TMI Blog2018 (5) TMI 955X X X X Extracts X X X X X X X X Extracts X X X X ..... cided partly in favour of assessee for statistical purposes. - ITA.No.6252/Del./2014 - - - Dated:- 14-5-2018 - SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER For The Assessee : Shri M.R. Sharma, Advocate. For The Revenue : Shri A. Vijay Varma, CIT-D.R. ORDER PER BHAVNESH SAINI, J.M. This appeal by assessee has been directed against the order of the Ld. CIT(A)-XXXIII, New Delhi, dated 14th July, 2014, for the A.Y. 2009-2010, challenging the addition of ₹ 90,43,140/- on account of unexplained cash credit. 2. We have heard the learned Representatives of both the parties and perused the material on record. 3. The office reported that appeal is time barred by 03 days. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany filed its copy of Income Tax Return for assessment year under appeal. On perusal of the balance-sheet of the lender company, it was noticed that it did not have adequate means to advance such huge loan to the assessee. The creditor has shown NIL taxable income in the return of income. In the P L A/c it has shown sales and other receipts of ₹ 4,67,521/-. The lender has not supplied copy of its bank account though it was specifically asked for in the notice under section 133(6) of the I.T. Act. The A.O, therefore, doubted the creditworthiness of the lender company and asked the assessee to produce the lender company for examination. However, the assessee did not produce the lender company before A.O. The A.O, therefore, held th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in all these years no assessments were pending and since no incriminating material was recovered during the course of search, therefore, following the decision of Hon ble Delhi High Court in the case of CIT vs. Kabul Chawla 380 ITR 573 the orders of the authorities below were set aside and additions have been deleted. Copy of the order is placed on record. 7.1. Learned Counsel for the Assessee submitted that search was conducted on 22nd March, 2010 and for assessment year under appeal i.e., 2009-2010 assessee filed return of income on 31.07.2009. Initially he has submitted that the issue is covered by earlier order of the Tribunal dated 21.11.2017 because no incriminating material was found during the course of search against the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other hand, Ld. D.R. submitted that the Ld. CIT(A) accepted the request of the assessee to produce the creditor at the appellate stage, which, assessee failed to do so. Therefore, no further chance may be given to the assessee and appeal of the assessee may be dismissed. 12. We have considered the rival submissions. It is an admitted fact that during the course of search no incriminating material was found to prove that assessee received any bogus credit of the impugned amount. The assessee claimed it to be a genuine loan and filed confirmation of the loan before A.O. which is supported by copy of the ITR of the lender company and their audit report containing P L A/c and balance-sheet. The A.O. sought information directly from the le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the additional burden was on the Department to show that even if the share applicants did not have the means to make the investment, the investment made by them actually emanated from the coffers of the assessee so as to enable it to be treated as the undisclosed income of the assessee. No substantial question of law arose. 13.2. Therefore, in the light of above decisions, the findings of the A.O. may not be appropriate to reject the explanation of assessee particularly when the lender has confirmed the transaction with the assessee directly to the A.O. in response to the notice under section 133(6) of the I.T. Act. These facts, therefore, shows that one more opportunity could be given to the assessee to produce the creditor befo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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