TaxTMI 
TaxTMI 
2015 (3) TMI 1335
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....dhiana has erred in confirming the addition to the tune of Rs. 21,59,000/- out of addition of Rs. 41,59,000/- made by the Assessing Officer on account of unexplained credit s u/s 68 of the Income Tax Act , 1961. 2. That the act ion of the Worthy Commissioner of Income Tax (Appeal s ) in upholding addition of Rs. 21,59,000/- i s against the fact s and circumstances of the case and by not considering the fact that , requisite details establishing identity, genuineness and credit worthiness of above said parties had already been filed before the Assessing Officer , which ought to have been considered by the Worthy CI T(A). ITA No. 232/Chd/2013 3. In this appeal Department has raised the following grounds which are as under : 1.. That Ld.....
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....e. 3.. The Ld. CIT(A) has erred both in law and on facts in not appreciating the facts that while submitting the remand report, the AO had specifically objected to the admission of additional evidence at appellate stage under rule 46A of the Income Tax Rules. 4. After hearing both the parties we find that a search was conducted in the Motia group of cases and assessee is a part of the same group. During the assessment proceedings it was noticed that assessee has shown unsecured loans amounting to Rs. 1,17,57,702/- and therefore assessee was required to prove these unsecured loans by showing identity, genuineness and credit worthiness of the parties. Certain details were filed by the assessee. However no confirmations were filed in the fo....
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....On appeal certain additional evidences were filed in the form of confirmation etc. and the same were sent for obtaining remand report. Finally the issue had been adjudicated by the Ld. CIT(A) vide para 7 & 8 which is as under: 7. I have considered the issue of admission of additional evidence as sought by the appellant and comments of the Assessing Officer on the same. It is a matter of fact that the Assessing Officer had given number of opportunities to the appellant at the time of assessment to file confirmations as well as address / related identity information respect of various loans and advances raised during the year. The appellant did comply to certain extent so much so that out of total amount unsecured loans of Rs. 1,17,57,702/-,....
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.... it is not clear as to whether loans were ever returned back and no interest had been charged by any of the lender for lending money for indefinite. I have perused the confirmation filed by the appellant during the appellate proceedings as well as the copies of account of such lender as recorded in the books of accounts of the appellant. It is to appreciate tat the Assessing Officer's observation that o interest had been charged by any of the lender and no amount had been repaid by the assessee is factual in correct. It is seen that the assessee had received impugned amount by cheque and have been returned accordingly within a period of year or so. It is also seen that interest has been paid by the appellant on the loans raised and the tax ....
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....ant has discharged onus cast upon u/s 68 with respect to these credits as identity, credit worthiness as well as genuine of the transaction has been established. Therefore, the addition to the tune of Rs. 20 lac is directed to be deleted however with respect to rest of Rs. 21,59,000/-. The appellant has not been able to file any confirmation from the said parties despite opportunities available to him during appellate proceedings. Therefore, the addition to the tune of Rs. 21,59,000/- is confirmed. 6. Before us Ld. Counsel for the assessee submitted that assessee can file certain more confirmation because the same were also not available at the time of assessment because of disputes with the parties etc. He has moved an application for adm....