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ASSISTANT COMMISSIONER OF INCOME-TAX Versus KAMINI FINANCE & INVESTMENT CO. LTD.

2001 (10) TMI 1162 - itat Gauhati

IT APPEAL NO. 240 (GAUHATI) OF 1994 - Dated:- 31-10-2001 - N.R.S. Ganesan, Judicial Member, And N.S. Saini, Accountant Member For the Appellant : S. Bhattacharjee. For the Respondent.: Sampat Kumar Jain and Kishore Kumar Jain ORDER Per Shri N.S. Saini, Accountant Member : This appeal is filed by the Revenue against the order of the CIT(A) deleting the addition of ₹ 29,25,000 made by the Assessing Officer under the head Income from undisclosed sources under section 68 of the Income-tax Act, .....

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essing Officer was fully justified in adding this sum of ₹ 29,25,000 as income of the assessee as because merely filing of the confirmatory letter does not absolve the assessee from the duty cast by section 68 of the Act. He also stated that the action of the Assessing Officer is supported by the decision reported in 111 ITR 951 (Cal.), 177 ITR 690, 694 (Cal.) and 140 ITR 151 (Allahabad), He further argued that the CIT(A) admitted fresh evidence in the form of copies of balance sheet of th .....

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out that the assessee did not file the details regarding the loan creditors with evidence for the capacity to advance the loan along with complete addresses of the creditor before the Assessing Officer and hence the CIT(A) was not justified in deleting the addition of ₹ 29,25,000. On the other hand, the learned authorised representative of the assessee supported the order of the CIT(A). 3. We have considered the rival submission. From the copy of the confirmation letters filed before the .....

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y before disposing of an appeal, to make such further enquiry himself as he think fit. He does not exceed his jurisdiction if he asked the assessee to produce or file additional evidence or papers in the manner he think fit. In the case of Smt. Prabhavati S. Shah v. CIT [1998] 232 ITR 1, 8 (Bombay) it was observed by the Bombay High Court that the power conferred on the first appellate authority under section 250(4) being a quasi-judicial power it is incumbent on it to exercise the same if the f .....

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tion 250(4) or section 250(5) of the act is held in the case of Smt. Prabhavati S. Shah (supra) and in the case of I.T.O. v. Bajoria Foundation 117 Taxman 126 (Cal.) (Mag.). In the instant case from the certified copy of the ordersheet of the CIT(A) it is clear that the CIT(A) on 2-8-1993 directed the assessee to file evidences of loan creditors and in pursuance to such direction of the CIT(A) additional evidences in the form of copies of balance sheet of the loan creditors, being certificate fr .....

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