TMI Blog2018 (10) TMI 1405X X X X Extracts X X X X X X X X Extracts X X X X ..... year was sufficient to acquire assets existing in the right side of the balance sheet in each case and in each assessment year. Keeping in view the categorical findings given by the AO after due verification of papers and details filed and after proper investigation and report by the inspector attached to the AO in the remand proceedings, the issue involved in this case has been adequately discussed and elaborated by the AO. - Decided in favour of assessee. - IT(SS)A.Nos.55-58/Kol//2016 - - - Dated:- 24-10-2018 - Shri J.Sudhakar Reddy, AM And Shri S.S.Viswanethra Ravi, JM For the Appellant : Shri G.Mallikarjuna, CIT, DR For the Respondent : Shri Manish Tiwari, FCA ORDER PER J.SUDHAKAR REDDY, AM: All these appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aled to the Inspector that in some cases, the source companies has taken table space agreements. In some cases they arc occupying on rental basis. Submission of the assessee was considered. The report submitted by the Inspector along with extract of supporting documents was also considered and placed on record. No material found in the assessment record which indicates that effort has been given to prove the existence and creditworthiness as submitted by the asessee during this remand proceedings . All the papers. copy of documents submitted during. the remand stage in respect of loans and advances taken from companies are carefully checked. Further. the A/R of the assesses contended that the assessing officer considered only the advan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... partmental Representative submitted that, in the remand proceedings, the AO has deputed an Inspector of Income Tax who could not verify the identity of the companies. It is his case that the entire matter should be restored to the file of the AO for verification as to whether the companies in question are in existence or not. On a query from the Bench as to whether an Assessing Officer could file an appeal when his finding in the remand report have been accepted by the ld CIT(A), the ld. DR submitted that, it cannot be ascertained with certainty by the inspector of the Income Tax, that the companies in question are actually in existence at the address given by them. He vehemently contended that identity of the creditor was not proved and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e documents submitted by the assessee and has come to the conclusion that the contentions of the assessee are correct. The assessee submits that the order of the CIT(A) should be upheld and the appeals of the revenue be dismissed. 8. Heard rival contentions. On a careful consideration of the facts and circumstances of the case, on perusal of the documents on record and the orders of the authorities below we hold as follows :- The AO in his remand report has stated that he has verified all the documents and evidences furnished by the assessee in support of its claims. No adverse observations were made by the AO in the remand report. The claim of the assessee was accepted as correct. Under the circumstances, the ld. CIT(A) based on this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pect of loans and advances taken from companies are carefully checked. Further, the AR of the assessees contended that the Assessing Officer considered only the advance taken during a certain financial year but not considered the repayment made during the year. The contentions of the assessee in this regard appear to be correct. Each entry of advance taken and given was verified from the bank account: The balance of advance existed at the end of the financial year is sufficient to acquire assets existed in the right side of the balance sheet in each case and each assessment year . From the remand report of the AO, it is clear that the AO had accepted after due verification, the existence and creditworthiness of companies which have given ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd, thus, she was earning agricultural income thereof - Gommissioner (Appeals) on basis of said remand report, allowed claim of agricultural income of assessee - However, Tribunal disallowed said claim of assessee without taking into consideration that order allowing assessee's appeal by Commissioner (Appeals) was based upon remand report - Whether revenue was not entitled to file an appeal before Tribunal against order of Commissioner (Appeals), which was based upon a remand report - Held, yes [Paras 19, 23 and 24] [In favour of assessee/Matter remanded] Circulars Notifications: Circular No. 21 of 2015, dated 10-12-2015 10. The E Bench of Delhi ITAT in the case of ACIT vs R.P.G.Credit capital Ltd. (supra) had taken a si ..... X X X X Extracts X X X X X X X X Extracts X X X X
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