2015 (4) TMI 879

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.... in this appeal under Section 260A of the Income Tax Act, 1961 (hereafter referred to as "the Act"), directed against the order of the Income Tax Appellate Tribunal (ITAT) dated 24.09.2014 in ITA 643/Del/2012 and CO No.97/Del/2013 is whether the direction to cancel the addition of Rs. 55,02,380/- made by the Assessing Officer (AO) was valid in the circumstances of the case. 2. The assessee - wh....

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.... The assessee's appeal was accepted in part in that the sum of Rs. 55,02,380/- directed to be added by the AO was cancelled. 3. The Revenue's appeal was rejected by the ITAT which also, in addition, accepted the assessee's cross-objections as to the sum of Rs. 10,63,000/-. 4. It is argued that the reasons which persuaded the ITAT to direct deletion of Rs. 55,02,380/- were in the ....

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.... lakhs as share application money in M/s. K.C. Fibres Ltd. The cheques towards consideration of Rs. 22,50,000/- were on account of sale of factory. The CIT(A) noticed that at least as far as these amounts were concerned, there could have been no allegation of small denomination demand drafts of Rs. 19,500/-. The CIT(A) also took note of the conveyance deed and the bank statements in respect of the....

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....rd to the factual nature of the scrutiny undertaken by the CIT(A) and subsequently by the ITAT, this Court is of the opinion that since the substantial amounts to the extent of Rs. 45 lakhs were explained by the assessee, the view of the ITAT reversing the remission to the extent of Rs. 10,63,000/- cannot, in the circumstances of the case, be deemed to be unexplained. In any event, even if this Co....