT DELHI

Addition u/s 68 - CIT(A) deleted the addition - Held that:- perusal of the CIT(A)’s order as well as assessment order, there is a clear finding given by the CIT(A) that the assessee has given a detailed chart related to proceeds of sale of shares and repayment of loan during the assessment proceedings but the Assessing Officer has overlooked these evidences and made addition. We are of the view that the impugned addition was rightly deleted by the Ld. CIT(A). - Decided in favour of assessee. - I .....

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the Income tax Act, 1961. 2. During the year under consideration the assessee dealt with shares. During the course of assessment proceeding, the assessee was asked to furnish the copy of the cash book, bank pass book for the F.Y 2008-09 and to explain the sources of credit entries there in, proving the identity and creditworthiness of the creditor as well as the genuineness of transaction, in respect of all the credit entries in its all the bank Date of Hearing 24.08.2015 Date of Pronouncement 2 .....

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l as the genuineness of transaction as required u/s 68 of the Income Tax Act 1961 (hereinafter referred to as the Act). 4. In the assessment order u/s 143(3) of the Act dated 19/12/2011 addition of ₹ 2,78,57,082/- was made u/s 68 of the Act. But the assessee has claimed that no show-cause notice was issued to it. In the written submissions filed on 30/7/2012 the Assessee stated that All the confirmations were furnished before Ld. Assessing Officer during the assessment proceedings. It seem .....

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edit worthiness of the creditors during assessment proceedings, though sufficient opportunity was provided to produce the details. 6. The remand report was handed over to the assessee for filing rejoinder. The assessee filed rejoinder dated 21/11/2012 and submitted that documents filed during appellate proceedings are noting but documents submitted during assessment proceeding, therefore, the A.O s objection that fresh evidence should not be admitted was irrelevant. Further assessee contended th .....

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ged creditors at the relevant time before the AO, therefore, the addition was rightly made and the Ld. CIT(A) was not justified in deleting the addition. 8. In his rival submissions, he AR submitted that there is a clear finding in Para 3.7 of the CIT(A) s order that the assessee has also filed detailed chart to prove that proceeds are either sale of shares or repayment of loan during assessment proceedings. The AR further submitted that similar issue was decided by the Tribunal, Delhi Bench in .....

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hat there was no credit in the books of the accounts and the bank deposits in question were sale proceeds of investment of return of loan advanced earlier as the assessee was in the business of financing and trading also accepted by the assessee in Para No.2 of the assessment order. Hence, the assessee had thus discharged its primary onus to establish the claim. The onus was thereafter shifted upon the Assessing Officer to rebut those explanations and evidence filed by the assessee to justify th .....

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