TaxTMI 
TaxTMI 
2015 (10) TMI 590
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....e facts brought on record by the Assessing Officer. 2. The facts in brief borne out from the record are that during the course of assessment proceedings, the Assessing Officer has noticed that the assessee has received a sum of Rs. 1.60 crores during the year from M/s Shubhang Exports Ltd. The ledger copy of the account duly confirmed by the Director/Chairman, Shri. Brahma Nand Sharma was furnished before the Assessing Officer. The assessee was asked to explain the nature of these receipts and the whereabouts of the company. The PAN of the said company was furnished before the Assessing Officer. Having noted that the permanent account number of the above company is lying with the Income Tax Officer 6(2), Kanpur, the Assessing Officer found....
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....sing Officer from Shri. Nayanjyoti Nath, Assistant Director of Income Tax, Unit 1(4), Kolkata in which it was stated that the company was not available at the given address. Relying upon the report, the Assessing Officer has treated the entire receipts of Rs. 1.60 crores as unexplained and made addition of the same in the hands of the assessee under section 68 of the Act. 4. Aggrieved, the assessee has preferred an appeal before the ld. CIT(A) with the submission that the report of the ADIT were not furnished to the assessee. The assessee has filed the copy of PAN, copy of ITR filed for assessment year 2011-12, confirmation, copy of receipt of the registered reply sent to the ACIT and other relevant documents before the ld. CIT(A). The ld.....
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....leted the addition. The relevant observations of the ld. CIT(A) are extracted hereunder for the sake of reference:- "I have carefully considered the rival submissions and evidences placed on record. From the details furnished and information received u/s 133 (6) I find that the depositor company M/s. Subhang Exports Limited is assessed to tax vide PAN AAJCS 1526 R, From the balance sheet and bank statement of the said company it is seen that the depositor had sufficient funds to make deposits with the appellant. All the deposits are through cheques. Credits in bank account are mostly through cheques/clearing. Cash deposits' on some dates are of very nominal and meager amount. About the address of the company at Kolkata sufficient evide....
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....orts Limited and the M/s. Subhang Export Limited has further submitted the details of their share application/creditors with cheque No, bank details, PAN, amount, address etc. as per their books of accounts. Thereby, the assessee has discharged his onus of explaining the credit appearing in his books of accounts. Accordingly, on overall consideration of facts and circumstances of the case and judicial pronouncements (Supra), the addition of Rs. 1,50,00,000/- deserves to be deleted Hence, the addition is hereby deleted." 6. Aggrieved, the Revenue has preferred an appeal before the Tribunal and has placed reliance upon the order of the Assessing Officer; whereas the ld. counsel for the assessee, besides placing reliance upon the order of th....
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....vidence filed before him. 8. Having carefully examined the orders of the lower authorities in the light of the rival submissions, we find that the Assessing Officer has doubted the genuineness of the creditors and after making enquiry from the Kolkata ADIT, he treated this credit to be unexplained and made addition of the same. Before the ld. CIT(A), the assessee has taken a stand that he has filed all the relevant evidence to prove the identity and creditworthiness of the creditors and genuineness of the transaction. On a careful perusal of the orders of the lower authorities, we find that undisputedly the Inspector's report submitted to the ADIT, Kolkata was not furnished to the assessee, therefore, the assessee could not make his commen....