TMI Blog2015 (5) TMI 1177X X X X Extracts X X X X X X X X Extracts X X X X ..... considered. In these circumstances we are of the opinion that,in the interest of justice,matter should be restored back to FAA for fresh adjudication.He is directed to afford a reasonable opportunity to the assessee and to consider all the documents to be furnished by the assessee with regard to the disputed amount of ₹ 3.44 lacs. Levy of interest u/s. 234A, 234B and 234C - HELD THAT:- Levy of interest is consequential in nature ground decided against the assessee and direct the AO re-compute the interest liability after reducing tax liability at source and decide the issue as per provisions of law. - ITA No.3596/Mum/2013, Assessment Year-1991-92 - - - Dated:- 5-5-2015 - S/Sh. I P Bansal, And Rajendra, JJ. Assessee by:Shri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the delay was because of releasing the appeal fee by the custodian, that it has written letters/reminders to the custodian for the release of the appeal fee for filing the present appeals, that on receipt of the counter foil of the challan, appeals were filed, that in similar circumstances the tribunal had condoned the delay.The application is accompanied by an affidavit of the one of the directors of the company. During the course of hearing before us the ld. Authorised Representative ( AR) of the company reiterated the facts mentioned in the application and the affidavit. After perusing the order of the Tribunal in the case of Orion Travels Pvt. Ltd.(ITA/4023-4024/ Mum/ 2011 for AY.s.2004-05 and 2005-06 dt. 16.4.14; M/s.Growmore Ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nced by the argument of the assessee in view of the fact that a large number of benami transactions were established in the course of subsequent investigation and that the assessee group had substantial income from share trading and money market that was not recorded in the regular books of account.Accordingly,he made addition of ₹ 3,90,000/- 5.Aggrieved by the order of the AO,the assessee preferred an appeal before the First Appellate Authority (FAA).Before him it was argued that the presumption u/s. 132(4)(A) could not be invoked for the purpose of assessment proceedings, that the declaration had been made on the fact that no books were maintained, that no addition could be made on account of any declaration of any income without ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... care of all the items. It is the case of the learned Chartered Accountant that the Assessing Officer has made additions in respect of all the specific items including on the basis of the findings of the search party, there is no scope for making any adhoc addition and that too, without any evidences. 5.32 We have gone through the declaration given by the assessee, available in page 88 of the paper book filed by the assessee before us. In the said declaration, the assessee has proposed to pay taxes on additional income of ₹ 25,OO,OOO. It is seen from the declaration that the assessee was giving an estimate of his total income for the year under consideration rather than adding independent and additional amount of ₹ 25,OO,OOO, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted that as per the review report of the special auditors in the case of Harshad Mehta the assesee s account as appearing in the books of Harshad Mehta was showing debit balance of ₹ 8.65 lacs,that in the assessee s audited books Harshad Meta was showed as creditor for ₹ 3.9 lacs only. He directed the assessee to reconcile the figures and found that in Harshad S. Mehta s books the brokers difference control account was showing a credit of ₹ 3,44,500/- in the name of the assessee.As per the AO assessee did not explain the difference. As a result,he added said income to the total income of the assessee. 8.Aggrieved by the order of the AO,the assessee preferred an appeal before the First Appellate Authority (FAA).It was su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee,before the FAA specifically mentioned the relevant documents were not considered. n these circumstances we are of the opinion that,in the interest of justice,matter should be restored back to FAA for fresh adjudication.He is directed to afford a reasonable opportunity to the assessee and to consider all the documents to be furnished by the assessee with regard to the disputed amount of ₹ 3.44 lacs.Ground of appeal No.5 is allowed in favour of assessee,in part. 11.Last ground of appeal is about levy of interest u/s. 234A, 234B and 234C of the Act. During the course of hearing before us,the AR fairly conceded that the issue was decided against the assessee vide Tribunal order dt.8.10.14 (ITA 1035/Mum/13 and Ors.) We find t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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