2015 (10) TMI 1894

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ring the year under consideration the assessee dealt with shares. During the course of assessment proceeding, the assessee was asked to furnish the copy of the cash book, bank pass book for the F.Y 2008-09 and to explain the sources of credit entries there in, proving the identity and creditworthiness of the creditor as well as the genuineness of transaction, in respect of all the credit entries in its all the bank Date of Hearing 24.08.2015 Date of Pronouncement 27 .08.2015 accounts, by providing confirmed copy of account, PAN, full address, return of income and the bank statement of the creditor etc. 3. The AO observed in the assessment order that the assessee has not given any explanation whatsoever in respect of credit/deposits of Rs....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ments filed during appellate proceedings are noting but documents submitted during assessment proceeding, therefore, the A.O's objection that fresh evidence should not be admitted was irrelevant. Further assessee contended that the addition made by A.O in assessment order represented either sale consideration of investment or repayment of loan advanced in earlier year. There is no credit in the books of A/c's as such, therefore of Provisions of Sec 68 does not apply, as these bank deposits are business receipts. The Ld. CIT(A) deleted the said addition. 7. The DR submitted that as per the finding recorded in CIT(A)'s order in Para 3.7, the assessee has not submitted proper evidence or detail confirmation of the alleged creditors at the r....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....question. Since the Assessing Officer has failed to rebut the above submissions and to dislodge the evidence filed by the assessee in support of the claim, the Ld. CIT(Appeals) in our view has rightly deleted the addition. The First Appellate Order in this regard is thus upheld. The ground is accordingly rejected." 9. In the present case, the addition in question is on account of deposits in bank account of assessee. The assessee contended before CIT (A) that these deposits are not credit in nature in the books of accounts u/s 68 but business proceeds which are either on account of sale of investment or repayment of loan as the assessee company is in the business of trading in shares & money lending. The assessee further contended that c....