TaxTMI 
TaxTMI 
2014 (7) TMI 375
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....o relevant books of accounts produced by the assessee at any level despite ample opportunity afforded to him and even the Assessing Officer in his remand report dated 31.5.2010 has clearly stated that genuineness and veracity of transaction could not be fully verified." 2. "On the facts and in the circumstances of the case, the Ld. CIT(A) has erred on facts and in law in deleting the addition of Rs. 1,95,50,000/- made by the Assessing Officer on account of unexplained bogus unsecured loans in the name of M/s. Piyush Buildwell Ltd. and M/s. Piyush Colonisers Ltd. even though the assessee had failed to discharge his onus to prove the genuineness of unsecured loans despite granting sufficient opportunities and time." 2. We have heard an cons....
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....to produce the documents before the AO during the course of assessment proceedings which was not availed by the assessee. The Ld. CIT(A) ignoring these facts has admitted the additional evidence without recording his satisfaction for doing so. 5. The Ld. AR on the other hand submitted that the additional evidence have been admitted by the Ld. CIT(A) after affording opportunity to the AO to furnish his reaction on the application moved by the assessee under Rule 46A (2) of the I.T. Rules. Ld. CIT(A) has dealt in detail with this issue and being satisfied with the reason shown for not producing these documents before the AO during the assessment proceedings, he has admitted the additional evidence. He submitted that there is no violation of ....
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....etail the Ld. CIT(A) has recorded his conclusion in para No. 4 to 7 of the first appellate order. In his finding he has held that he had examined the additional evidences submitted in the appeal proceedings which were also subjected to AO's examination under Rue 46A (3). In his examination, it was found that the AO had not been able to find anything adverse or any anomalies on the basis of which he could establish that the deposits of Rs. 1,95,50,000/- were bogus or ingenuine. The first appellate order on the issue thus does not need interference since the Ld. CIT(A) has fully complied with the requirement provided under Rule 46A of the I.T. Rules while allowing the application seeking admission of additional evidence filed by the assessee ....
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....n the Ld. CIT(A) has not given his positive findings. 9. Ld. AR on the other hand placed reliance on the first appellate order. He reiterated submissions made before the authorities below. He submitted that both the above stated parties i.e. M/s. Piyush Colonisers Ltd. and M/s. Piyush Buildwell Ltd. had confirmed the transaction. In support of genuineness of the claimed loan before the AO, the assessee had filed confirmations of M/s. Piyush Colonisers Ltd. and M/s. Piyush Buildwell Ltd. ; bank statements of assessee, M/s. Piyush Buildwell Ltd. and M/s. Piyush Colonisers Ltd. Both the parties have been assessed to tax and this is borne out from page 6 of the first appellate order and also at page 4 & 5 of the order of the AO. The assessee h....
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.... page 23 of the paper book and the accounts and confirmations of these two creditors. It is observed that the audited balance-sheet of the appellant proprietor as on 31.03.2007 shows the amount of unsecured loans at Rs. 1,53,50,000/- which tallies with the amount in Schedule 2 of unsecured loan from M/s Piyush Colonisers Ltd, while the Ld. AR. has explained the sources of deposits of Rs. 1,95,50,000/- in Canara Bank Statement for the AY. 2007-08, as per page 23 of the P.B. It is further found that the appellant had filed the confirmations of total amount received by him at Rs. 1,95,50,000/- as appearing in Canara Bank of the appellant at page 19 of the P.B. The AO. vide letter dated 18.12.2009 asked for the production of the parties/persons....
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....by the Income Tax return of M/s Piyush Buildwell India Ltd. for the A.Y. 2008-09. As per the ledger account of M/s Piyush Buildwell India Ltd. at page 57 of the P.B .. the amount of Rs. 18,00,000/- has been squared up. Also, the amount of Rs. 24,00,000/- as credit in M/s Piyush Colonisers Ltd., Customers A/c at page 45 of the P.B. has been squared up. The total advances from M/s Piyush Colonisers Ltd. then amount to Rs . 1,77,50,000/- + Rs. 18,00,000/- = Rs. 1,95,50,000/- .After netting of the payments of Rs. 24,00,0001- and after giving the credit of Rs. 10,376/- as opening balance in Canara Bank of the assessee, the balance outstanding advance loan stands at Rs. 1,53,50,0001- and this tallies with the amount of unsecured loan appearing in....