2022 (11) TMI 725

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....ri Sudhir Mehta , Adv. & Shri Prakash Gupta , C. A. ORDER PER Ms. SUCHITRA KAMBLE - JM : This appeal is filed by the Revenue against the order dated 16.05.2017 passed by the Ld. CIT(Appeals)-2, Ahmedabad for A.Y. 2014- 15. 2. The grounds of appeal raised by the Revenue read as under: "1. The Ld.CIT(A) has erred in law and on facts in deleting the addition u/s 68 of IT Act amou....

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....CIT(A) may be set aside and that of the Assessing Officer be restored. 4. The appellant craves leave to amend or alter any ground or add a new ground, which may be necessary." 4. The assessee is engaged in the business of trading of all types of Chemicals, Casting and Casting Parts. The return of income was filed by the assessee o 28.11.2014 declaring total income of Rs. 82,80,030/-. T....

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....,68,247/- under Section 68 of the Act, the CIT(A) was not justifiable as the assessee has not produced depositors alongwith evidences of their identity and books of accounts during the assessment proceedings. The Ld. D.R. further submitted that the assessee did not submit the confirmation and bank statement depicting the loan and advances alongwith 3CD report, return of income of the depositors. T....

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.... the necessary evidences were before the CIT(A) as well as before the Assessing Officer which was totally ignored by the Assessing Officer. 9. We have heard both the parties and perused all the relevant material available on record. It is pertinent to note that as regards the Ground No. 1 the assessee has established the identity, creditworthiness and genuineness of the transactions by submitti....