TMI Blog2022 (8) TMI 910X X X X Extracts X X X X X X X X Extracts X X X X ..... e three parties. There is no document produced before either the AO or before CIT (Appeals) or before us to prove the genuineness of the transaction. While deleting the addition the CIT (Appeals) has not discussed about the proving of genuineness of the transaction by the assessee. CIT (Appeals) merely relied on the submission made by the assessee and come to the conclusion in favour of the assessee. The entire approach of the CIT (Appeals) is erroneous and the matter deserves to be re-looked by the AO - Hence, in the interest of justice, we deem it fit to set aside the issue of addition u/s 68 to the file of the AO with a direction to the assessee to prove the creditworthiness and genuineness of the above transaction with creditable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 in his appeal order. 3. The order of the CIT (A) is erroneous and is not tenable on facts and in law. I.T.A. No. 5512/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. The order of the CIT (A) is erroneous and is not tenable on facts and in law. 3. The assessee ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder 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. Aggrieved by the order dated 23.07.2014 the Revenue-Department has preferred the present appeal on the grounds mentioned above. 6. The Ld. DR vehemently submitted that the Ld. CIT (Appeals) has erred in giving finding as to the cash received from M/s. Garg Commodities, Mohan Commodities and Radhika Constructions in respect of which the Assessing Officer himself has called for the remand report, but the same has not been discussed in the appeal order. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here 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 Assessing Officer to support the creditworthiness of the company, further noted that the company has share-holder fund of Rs.87.09 crores and the loan fund of Rs.62.85 crores. The ld. CIT (Appeals) further observed that identity and creditworthiness of the cash received from the said company has been established. 9. As per Section 68 of the Act it is the burden on the assessee to establish identity, creditworthiness and genuineness of the tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 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. I.T.A. Nos. 5512, 5513 5515/DEL/2014 : 13. In the case of the very same assessee and Shri Sumit Mittal, having identical issue involved relating to deposit of cash to the accounts, as the facts and circumstances are similar in the appeal of Revenue in ITA. No. 5511/Del/2014, we set aside the remaining appeals (ITA. Nos. 5512, 5513 and 5515/Del/2014 also to the file of the Assessing Officer with a similar direction to the Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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