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TMI Blog2023 (3) TMI 983X X X X Extracts X X X X X X X X Extracts X X X X ..... earned Commissioner of Income Tax (Appeals)-31, New Delhi has erred both in law and on facts in upholding an addition of Rs.43,00,000/- representing advance raised by the appellant and held to be unexplained cash credits u/s 68 of the Act. 1.1 That the learned Commissioner of Income Tax (Appeals) has failed to appreciate that the assessee has duly discharged the burden by establishing identity creditworthiness and genuineness of the transaction and therefore, addition made and sustained is illegal, invalid and untenable. 1.2 That the finding that the source of the creditor was allegedly not explained could neither in law and nor on facts be made a basis much less a valid basis for sustaining an addition u/s 68 of the Act. 1.3. That ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted financial statement for the financial year 2011-12 relevant to assessment year 2012-13 2. Copy of agreement to sell dated 15.03.2012 showing the advance received from the Vendees 3. Copy of confirmation, PAN, Driving License & Voter ID Card of the following Vendees:- i) Devi Singh Rawat -Copy of confirmation of accounts -Copy of PAN Card AJQPR 4400G -Copy of Driving License Copy of jurisdiction details for AJQPR4400G ii) Bahl Singh -Copy of Confirmation of accounts -Copy of PAN Card BHCPS 5562H -Copy of Driving License -Copy of jurisdiction details for BHCPS5562H iii) Man Singh S/o Moola Ram Singh -Copy confirmation of accounts -Copy of Voter ID -Copy of PAN Card BHOPS 3764F -Copy of jurisdiction details for BHOPS 3764F 4. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terprises 19. ITA No.2266/D/2012, DCIT vs. Shokeen Properties (P) Ltd. 20. 163 Taxman 482 (Del) CIT v. Genesis Commet (P) Ltd. 21. ITA 182/2022 PCIT v. Radius Industries (B.1) On perusal of records, it is found that the Ld. CIT(A), before passing the aforesaid impugned appellate order dated 10/01/2019, had obtained a remand report from the Assessing Officer. Before sending the aforesaid remand report (dated 28/07/2017), the Assessing Officer had issued summons u/s 131 of Income Tax Act ("IT Act", for short) to the aforesaid three persons namely (i) Mr. Bahl Singh (ii) Mr. Devi Singh Rawat (iii) Mr. Maan Singh. Aforesaid Mr. Bahl Singh & Mr. Maan Singh did not appear before the Assessing Officer in response to the summons. At t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opportunity to the assessee. Both sides were also in agreement at the time of hearing before us that Mr. Bahl Singh & Mr. Maan Singh, if so required by the Assessing Officer, will be produced before the Assessing Officer by the assessee. (B.2.1) In view of the foregoing, and as representatives of both sides are in agreement with this, in the specific facts and circumstances of the present appeal before us, we set aside the issue regarding amounts of Rs.18,00,000/- and Rs.10,00,000/- respectively received from Mr. Bahl Singh and Mr. Maan Singh; and restore the same to the file of the Assessing Officer with the direction to pass fresh order in accordance with law on these specific issues, after providing reasonable opportunities to the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (C.1) Therefore, the Ld. Counsel for the assessee submitted, no adverse view can be taken on the ground that the assessee did not transfer the property to aforesaid Mr. Devi Sing Rawat and instead transferred it in favour of the nominee of the purchasers (including, inter alia, aforesaid Mr. Devi Singh Rawat). (C.2) The Ld. Sr. DR for Revenue relied on the order of the Ld. CIT(A). However, he did not controvert the aforesaid submissions and contentions of the Ld. Counsel for the assessee. (C.2.1) We have heard both sides. We have perused the materials on record. It is not in dispute that the aforesaid Mr. Devi Singh Rawat appeared before the Assessing Officer in response to summons, and gave evidence on oath. It is also not in dispute t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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