TMI Blog2018 (10) TMI 1513X X X X Extracts X X X X X X X X Extracts X X X X ..... to send the matter back to the Assessing Officer. That is to make it doubly sure as to whether indeed there was a repayment of the amount borrowed and claimed as advances from these parties. We do not think that we should entertain a further appeal to this Court for it is not possible to re-appreciate and reappraise such factual findings. They are not demonstrably perverse nor vitiated by any error of law apparent on the face of the record. - INCOME TAX APPEAL NO. 616 OF 2016 - - - Dated:- 24-10-2018 - S.C. DHARMADHIKARI B.P. COLABAWALLA, JJ. Mr. N.C. Mohanty for the Appellant. Mr. Mihir Naniwadekar i/b Ruturaj H. Gujar for the Respondent. P.C. : 1. The Revenue has brought this appeal to challenge a concurrent fin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions, in the sense, there were entities whose details were brought before all of them including the Tribunal. There are advances received and in the sum of ₹ 125,66,09,180/-. The details of these advances were sought and the assessee provided them. The details were then examined and the Assessing Officer had before him the bank statements. The bank statements and other details, though on record, the Assessing Officer, held that the essential ingredients have not been satisfied. In these circumstances, the Assessing Officer came to the conclusion that the explanation of the assessee does not inspire confidence. Hence, an amount of ₹ 23.05 crores and ₹ 10 crores were treated by him as unexplained cash credit under section 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount paid by M/s. Maheep Marketing Private Limited to the assessee. A letter was issued dated 9th December, 2010, to which the assessee replied but the Assessing Officer was not satisfied with this reply. That is how he made an addition of ₹ 10 crores in relation to this transaction and thereafter of ₹ 23.05 crores in case of the transaction with M/s. Space Mercantile Private Limited. 5. When this issue was examined by the Commissioner in his detailed analysis culminating in the conclusion recorded from paragraph 2.4.12, he comes to the conclusion that the record, including the additional evidence admitted by him denotes that identity of the cash creditor, creditworthiness and genuineness of the transaction has all been est ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the party. He further stated at page 8 of the order that even though the source for the advance was proved, creditworthiness of the transaction(sic) was not proved by M/s. SMPL and hence, the burden of proof was on the appellant to give sufficient evidence. In this regard, the appellant had informed the Ld. AO. That the Directors of M/s. AMPL were searched and arrested by CBI in connection with some action in Pen Co-op Urban Bank Ltd. Therefore, they, being in police custody, could not attend before the Ld. A.O. This fact has been mentioned by the Ld. A.O. in the assessment oder also. 6. It is in these circumstances, he concludes that the creditworthiness of the cash creditor is fully vouched and hence the action of the Assessing Offic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the manner in which the whole case was approached by the Commissioner, then, with regard to the assertion of repayment and styling it as a subsequent development relevant and germane to the case in hand, the Tribunal deemed it fit and proper to send the matter back to the Assessing Officer. That is to make it doubly sure as to whether indeed there was a repayment of the amount borrowed and claimed as advances from these parties. 8. We do not think that we should entertain a further appeal to this Court for it is not possible to re-appreciate and reappraise such factual findings. They are not demonstrably perverse nor vitiated by any error of law apparent on the face of the record. 9. Mr. Mohanty's reliance on the judgment in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proven facts. The Hon'ble Supreme Court expressly rejects this submission and says that findings of fact are arrived at on a proper appreciation of the material available on record and the surrounding circumstances. The doubtful nature of the transaction and the manner in which the sums were found credited in the books of account maintained by the assessee have been duly taken into consideration by the authorities even in the case before us. The transactions were found to be genuine. It is not only that the moneys came by way of cheques and through proper banking channels, but even the repayment has been verified and the Assessing Officer, while giving effect to the Tribunal's order records that this is not a transaction which can b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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