2021 (1) TMI 942

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.... Shri Supriyo Paul, Addl. CIT/DR ORDER SHRI S.S. GODARA, JM: 1. This assessee's appeal for assessment year 2015-16 arises against the CIT (Appeals), 4, Kolkata's order dated 13-12-2019 passed in case No. 147/CIT(A)- 4/2018-19 involving proceedings u/s 143(3) of the Income-tax Act, 1961 in short the 'Act'). We have heard both the parties. Case file perused. 2. Learned authorized repr....

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.... accommodation entry providers by way of ploughing back of assessee's unaccounted income being routed back through papers transaction only. 3. The Revenue's stand on the other hand relies on both the lower authorities' action treating the assessee's unsecured loans and interest expenditure thereon unexplained cash credit unexplained expenditure (supra); respectively. 4. We have given our tho....

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.... repayment of Rs. 57,71,516/-, Rs. 1,38,83,890/-, Rs. 5,48,256/-, Rs. 52,41,772/- and Rs. 4,04,304/- to said entities (except the fifty one) having opening balance(s) of Rs. 1,42,922/- Rs. 92,58,256/-, Rs. 61,71,722/- and Rs. 69,09,304/-; respectively. Case file also suggests that the corresponding closing balance also accepted by the assessing authority as correct as on 31/3/2014 and the assessee....

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....assessing authority having accepted the relevant transactions. Their lordships in S.K. Bothra & Sons,HUF vs. ITO 347 ITR 347(Cal) also holds that if the assessee discharges his/its initial onus by filing detailed explanation along with supportive evidence, it is the duty of the Assessing Officer to carry out necessary further investigation. Case law in Crystal Networks P.Ltd vs. CIT reported in 35....