TaxTMI 
TaxTMI 
2011 (1) TMI 29
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....e assessee against the orders dated 06.07.2007, condonation of delay is sought in filing the appeal as well as refilling the appeal. Further against the same order, Revenue has also filed the appeal, i.e., ITA No.660/2008. 2. For these reasons, we condone the delay of 19 days in filing the appeal and 372 days in refilling the appeal, subject to a payment of Rs.5,000/- as costs to Delhi High Court Legal Services Committee within two weeks. 3. The applications are disposed of. ITAs No.660/2008 and 599/2010 1. In both these appeals, one preferred by the assessee and other by the Revenue, same order of the Tribunal is under challenge. This order pertains to one issue only that the assessee had filed the return for the assessment year 1997-98. D....
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....a 50,000/- 16 Ms.Rajkumari Sharma 50,000/- 17. Mr.R.C. Sharma 1,00,000/- 18 Ms.Rajkumari Sharma 1,00,000/- 2. The CIT (Appeal) had allowed the appeal of the assessee on the ground that the assessee has been able to satisfactorily discharge the onus laid on it by furnishing requisite documents and information establishing the identity of those aforesaid persons and, therefore, deleted the entire amount of Rs.18.00 lakhs. The Revenue preferred an appeal against the order to the Income Tax Appellate Tribunal. The Tribunal has sustained the addition in respect of eight depositors which is to the tune of Rs.5.20 lakh and has sustained....
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.... 9 to 14, assessee had furnished the confirmations, however, the additions were made on the ground that these depositors were not assessed to tax. Insofar as persons mentioned at serial No.15 to 18 are concerned, these are the retired government servants and their confirmation letters were filed. However, the Assessing Officer was of the view that merely by filing confirmation letters, identity and credit-worthiness of these persons could not be established. 7. The CIT (Appeals), on the other hand, while deleting the entire addition, was persuaded by the fact that the assessee is a public limited company; it had received these deposits from a public offer and not privately; the assessee had been receiving such deposits; for each d....
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....duced on which comments are made by the CIT (Appeals). The perusal of this application form would indicate that every possible information of the depositors was sought by the assessee, which includes particulars of the applicant/depositors, telephone number, the particulars of demand draft or cheque vide which the deposit is received, tax status of the applicant, other depositors with the assessee, if any, and more particularly the declaration in the following form: "Declarations: I/We hereby declare that the amount being deposited herewith is not out of any funds acquired by me/us by borrowing or from deposits from any other person(s). I/we declare that I am/we are residents(s) inIndiaand am/are not depositing this amount as nominee of any....
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....in the aforesaid circumstances, discharged the initial onus. 9. Therefore, we do not find any merit in the appeal filed by the Revenue and answering the question in the appeal of the Revenue against it and in favour of the assessee; we dismiss the appeal. 10. Insofar as addition of Rs.5.20 lakhs sustained by the ITAT is concerned, the only reason given is that in respect of these persons no confirmation letters could be filed. In view of the reasons given above, in a case where public company receives the deposit through public notice and not privately and various depositors make the deposits, it is possible that at relevant time, the assessing company is not in a position to take the confirmation from each and every depositor.....