9911796707
TMI Blog2017 (9) TMI 246X X X X Extracts X X X X X X X X Extracts X X X X ..... e Ld. CIT(A) has erred in deleting the addition made o fRs. 71,76,750/- made u/s. 68 of the I.T. Act being the unexplained cash credits. 2.1 The Ld. CIT(A) ignored the findings recorded by the AO and the fact that the assessee is involved in the business of receiving accommodation entries. 3. The appellant craves leave to add, to alter, or amend any grounds of the appeal raised above at the time of the hearing. 2. The brief facts of the case are that the assessee company is a private limited company engaged in the business of finance and investment activities. The primary business of the company is to purchase and sale of shares of various companies and to invest in shares of different companies. For AY 2001-02 the return of income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the present Appeal, we are of the view that no useful purpose would be served to issue notice again and again to the assessee, therefore, we are deciding the present appeal exparte qua assessee, after hearing the Ld. DR and perusing the records. 5. We have heard the Ld. DR and perused the records, especially the order of the Ld. CIT(A). We find that Ld. First Appellate Authority has adjudicated the issue in dispute vide para no. 4.1 to 4.4 at page no. 5 to 8 of the impugned order. The said relevant findings of the Ld. CIT(A) are reproduced as under:- "4.1 I have carefully considered the submissions made on behalf of the appellant, the findings of the Assessing Officer in the assessment order as well as in the remand report and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thing but the sale proceeds of the shares of the companies, namely M/s Padmini Polymer Pvt Ltd. And other companies which have already been shown by the appellant in the Profit & Loss Account for A.Y. 2001-02. When the sale proceeds of the shares have already been shown by the appellant and the same have also been offered as income, it cannot be brought to tax again in the same A.Y. 2001-02 which is under appeal. 4.2 It is also seen that the Assessing Officer could not point out any discrepancy in the evidences relied upon by the assessee. He has neither brought out any direct or inferential evidence to contradict the contention of the assessee. It is further observed that even though AO. has vast powers uls 131 and 133(6) of the Act, he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has not been done by him. 4.3 Since the addition has been made as unexplained cash credit, it is considered necessary to examine the case in the light of the provisions of section 68 of the Act. Under section 68 of the Act if any sum is found credited in the books of accounts of the appellant & the appellant offers no explanation about the nature and source thereof or the explanation offered by him is not satisfactory in the opinion of the Assessing Officer, the sum so credited may be charged to income tax as the income of the assessee of the relevant previous year. Therefore, what has to be enquired into by the Assessing Officer is the nature & 'source of the sum or deposit. If the explanation with regard to nature & source is not f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Chellaran vs. CIT 125 713 (SC). In this regard, it is important to take note of the judgment in the case of Kishan Chand Chellaram (Supra) holding that the burden is on the department to show that the money belonged to the assessee by bringing proper evidence on record & the assessee could not be expected to put evidence to help the department to discharge the burden that lay upon it. The evidence, if any, gathered behind the back of the assessee cannot be used against him without confronting him with it. There is no evidence on the basis of which Assessing Officer would come to a finding that sum credited in the bank account of the assessee represented the undisclosed income of assessee. 4.4 In these circumstances, it is held that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n spite of the having been given numerous opportunities, assessee has not furnished any of the details asked vide questionnaire and order sheet entries. In view of aforesaid discussions, we are of the considered view that the assessee remain non-cooperative before the AO and did not file requisite documents before the AO, as asked by him, as a result thereof the AO passed the exparte order u/s. 144/147 of the Act and therefore, did not verify the documents furnished by the Assessee and also not done the independent inquiry and verification. Therefore, in the interest of justice, we think it proper to set aside the issue in dispute to the file of the AO to decide the same afresh, after making independent inquiry and verification, as deem fit ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
