2015 (9) TMI 1490

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....e assessee-appellant under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 11.2.2013, Annexure A.3 passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar dismissing its appeal, for the assessment year 2005-06 in ITA No.474 (Asr)/2011, claiming following substantial questions of law:- "i) Whether in the facts and circumstances of the case, the addition made with regard to the income which has already been taxed in other assessment years is sustainable in law? ii) Whether in the facts and circumstances of the case, the additions of the income already surrendered and assessed can be sustained in law? iii) Whether in the facts and circumstances of the case, assessi....

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....e filed appeal before the Tribunal. Vide order dated 11.2.2013, Annexure A.3, the appeal was dismissed. Since the Tribunal while dismissing the appeal did not deal with the explanation rendered in written submissions by the appellant, it filed application under section 254(2) of the Act on 20.5.2013, Annexure A.4 before the Tribunal. Vide order dated 3.9.2013, Annexure A.5, the application was dismissed by the Tribunal. Hence the instant appeal by the assessee. 4. We have heard learned counsel for the parties. 5. Learned counsel for the appellant submitted that the appellant assessee had surrendered an amount of Rs. 50 lacs during the assessment year 2007-08 and the various additions which were sought to be made in the current assessm....

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....unsubstantiated. The assessee had claimed before the Tribunal that amount added to its income on this account was relatable to surrender of Rs. 50,00,000/- made during the assessment year 2007-08. The said plea was not established and was repelled by the Tribunal. The relevant findings recorded by the Tribunal read thus:- "13. As regards ground Nos.5,6,7, and 8 of the assessee are concerned, the AO made an addition of Rs. 30,000/-, Rs. 7,00,000/-, Rs. 3,00,000/- and Rs. 2,00,000/- in respect of cash creditors namely Shri Jatinder Pal Singh, Shri Jasbir Singh, Smt.Ritu and Shri Parshotam Lal respectively by observing in his order at page 3 which is reproduced for the sake of clarity as under:- 'Shri Jatinder Pal Singh Gali No.4,....

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....stated that the above person has given advance for the purchase of plot of Rs. 9,00,000/- during the year and out of which Rs. 7,00,000/- was repaid in the year 2007 and the balance of Rs. 2,00,000/- has been forfeited and the same may be added to the taxable income. Therefore, the addition of Rs. 2,00,000/- is made to the taxable income on this account." 13.1 The learned CIT(A) confirmed the action of the Assessing Officer with respect to all the four creditors after considering the submissions of the learned counsel for the assessee before him. 13.2 The learned counsel for the assesssee, Mr. Padam Bahl, CA made the similar arguments as in the preceding grounds that the assessee has credited the amount of the said cash cr....