TaxTMI 
TaxTMI 
2019 (10) TMI 842
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....g of roofing sheets, roofing accessories and turbo ventilators. For the AY 2-15-16, the assessee filed a return of income declaring a loss of Rs. 30,58,063. In the course of assessment proceedings u/s. 143(3) of the Income-Tax Act, 1961 ["the Act"], the AO noticed that there were creditors in the balance sheet and these creditors represented purchases on credit by the Assessee to the tune of Rs. 28,37,588. Under Section 68 of the Act, any sum credited in the books of taxpayer in any financial year shall be treated as shall be treated as income of taxpayer during such financial year if the taxpayer offers no explanation about the nature and source of such credit; or Explanation offered by taxpayer about the nature and source of such credit i....
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....ed credits on account of purchases, many purchases were opening balance of the earlier assessment year and therefore the opening balance of earlier assessment years cannot be added as income u/s. 68 of the Act because under Sec.68 of the Act applies only to any sum credited in the books of taxpayer in any financial year. Since the opening balance is not a sum credited in the books of taxpayer during the previous year, Sec.68 will not apply to such opening balance. A sum of Rs. 14,92,988 out of the sum of Rs. 28,37,588 added by the AO was claimed as opening balance as on 31.3.2015 and therefore cannot be considered as credit entry in the books of account of the previous year relevant to AY 2015-16. The assessee in this regard sought to file ....
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..... Ledger extract of Yes Builders - Kyathsandra 21. Ledger extract of Dayanandha - Tumkur 22. Invoice copy of Dayanand 23. Ledger extract of Krishna Murthy - DM Palya 24. Ledger extract of Krishna Murthy TMK 25. Invoice copy of Krishna Murthy 26. Ledger extract of Ralco Steel Private Ltd 27. Ledger extract of Steel Sun 28. Ledger extract of Sedvik Industries 29. Ledger extract of Sanjay- Pacific Perti Prod & Service Pvt Ltd 30. Ledger extract of M S Traders 31. Ledger extract of Win Matrix 32. Ledger extract of JSW Steel Ltd 33. Ledger extract of Sree Jee Enterprises 34. Ledger extract of Sree Manjunatha Hardware & St....
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....usiness loss, against income added u/s. 68, by relying on the provisions of section 115BBE(2) of the Act, the CIT(Appeals) held that though substituted provisions of section 115BBE are applicable only w.e.f. 1.4.2017, these provisions are clarificatory in nature and therefore applicable for AY 2014-15 also. 9. Aggrieved by the order of CIT(Appeals), the assessee has preferred the present appeal before the Tribunal. 10. We have heard the rival submissions. The ld. counsel for the assessee reiterated the submissions made before the CIT(Appeals). The ld. DR relied on the order of CIT(Appeals). 11. We have considered the rival submissions. We are of the view that u/s. 68 of the Act, it is only the credit entry appearing in the books of....
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....er appealed against without giving sufficient opportunity to the appellant to adduce evidence relevant to any ground of appeal. (2) No evidence shall be admitted under sub-rule (1) unless the Deputy Commissioner (Appeals) or, as the case may be, the Commissioner (Appeals) records in writing the reasons for its admission. (3) The Deputy Commissioner (Appeals) or, as the case may be, the Commissioner (Appeals)] shall not take into account any evidence produced under sub-rule (1) unless the [Assessing Officer] has been allowed a reasonable opportunity- (a) to examine the evidence or document or to cross-examine the witness produced by the appellant, or (b) to produce any evidence or document or any witness i....