9911796707
TMI Blog2022 (8) TMI 910X X X X Extracts X X X X X X X X Extracts X X X X ..... sioner of Income Tax (Appeals)-III, New Delhi, [hereinafter referred to CIT (Appeals), dated 23.07.2014. 2. The assessee has raised the following substantive grounds of appeal :- I.T.A. No. 5511/DEL/2014 - Shri Madhur Mittal : "1. On the facts and in the circumstances of the case, the CIT (A) has erred in law and on facts in giving relief to the assessee on the ground that identity and creditworthiness of M/s. TIDCO Ltd. is established. 2. On the facts and in the circumstances of the case, the CIT (A) has erred in law and on facts in giving any finding as to the cash received from Garg Commodities, Mohan Commodities and Radhika Construction, in respect of which he himself has called for remand report and has not discussed the same i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and notice under Section 142(1) were issued. Assessment order came to be passed on 25.03.2013 by disallowing the deduction claimed under Section 80C of Rs.1,00,000/- and also made addition on account of unexplained cash credit to the tune of Rs.2,43,07,000/-. Accordingly assessment order came to be passed on 25.03.2013 by assessing the income of the assessee at Rs.2,44,13,240/- as against the returned income of Rs.6,240/-. As against the assessment order dated 25.03.2013 the assessee has preferred appeal before the ld. CIT (Appeals). The ld. CIT (Appeals) vide order dated 23.07.2014 partly allowed the appeal by deleting the addition of Rs.2,43,07,000/- which was added by the ld. Assessing Officer on account of un-explained cash credit. Agg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tement, but no proof in support of various cash receipts were submitted before the Assessing Officer. Further though assessee has stated that the opening balance is traced from earlier year, however, no explanation was available for accumulated opening balance. Therefore, the ld. Assessing Officer has made the addition. In the appellate proceedings the ld. CIT (Appeals) has observed that M/s. Triveni Infrastructure Development Company Limited, where the assessee is a promoter-Director, gave the money in cash on various occasions and the said money has been deposited by the assessee to his bank account. The ld. CIT (Appeals) further held that the company is an existing assessee having Permanent Account Number (PAN) and address with the same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 68 of the Act to the file of the ld. Assessing Officer with a direction to the assessee to prove the creditworthiness and genuineness of the above transaction with creditable evidence and reasons for travelling such amount of cash from the company to the promoter and parties with whom share purchase agreement has been entered. The assessee should also relate the cash deposit date-wise with the cash received by the parties. Needless to say the ld. Assessing Officer shall give opportunity of hearing to the assessee as per law. 11. Accordingly, the grounds of appeal filed by the Revenue are allowed for statistical purpose. 12. In the result, appeal filed by the Department in ITA. No. 5511/Del/2014 is allowed for statistical purpose. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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