TaxTMI 
TaxTMI 
2017 (7) TMI 66
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....er dismissed by the Tribunal for non-appearance. Subsequently, the Tribunal vide MA No.68/PN/2012 order dated 23.11.2012 recalled the earlier order. Therefore, the appeal filed by the assessee is recalled. ITA No.150/PN/2011 (Revenue) : 3. Ld. Counsel for the assessee at the outset submitted that the tax effect in the grounds raised by the Revenue is below Rs. 10 lakhs. In view of the CBDT Circular issued from time to time raising the monetary limit for filing the appeal by the Revenue, the appeal filed by the Revenue is not maintainable and therefore should be dismissed. 4. The Ld. DR fairly conceded and submitted that the tax effect of the ground raised by the Revenue is admittedly less than Rs. 10 lakhs and therefore the appeal ....
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....tor of M/s. Wine World, Jalna which is engaged in the business of purchase and sale of IMFL. The assessee filed her return of income on 31.10.2005 declaring total income at Rs. 4,96,186/- and agricultural income of Rs. 1,77,090/-. During the course of assessment proceedings, the Assessing Officer, on verification of the Balance Sheet, noted that the assessee has shown an amount of Rs. 35,00,000/- in the name of one Shri Prakash Basrani. In order to verify the genuineness and creditworthiness of the creditor, Shri Prakash Basrani, the Assessing Officer asked the assessee specifically to furnish the postal address, date of acceptance of loan and bank account through which the monies have been received. In response to the same, the assessee fu....
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....or on later/subsequent dates. It was argued that the assessee had made initial advances to Shri Prakash Basrani to the tune of Rs. 37,00,000/- which was refunded by him on subsequent dates and were credited in the saving bank account of the assessee maintained with Deogiri Bank (SB A/c No.1039). Relying on various decisions, it was submitted that the addition made by the Assessing Officer under section 68 is uncalled for. 10. On the basis of submissions made by the assessee the CIT(A) called for a remand report from the Assessing Officer. After confronting the same to the assessee and on the basis of various submissions made by him from time to time, the CIT(A) upheld the action of the Assessing Officer by observing as under :- ....
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....come filed. Even the transactions/business of trading scrap/CTD bars under the name of style of M/s.Raj Metals and M/s.Hari Om Steels were not show in the returns of income filed. iii) The Sales Tax Registration Numbers appearing in the bills of M/s.Raj Metals is found to be non-genuine and the same belonged to Shri Sunil Arjundas Basrani, Prop. of M/s.Raviraj Marketing & Sales, Kolhapur. The Sales Tax Officer communicated that M/s.Raj Metals and M/s.Hari Om Steels are not registered under Sales-tax and M.V.A.T. upto the date. iv) Shri Prakash Basrani is an employee of the appellant and his financial position is not sound to permit him to carry on business of steel/scrap trading. v) The appellant has not rebutted ....
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....A. Basrani dated 16/08/2008 confirming the above fact about advance given to the appellant. The submission filed by the appellant on 03/11/2010 is not relevant to the issues in respect of which explanation of the appellant was sought for vide letter dated 29/09/2010. In view of the above facts and discussion, I am of the considered view that the appellant has failed to prove the net credit balance as on 31/03/2005 of Rs. 23,00,000/- appearing in the balance sheets of the appellant and hence the addition of Rs. 23,00,000/- is confirmed as against addition of Rs. 35,00,000/- made by the A.O. u/s.68 of the Act." 11. Aggrieved by such order of the CIT(A), the assessee is in appeal before us. 12. Ld. Counsel for the assessee submitted that....
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.... the assessee has not complied with the direction given by him to prove the net credit balance as on 31st March, 2005 of Rs. 23,00,000/- appearing in the balance sheet of Shri Prakash Basrani by filing confirmation letters and/or affidavit of Shri Prakash Basrani and by producing Shri Prakash Basrani before the Assessing Officer for his verification. It is the submission of the Ld. Counsel for the assessee that the assessee has not received any amount from Shri Prakash Basrani as secured or unsecured loan and infact the assessee has paid the amount to Shri Prakash Basrani and therefore proof of the capacity of the said person does not arise. It is also his alternative submission that the matter be restored to the file of the Assessing Offic....