TaxTMI 
TaxTMI 
2017 (11) TMI 315
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....tions of Rs. 5,00,000/- and Rs. 30,00,000/- which have been made by the Assessing Officer by invoking Sec. 68 of the Act treating the aforesaid amounts as unexplained cash credits. 3. In brief, the relevant facts are that originally the assessment u/s 143(3) of the Act dated 07.12.2010 was finalised in this case wherein an addition of Rs. 37,42,000/- was made on account of unexplained cash deposits in the bank account maintained by the assessee with Bank of Baroda and Saraswat Co-operative Bank. The Tribunal vide its order dated 24.07.2013 remanded the matter back to the file of the Assessing Officer and in pursuance thereof, the Assessing Officer has passed the impugned order. In the impugned order, the Assessing Officer noted that the ex....
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.... out that in the initial round of litigation, the addition was made only on the basis of the source of deposits in the bank account and that now, in the instant proceedings, which are carried out in terms of the order of the Tribunal dated 24.07.2013 (supra), the basis of addition itself has been changed. 5. I have carefully considered the aforesaid aspect put forth by the respondent and find no reasons to uphold the same. In its order dated 24.07.2013 (supra), the Tribunal not only set-aside the issue to the Assessing Officer to examine the details of bank account, but also the source of deposits and withdrawals from the bank account. In the course of such an exercise, when the Assessing Officer required the assessee to explain the nature....
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....ssued by the said creditor, Shri Arvind Jain. A copy of the said confirmation has also been referred to in the Paper Book filed before me. On that basis, the CIT(A) records that the loan was advanced by Shri Arvind Jain to the assessee for purchase of land and the transaction was also supported by public advertisement of the purchase of the said land. The CIT(A) noted that the assessee was a real estate broker and that the amount received from Shri Arvind Jain was to be paid to the owners of the agricultural land to be purchased for Shri Arvind Jain. In this context, the CIT(A) records in his order that he has examined the further payments made to the owners of the agricultural land and found substance in the averments made by the assessee.....
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....e's duly assessed to tax. He admits advancing amount of Rs. 30 Lacs to the appellant for purchase of land. The public advertisement of the purchase of the said land ceiling was published in a local newspaper on 22nd of April 2008. He also admitted that he's separately facing investigation for this transaction and for which he has filed relevant evidence. I find that all the assertions made by Shri Jain in this submission have gone completely unchallenged. I separately enquired in the hearing concerned and came across the fact that the appellant is a broker and amount was received to be paid to the owners of agricultural land for purchase by Shri Jain. The relevant documentation was provided to the AO and also given in paper book; however c....
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....n duly evidenced before the undersigned. Even in the second round the AO has miserably failed to follow the directions of the honorable ITAT and has merely produced an ipse dixit which cannot be condoned. In view of the facts of the case and the half baked investigation carried out by the AO I am unable to confirm the addition made. Accordingly the same is directed to be deleted." A perusal of the aforesaid findings reveal that the CIT(A) not only relied upon the confirmation filed by the creditor, but also the utilisation of the loan received, which substantiated the plea of the assessee that the amount was received to effectuate the purchase of land on behalf of the creditor, Shri Arvind Jain. Moreover, at page 37 of the Paper Book is pl....