TMI Blog2019 (2) TMI 1264X X X X Extracts X X X X X X X X Extracts X X X X ..... le of AO. Since de novo adjudication of this entire issue is directed to the file of the ld. AO, the assessee is given full liberty to adduce fresh evidences, if any, in support of its contentions. Accordingly, grounds raised by the revenue in this regard and grounds raised by the assessee in cross objection in this regard are allowed for statistical purposes. Addition made towards unexplained liabilities in the form of share application money, sundry creditors - CIT(A) upheld this addition for want of evidences from the assessee - HELD THAT:- It is not the caes of the revenue that these creditors, share application moneys were not received by cheques by the assessee company. Hence these transactions might even be credited in the bank ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee company in the hands of the assessee company and directing the ld. AO to add only commission @0.25%on the total transactions, in the facts and circumstances of the case. The facts of Asst Year 2005-06 are taken up for adjudication and decision rendered thereon would apply with equal force for Asst Years 2006-07 and 2007-08 also except with variance in figures. 3. Brief facts of this issue are that the assessee is a private limited company. The assessment was completed u/s 147 of the Act by the ld. AO for the Asst Year 2005-06. The assessee vide letter dated 24.09.2012 requested the ld. AO to treat the original return as return filed in response to notice u/s 148 of the Act. The ld. AO issued several letters to the assessee re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he total deposits made in the bank account of the assessee (i.e. both cash and cheque deposits) should be brought to tax. The ld. CIT(A) placed reliance on various appellate orders and assessment orders passed by the Income Tax Department and determined the commission @ 0.25% of total cash and cheque deposits for the assessment year 2005-06 and directed the ld. AO to tax a sum of ₹ 3 lacs for the assessment year 2005-06. Similar direction was given for assessment year 2006-07 to be taxed at ₹ 3,75,000/- and for assessment year 2007-08 at ₹ 6 lacs as against additions made by the ld. AO in the sums of ₹ 5,50,45,360/- and ₹ 8,19,99,100/- towards cash deposits in the bank account for assessment years 2006-07 and 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unexplained liabilities in the form of share application money, sundry creditors for all the three assessment years. 7. We have heard the ld. DR. We have already stated that the assessee had not cooperated at all before the ld. AO by filing necessary details in this regard. The ld. CIT(A) also upheld this addition for want of evidences from the assessee. It is not the caes of the revenue that these creditors, share application moneys were not received by cheques by the assessee company. Hence these transactions might even be credited in the bank account i.e. Royal Bank of Scotland which is directed hereinabove to be verified by the ld. AO afresh. Hence, we deem it fit and appropriate, in the interest of justice and fair play, to remand ..... X X X X Extracts X X X X X X X X Extracts X X X X
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