TaxTMI 
TaxTMI 
2013 (10) TMI 7
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....ribunal was justified in deleting the addition of Rs. 23,00,000/= made on account of unexplained cash credit under section 68 of the Act ?" {B} Whether the Tribunal was justified in deleting the addition of Rs. 13,75,874/= made on account of cessation of liability without considering the fact that assessee failed to discharge the onus cast upon him ?" We have heard extensively Shri Manav Mehta appearing for the Revenue, who has fervently argued that the Tribunal has committed an error in dealing with both the issues. As far as Question {A} is concerned, it pertains to deletion of addition of Rs. 23,00,000/= made on account of "unexplained cash credit" under section 68 of the Income tax Act, 1961 ["Act" for short]. It appears that the Ass....
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....amount of Rs. 23,00,000/= under section 68 of the Act. CIT [A] also was of the opinion that the assessee had furnished PAN numbers, addresses of those persons and also a copy of the saledeed subsequently executed with the buyers. Therefore, such amount need to be deleted. When challenged before the Tribunal, it held thus Page "The A.O gave show cause notice on this issue, which was replied by the appellant also. The appellant has claimed that these are not deposits but booking amount of flat purchases. Their names, address as well as PAN number had been given to the A.O. If the A.O has any reason to doubt on this deposits, he can issue notice u/s. 133 (6) of the I.T Act to verify the genuineness. The learned A.O did not issue any notice t....
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....on dated 30th December 2010 by the assesseerespondent, with a further request to hold inquiry, if the Assessing Officer deems it fit under section 133 (6) of the Act. The Assessing Officer, however, concluded that the sum of Rs. 13,75,874/= was not genuine amount and added the same as "unaccounted income" in the hands of the assessee. When challenged before the CIT [A], it deleted the entire addition on the ground that all the primary details in respect of the creditors like their names; PAN numbers; bank details, etc., were duly furnished by the assessee to the Assessing Officer. Moreover, it was also found by the CIT [A] that instead of giving appropriate findings on the basis of tangible evidences, the Assessing Officer had acted on the....