TaxTMI 
TaxTMI 
TaxTMI 
2016 (8) TMI 510
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....bstantial questions of law: Tax Appeal No.195 of 2016 : "[1] Whether on facts and in the circumstances of the case and in law, the Hon'ble ITAT is justified in deleting the addition of Rs. 1,62,50,000/- made u/s 68 of the I. T. Act in A.Y. 2006-07 on the ground that assessee submitted copy of return of income, bank statement, etc. before the Assessing Officer, even though the persons could not be traced at the given addresses as the summons issued by the AO were returned back or could not be served as those persons were not available at the given addresses? [2] Whether on facts and in the circumstances of the case and in law, the Hon'ble ITAT is justified in doubting the attempt made by the official of the Department in serving the Sum....
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....,04,98,191/- and Nil for assessment years 2006-07 and 2007-08 respectively. In relation to assessment year 2007-08, the case of the assessee came to be selected for scrutiny assessment and a notice under section 143(2) of the Act was issued on 26.09.2008, which was duly served upon the assessee. In assessment year 2006-07, the assessment was completed under section 143(3) of the Act on 18.12.2008, determining the income of the assessee at Rs. 1,05,52,580/-. On the basis of the findings recorded in relation to assessment year 2007-08, the Assessing Officer reopened the assessment for assessment year 2006-07 by issuance of a notice under section 148 of the Act. 3. A survey under section 133A of the Act was carried out in the business premise....
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....nt, copies of their bank statements and copies of the income tax returns for assessment year 2007-08. The assessee also submitted a list of forty persons who had filed their returns for assessment year 2008-09. It was further contended that the persons who had booked the plots in the project of the assessee were its prospective customers at the time of booking and therefore, the assessee used to note their addresses and PAN and did not carry out any inspection of the authenticity of the addresses submitted by them. It was submitted that the addresses were reflected in the three documents, namely, income tax returns, PAN and bank statements and that the payments had been received through account payee cheques. The Assessing Officer was not s....
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....f v. Income Tax Officer, ODS-II, [2014] 45 taxmann.com 63 (Gujarat). It was, accordingly, urged that the impugned order passed by the Tribunal does give rise to a substantial question of law, as proposed or as may be formulated by this court. 5. This court has considered the submissions advanced by the learned counsel for the appellant and has perused the orders passed by the authorities below. A perusal of the order passed by the Commissioner (Appeals) reveals that he has, upon appreciation of the material on record, found as a matter of fact that during the assessment proceedings, the assessee had furnished all the customers' details like name, address, PAN, copy of income tax returns, bank statement, etc. and had, thus, discharged its p....
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....s and should have made further inquiries in this regard, which he has failed to do so. He further took note of the fact that in most of the cases, the customers were filing their returns on regular basis and that during the appellate proceedings, the assessee had produced copies of the returns of income for assessment year 2009-10 for verification in support of his case. He further observed that it was not the case of the revenue that any evidence had been brought on the record which even remotely indicated that the money originally belonged to the assessee and it had returned back to the assessee again. In the light of the above findings of fact recorded by him, the Commissioner (Appeals) allowed the appeal and set aside the additions made....