9911796707
TMI Blog2021 (2) TMI 180X X X X Extracts X X X X X X X X Extracts X X X X ..... come Tax Act, 1961 ( hereinafter called " the Act"). The Income Tax Appellate Tribunal, Allahabad Bench, Allahabad (hereinafter called " the tribunal") has vide appellate order dated 21.12.2017 has allowed the Revenue's appeal in ITA No. 53/Alld./2015 for ay:2010-11. The assessee is aggrieved by afore-stated appellate order passed by tribunal and has now preferred this MA before the tribunal u/s 254(2) of the 1961 Act seeking to correct mistake apparent from records in the appellate order dated 21.12.2017 passed by the tribunal. 2. It is the say of the assessee in this M.A. that learned Assessing Officer (hereinafter called " the AO") while passing assessment order u/s 143(3) of the 1961 Act, dated 14.03.2013 , inter-alia , made an additio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ead of setting aside the issue for re-adjudication by the AO. It is stated that ld. CIT(A) adjudicated the issue by admitting additional evidences filed by the assessee without confronting the same to the AO as is required under Rule 46A of the Income-tax Rules, 1962, while tribunal went ahead and decided the matter against the assessee and in favour of Revenue. It is claimed that paper book of as many as 70 pages were filed before tribunal which contained information of R R Steel Industries for three years from 1.04.2008 to 31.03.2010, while relevant year under consideration was only ay 2010-11. It is claimed that said information was duly certified by authorized persons and credential of the party namely M/s R R Steel Industries was well ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceding years. Further, it is stated that even if it presumed that the additions of Rs. 37,60,601/- was made out of fresh advance of Rs. 40,00,000/- received by assessee during the year from said M/s R R Industries, the AO could not have divided the amount and made part additions , which is not permissible. It is also averred that Section 68 of the 1961 Act as invoked by AO has no applicability to the facts of the case as the assessee has dealing of sale and purchase of material with the said R R Steel Industries and ld. CIT(A) rightly deleted the additions. Reliance is also placed by ld. Counsel for the assessee on certain judicial precedents as found mentioned in MA application. Our attention was also drawn by ld. Counsel for the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uineness of the receipt of advance. 3.2 The assessee being aggrieved filed first appeal with ld. CIT(A) who was pleased to allow appeal filed by assesssee and the additions as were made by AO to the income of the assessee stood deleted , on the grounds viz. a) That the assessee has explained the address as given in PAN information and in the confirmation filed by the assessee b) The payment was received by assessee through banking channel through cheques or by sales. 3.3 Now, it is the turn of Revenue who being aggrieved by relief granted by ld. CIT(A) preferred second appeal with tribunal, and the tribunal was pleased to allow the appeal of Revenue on the grounds viz. a) That the learned CIT(A) has not examined the creditworthiness ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore tribunal. This paper book has four items(S.No. 1 to 4) and it is certified that items at S.No. 1 and 2 ( pb/page 01-61) were filed before the authorities below, while items at S.No. 3 and 4(pb/page 62-70) were stated to be compilation filed by assessee for the first time before tribunal. The item at S.No. 3 is copy of assessment order dated 30.12.2011 passed by AO u/s 143(3) of the 1961 Act for immediately preceding ay: 2009-10 , while item at S.No. 4 is copy of audited accounts for financial year 2008-09(ay: 2009-10). The documents at S.No. 1 and 2(claimed and certified to be filed before authorities below) were documents regarding confirmation from R R Steel Industries and also copy of IEC code to prove that Mrs. Reema Mittal is pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n for sale and purchase with said M/s R R Steel Industries while the receipts by assessee from said M/s R R Steel Industries were to the tune of Rs. 50 lacs, while in succeeding financial year 2010-11, there were again minuscule sales of Rs. 57,356/- made by assessee to said party during the year as against total entries of Rs. 47,60,601/- as is reflected in said confirmation. It is also observed that huge payments of Rs. 40 lacs being fresh cash credit were received by assessee during the previous year relevant to impugned assessment year, which is without any interest liability being incurred by assessee. The peak cash credit during the year (inclusive of opening balance) was to the tune of Rs. 90 lacs from said M/s R R Steel Industries, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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