TaxTMI 
TaxTMI 
TaxTMI 
2018 (5) TMI 750
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.... officer. " 3. The brief facts of the case are that additions had been made by the AO of Rs. 8, 86, 454/- on account of unexplained cash credit u/s. 68 of the Act, vide assessment order dated 11. 09. 2006 passed by the AO u/s. 144 of the Act. The assessee did not appear in the assessment proceedings conducted by the AO and also did not file confirmation letters and other details w. r. t. unsecured loans of Rs. 8, 86, 454/- raised by the assessee during relevant previous year as was reflected in its Balance Sheet . Since identity and creditworthiness of the lenders as also genuineness of the loan transaction as was required u/s. 68 of the Act could not be proved which led to the additions to the tune of Rs. 8, 86, 454/- made by the AO vide assessment order passed u/s 144 which was later confirmed/sustained by learned CIT(A) during the appellate proceedings. The assessee filed certain additional evidences before learned CIT(A) such as confirmation letter of the parties from whom unsecured loans were raised which were admitted by learned CIT(A) u/r 46A of the Income-tax Rules, 1962 and forwarded to the AO for verification . These additional evidences filed by the assessee were ultim....
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....by Pr. CIT, Vadodara-1, Gujarat and hence the appeal is filed with the ITAT, Mumbai. The said order of the Pr. CIT, Vadodara is reproduced here under:- "Office of the Principal Commissioner of Income-tax, Vadodara-1, Aayakar Bhavan, 2nd Floor, Annexe Building, Race Course, Vadodara No. BRD/Pr. CIT. V. 1/HQ/179-Juris/COIL/2015-16 Date:11. 8. 2015 Order u/s. 127(1) read with section 127(2) of the Income-tax Act, 1961 The assessee company, M/s. Chemstar Organics (India) Lt....
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.... as the assessee did not have any staff in Gujarat apart from being too expensive for the assessee. The assessee requested for transfer of jurisdiction to Mumbai and after lot of follow up the same was transferred by Revenue to Mumbai vide orders dated 11. 08. 2015. It was submitted that the assessee is facing severe financial crisis and Managing Director of the assessee company is Senior Citizen who has to run to various Courts in connection with several litigation going on at several forums viz. BIFR, AAIFR, Hon'ble Delhi High Court and also Hon'ble Supreme Court. It was submitted that due to these extraordinary circumstances such as litigations at various locations, Managing Director being Senior Citizen, financial difficulties being faced, no staff etc., there was delay in filing this appeal with tribunal late by 176 days beyond the time stipulated u/s 253(3). it is submitted that the assessee has filed an application for condonation of delay supported by an Affidavit executed by Managing Director praying that delay in filing this appeal be condoned . The said affidavit dated 26-04-2018 executed by MD of the assessee company is placed in file. The learned DR objected to the con....
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....the assessee on being asked by the Bench after taking instructions from the assessee's Managing Director who was also present in the Court Room stated that since the documents were seized by GIIC along with taking over of factory premises in the year 2004, hence the same could not be produced before the AO during assessment as well penalty proceedings, such as bank statements of the Directors, Income-tax Return of the Directors and now the assessee is in a position to produce all these relevant documents to prove identity and creditworthiness of Directors in advancing these money for meeting expenses of the assessee company and genuineness of these loan transactions. It was prayed and conceded by learned counsel for the assessee after seeking instructions from the assesse's Managing Director that the matter may be set aside to the file of the AO for fresh adjudication on merits wherein all the necessary evidences and documents for satisfying the ingredients of Section 68 will be submitted by the assessee . The learned DR on the other prayed for sustenance of the penalty as levied by the AO and as confirmed by learned CIT(A). After considering all the material on record including a....