TMI Blog2021 (12) TMI 865X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 147 was certain and it could be construed to be sufficient and relevant material on the basis of which a reasonable person could have formed a belief that income had escaped assessment. Therefore, the reassessment proceedings initiated by the Assessing Officer under Section 147/148 is valid and rightly upheld by the CIT(A). There is no need to interfere with the findings of the CIT(A). Hence, Ground No. 1 to 4 in assessee s appeal are dismissed. Addition on account of unexplained cash credits u/s 68 - AO has given a categorical finding that evidences were not produced related to creditworthiness and genuineness of the sources of funds and the parties thereon. Though the CIT(A) has mentioned in general statement that evidences were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the AO on account of unexplained cash credits u/s 68 of the IT Act. 2. The appellant craves leave to add, amedn or forego any ground(s) of appeal at any time before or during the hearing of this appeal 3. Limitation for filing appeal before the Hon ble ITAT expires on 10.9.2018. ITA No. 5809/Del/2018 1. That the notice issued under Section 148 and reassessment order passed under Section 147 r.w.s. 143(3) are illegal, bad in law and without jurisdiction. 2. That there has been no application of mind or investigation on the basis of tangible material which has live nexus to the income by the Learned Assessing Officer in recording his reasons to believe escapement of income and he has mainly replied on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the intention of law. 3. The assessee is a Private Limited Company incorporated under the Companies Act, 1956. The assessee company filed its Return of income for the Assessment Year 2010-11 on 16/08/2010 declaring total loss of (-) ₹ 23,754/-. The assessee s case for assessment year 2010-11 was reopened u/s 147. After assessment proceedings, the Ld. Assessing Officer passed an order u/s 143(3)/147 of the Income Tax Act, 1961 by making the following addition : a) U/s 68 as unexplained credits u/s 68 ₹ 3,00,00,000.00 b) U/s 68 as unexplained credits u/s 68 ₹ 1,15,00,000.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 147 and the CIT(A) has rightly rejected the contention of the assessee. 7. We have heard both the parties and perused all the relevant material available on record. The CIT(A) has given a categorical finding in para 2.2 related to reasons recorded for reopening proceedings u/s 147 and there is no discrepancy in the reasons. Hence assessee s appeal is dismissed. It is seen that the information received from investigation wing was part of the reopening, yet the reopening was based on the records and facts of the assessee s case. It was observed in the reasons for reopening that certain cash withdrawals was seen in respect of assessee company s records. The CIT(A) has correctly stated that the information on the basis of which Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es thereon. Though the CIT(A) has mentioned in general statement that evidences were put up, but from the records it is seen that these are general statements and the source of the funds upon which the creditworthiness is depended has not been established by the assessee through any document and the condition of creditworthiness was not satisfied. From the perusal of records it can be seen that the assessee has also not given plausible explanation in respect of genuineness of the transactions. As regards, the unsecured loan taken from Shri Sanjeev Dhingra, no bank statement was filed before the Revenue authorities. Hence, it deems appropriate to remand back both the issues to the file of the Assessing Officer for proper adjudication on veri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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