2021 (5) TMI 454

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....r short 'the Act, 1961'), the Revenue has challenged the order dated 22.03.2017 passed by the Income Tax Appellate Tribunal, Ahmedabad, "B" Bench, in ITA No.1600/Ahd/2012 for A.Y. 2008-2009. 2. The following substantial question of law is raised in this appeal : "[A] Whether the Hon'ble ITAT is right in law and on facts in deleting the disallowance of Rs. 8,45,91,627/Page out of Rs. 11,24,25,551/for A.Y. 2008-09 made by the A.O. u/s.68 of the Act.?" 3. The return of income was filed on 28th September, 2008 declaring total income of Rs.NIL by the assessee and order under Section 143(3) was passed on 3rd December, 2010 by which income was assessed at Rs. 11,40,26,378/by making an addition under Section 68 of the Act, 1961. 4. The assesse....

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....ehind the balance of Rs. 96,60,823/. The Tribunal considering these facts held as under : "5. We have heard both the parties reiterating their respective stands. It emerges that the assessee had filed additional evidence to explain the source of above credits in the course of lower appellate proceedings. The CIT(A) sought a remand report. The Assessing Officer filed the same on 17.04.2012 inter alia stating that the assessee had satisfied all parameters of identity, genuineness and creditworthiness in case of credits amounting to Rs. 2,19,55,992/by placing on record registered sale deeds executed subsequently with or without PAN numbers. He then dealt with advances received of Rs. 8,49,65,758/from customers with or without PAN details. It....

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....g them necessary notices under the provisions of the Act on test check basis. We repeat that we are dealing with an issue of unexplained cash credits un/s.68 of the Act wherein an assessee suppose to discharge its primary onus of proving source along with identity, genuineness and creditworthiness thereof. We thus conclude in Revenue's appeal that the assessee has discharged its onus successfully in course of remand and lower appellate proceedings. We accordingly do not see any reason to accept the Revenue's two substantive grounds seeking to revive the Assessing Officer's addition amount therein. Its appeal ITA No.1722/Ahd/2012 thus fails." 7. We now come to assessee's substantive ground seeking to delete the remaining addition amoun....

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....in it has procured additional details even after a time span of almost five years after the CIT(A)'s order. This assessee's ground is thus partly accepted for statistical purposes." 6. The learned Senior Advocate Mr. Manish Bhatt assisted by learned counsel Ms. Mauna Bhatt appearing for the Revenue submitted that the Tribunal failed to appreciate that the details furnished by the assessee at the appellate stage were verified by the Assessing Officer in remand proceedings and it was found that the PAN furnished by the assessee in 13 cases were not correct. It was pointed out that the Assessing Officer allowed the assessee to furnish the correct PAN. It was submitted that only because the advances were refunded in subsequent years, c....