2020 (10) TMI 280

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ys. The assessee has filed a condonation petition and an affidavit stating that the delay had occurred due to misplacement of files by his Counsel. On perusing the condonation petition filed by the assessee we find that the delay in filing the Cross-objection is not due to the fault of the assessee, therefore we hereby condone the delay and proceed to hear the appeal on merits. Further, since both the appeals are on identical issues, they are heard together and disposed off by this common order. 2. The Revenue has raised five grounds in its appeal and they are briefly stated herein below for adjudication. (i) The Ld. CIT (A) has erred in deleting the addition made by the Ld. AO for Rs. 1,09,19,900/- U/s. 68 of the Act. (ii) The Ld. CIT....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....re is discrepancy in the transactions which could not be explained by the assessee satisfactorily, therefore she treated the amount of Rs. 1,09,19,900/- as unexplained income and accordingly made addition U/s. 68 of the Act. Before the Ld. CIT (A), the assessee had submitted that the loan was obtained from The Bank of India which was directly paid to Mr. Sabzan who is the construction mistry for constructing the Hospital of the assessee. It was further submitted that the assessee in her books of accounts had wrongly recorded as cash brought in. The assessee had also submitted the books of accounts, the details of the loan transaction from The Bank of India and the Axis Bank Statement of Mr. Sabzan before the Ld.CIT (A). The Ld. CIT (A) afte....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....cordance with the provisions of the Act. It was therefore pleaded that the matter may be remanded back to the file of the Ld.AO in order to provide an opportunity to the Ld. AO to examine the additional evidence submitted by the assessee and thereafter decide the matter in accordance with law and merits. The Ld. AR though vehemently argued in support of the Order of the Ld. CIT(A) could not raise any serious objection against the submission of the Ld. DR. 7. After hearing both the parties and after considering the facts and circumstances of the case, We are of the considered view that the entire matter is required to be examined by the Ld. AO afresh after taking into account of the additional evidences filed by the assessee before the Ld. ....