TaxTMI 
TaxTMI 
2014 (3) TMI 67
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....icer on account of unexplained creditors u/s.68 of the Act. [2]. The Ld. CIT(A)-XlV, Ahmedabad erred in law and on facts in deleting the addition of Rs. 18,60,318/- made by the Assessing Officer on account or unexplained investments in fixed assets u/s.69 of the Act. [3]. The Ld CIT(A)-XIV, Ahmedabad erred in law and on facts in deleting the addition of Rs. 28,85,039/- made by the Assessing 0fficer on account of unexplained purchases. [4] The Ld. CIT(A)-XlV. Ahmedabad erred in law and on facts in restricting the addition of Rs.l,50,000/- out of addition of Rs.6,95,662/- made by the Assessing Officer on account of administrative and other expenses. [5]. The Ld. CIT(A]-XIV, Ahmedabad erred in law and on facts in deleting the addit....
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....r produce books of accounts or other evidence before AO during assessment proceedings and he admitted this additional evidence and went on to decide the appeal after obtaining remand report on the submissions of the assessee. In this background of this case, we will now take up each ground separately on the facts as they emerged from the order of ld. CIT(A). 4. First ground of appeal relates to addition of Rs. 1,44,16,792/- on account of unexplained credits u/s. 68 of the Act. 5. The AO in his remand report has stated that during the year under appeal, the assessee-company accepted unsecured loans of Rs. 1,44,16,792/- from following creditors:- Sri Amit Agarwal Rs. 3745353 Sri Dhirajkumar Agarwal Rs. 1258899 Sri Nirajku....
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.... submissions of the assessee, Ld. CIT(A) deleted this addition by observing as under:- "7.2 1 have verified the confirmation along with the documents mentioned herein above and forming part of paper book in case of Shri Amit Agrawal. Similarly, I have also verified the confirmation along with documents in case of other depositors also. I find the same as genuine. The assessee has discharged the initial burden by producing all evidences. Now it is for the AO to rebut the same. In the present case, me AO has not rebutted anything or has given any comments. Further, all the depositors are holding PAN and therefore the addition cannot be made in view of Gujarat High Court decision in the case of Rohini Builders 256 ITR 360 (Guj). Therefore, ....
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....y in the order of Ld. CIT(A) as the same has been passed by him after giving opportunity to the AO on the submissions and evidence produced before him by the assessee and therefore the order passed by him is hereby upheld. Ground no. 2 of revenue's appeal is also dismissed. 10. Third ground relates to addition of Rs. 28,85,039/- made on account of unexplained investment purchases. 11. The AO in his remand report has mentioned that assessee has filed the details and invoices. However month-wise purchases were not given, therefore 10% disallowance made by AO was justified. Ld. CIT(A) however was of the view that since assessee has furnished all the invoices and ledger accounts above Rs. 5 lacs during the remand proceedings which wer....