TMI Blog2017 (10) TMI 1567X X X X Extracts X X X X X X X X Extracts X X X X ..... e lender. We are of the view that the matter requires further verification at the end of AO of all these evidences and therefore it would be fair ,reasonable and in the interest of justice to restore the matter to the file of the AO to examine all these evidences and in the light of said frame the assessment denovo as per facts and law after providing necessary opportunity of being heard to the assessee. Appeal of the assessee stands allowed for statistical purposes. - I.T.A. No. 2578/Mum/2014 - - - Dated:- 25-10-2017 - HON BLE S/SHRI JOGINDER SINGH (JM) AND RAJESH KUMAR (AM) For the Appellant : Shri Vimal Punmiya For the Respondent : Shri Saurabh Deshpande ORDER Per RAJESH KUMAR, Accountant Member: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctional AO who in turn informed the AO that M/s Nicco Securities Pvt Ltd was not traceable. Thereafter, the AO allowed one more opportunity on 19.2.2013 calling upon the assessee to file necessary details as mentioned in para no.2.3 of the assessment order to prove the genuineness of the transaction but no details of the loan as called for by the AO was provided by the assessee. Finally, the AO concluded that the assessee could not prove the source of source and accordingly added the same to the total income of the assessee u/s 68 of the Act by framing the assessment u/s 143(3) assessing the income at ₹ 25,80,176/-. In the appellate proceedings, the ld.CIT(A) after considering the submissions of the assessee dismissed the appeal of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ences to prove the genuineness of transaction, creditworthiness and identity of the creditor were proved beyond doubt by the assessee before the lower authorities and hence he prayed that the addition made by the AO and confirmed by the ld. CIT(A) be deleted. 4. On the other hand, the ld.DR relied heavily on the orders of authorities below by submitting that the assessee was granted sufficient opportunities to prove the genuineness of transaction and creditworthiness and credibility of the creditors during the assessment proceedings as well as in the appellate proceedings but even then the genuineness of the said transaction could not be proved. Before the ld. CIT(A) the assessee produced the parties i.e. Director of the Company along ..... X X X X Extracts X X X X X X X X Extracts X X X X
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