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Milan Ramniklal Parekh Versus ACIT-12 (1) , Mumbai

2017 (6) TMI 826 - ITAT MUMBAI

Addition on unexplained credit - opening entry to the credit - no supporting evidence was furnished by the assessee - Held that:- The whole addition is on the premise that the assessee could not file confirmation from M/s Jade Investment and Leasing Pvt. Ltd. However in para 4(c) of the assessment order there is specific mention that this is a credit from the said party i.e. M/s Jade Investment and Leasing Pvt. Ltd. - The assessee produced the books of accounts/audited account before the As .....

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ount was in the name of M/s Jade Investment and Leasing Pvt. Ltd. The assessee has duly explained that the opening entry to the credit of M/s Jade Investment and Leasing Pvt. Ltd. is only carried forward balance as on 31/03/1991, which is fortified by the copy of the audited balance sheet of the accounts of the assessee, thus, the opening balance cannot be treated as undisclosed income - Decided in favour of assessee. - ITA NO.4448/Mum/2014 - Dated:- 12-4-2017 - Shri Joginder Singh, Judicial Mem .....

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he ground that no supporting evidence was furnished by the assessee ignoring the direction of the Tribunal in its order dated 11/12/2008, more specifically, when the Tribunal did not dispute the books of accounts were destroyed in flood and permitting the assessee to file audited balancesheet/ profit & loss account, obtained by the assessee from the auditor to substantiate its claim. 2. During hearing, Shri Rahul Hakani, Ld. counsel for the assessee, advanced arguments, which is identical to .....

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d the rival submissions and perused the material available on record. The facts, in brief, are that the assessment order u/s 143(3) and r.w.s 254 of the Act was passed on 10/02/2006 by the Assessing Officer, determining total income at ₹ 23,16,050/-. While doing so, an amount of ₹ 4,15,000/- was added as the Ld. Assessing Officer was of the view that the debit amount of ₹ 4,15,000/- in the name of M/s Jade Investment and Leasing Pvt. Ltd. could not be explained with the help of .....

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out quite appreciating that that the said amount was received in an earlier year and without properly appreciating the facts and circumstances of case." 2. The Ld. Counsel for the assessee submitted that the assessee is in the second innings before the Tribunal. He submitted that in the first innings, the issue of addition of ₹ 4.15 lakhs was set aside by the Tribunal to the file of the Assessing Officer for fresh decision after allowing an opportunity of being heard to the assessee, .....

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t the audit report and other evidence from its first auditor in order to prove the genuineness of the entry of ₹ 4,15,000/- relating to M/s.Jade Investment and Leasing Pvt. Ltd. Learned Counsel for the assessee requested that the assessee may be allowed one more chance to lead its evidence before the CIT(A). Ld. DR has opposed the submissions of the Learned Counsel for the .assessee. He submitted that the assessment was set .aside by the order of the Tribunal on 24.03.04 and the flood wate .....

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on 17.01.06 and therefore, it cannot be said that the assessee could have filed the' necessary evidence before the Assessing Officer prior to the flood waters destroying its records in July 05. The assessee has claimed before us tha1 it has acquired the requisite evidence before the its first auditor and is 11 a position to produce the same before the Revenue authorities While it is well settled that the onus to prove the genuineness of the entries in the account books of the assessee is cl .....

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regarding the genuineness of the entry with regard to M/s Jade Investment and Leasing Pvt. Ltd. We direct according. 4. In the result, the appeal of the assessee is allowed for statistical purpose only. 2.2. Pursuant to this direction of the Tribunal, the assessee approached the office of the Assessing Officer, however, the explanation of the assessee was rejected. It is also noted that identical plea was raised by the assessee before the Ld. Commissioner of Income Tax (Appeal), wherein, in para .....

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