TMI Blog2021 (5) TMI 860X X X X Extracts X X X X X X X X Extracts X X X X ..... does not know who Shri Sanjeev Kumar Singh is and assessee had also specifically stated in writing that there are no business dealings with Shri Sanjeev Kumar Singh. While this is so, the primary onus has been discharged duly by the assessee, the onus shifts back to the ld. AO who is duty bound to provide all the necessary evidences/materials that are available with him vis- -vis the assessee thereon and confront the assessee with those evidences, if any, linking the assessee. Addition has been made by the AO towards unexplained expenditure u/s. 68 - As per the provisions of the Act, the unexplained expenditure will get taxed u/s. 69C of the Act and unexplained cash credit will get taxed u/s. 68 - The requirement of these two sections ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1)/IT-219/2018-19 dated 02/08/2019 (ld. CIT(A) in short) against the order of assessment passed u/s. 143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 24/12/2018 by the ld. Dy. Commissioner of Income Tax-15(1)(1), Mumbai (hereinafter referred to as ld. AO). 2. The only issue to be decided in this appeal is as to whether the ld. CIT(A) was justified in confirming the addition made in the sum of ₹ 11,72,434/- on account of unexplained expenditure u/s. 68 of the Act in the facts and circumstances of the case. 3. We have heard rival submissions and perused the materials available on record. We find that assessee is a company engaged in the business of manufacturing of paint and processing raw mater ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rials that are available with him vis- -vis the assessee thereon and confront the assessee with those evidences, if any, linking the assessee. Admittedly, we also find that addition has been made by the ld. AO towards unexplained expenditure u/s. 68 of the Act. As per the provisions of the Act, the unexplained expenditure will get taxed u/s. 69C of the Act and unexplained cash credit will get taxed u/s. 68 of the Act. The requirement of these two sections are totally separate and distinct. Moreover, the ld. AO had also observed in his assessment order that during the course of search and seizure action conducted in the case of Shri Sanjeev Kumar Singh u/s. 132(1) of the Act, it was found that he was an entry operator and had provided bogus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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