2018 (7) TMI 834

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....he appeal is readmitted. The application is restored to the file. The restoration application, GA 1308 of 2018, is allowed. A completely bogus claim has been carried in this appeal. The assessee was probably buoyed by the success in obtaining an order of December, 27, 2007 for the Assessing Officer to decide afresh on the genuineness of the share applicants pertaining to a total investment of Rs. 18,02,000/- in the assessee. Such investment was confined to two entities: Saroj Kumar Jhunjhunwala (HUF) to the extent of Rs. 10 lakh and Ramsay International Limited to the extent of Rs. 8.02 lakh. In the order impugned dated April, 13, 2016, the Appellate Tribunal has found that the Assessing Officer had given due effect to the Appel....

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....tax as the income of the assessee. Thus, the assessee has to be afforded an opportunity to offer an explanation in respect of any cash credit shown in its books regarding which the Assessing Officer may harbour any doubts. Upon the assessee furnishing the explanation, it is incumbent on the Assessing Officer to undertake an exercise to ascertain the veracity thereof. It is precisely such exercise that was required of the Assessing Officer in this case by the Appellate Tribunal's order of December, 27, 2007. Apart from the fact that the two alleged share applicants did not show up before the Assessing Officer and the documents pertaining to the share applicants as may have been produced by the assessee did not demonstrate that such allege....