2023 (2) TMI 460

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....). Since, identical facts are involved in both the appeals hence the same have heard together and are being disposed of by this common order. 2. First, we take up Revenue's appeal ITA No.65/GTY/2020 for assessment year 2013-14. The Revenue in this appeal has taken the following grounds of appeal: "1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in allowing appeal of the assessee without appreciating the facts of the case. 2. The Ld. CIT(A) has erred in Law and in facts in deleting the additions of Rs.3,06,50,000/- made u/s 68 when the assessee has failed to bring on record any evidence to prove the credit worthiness and genuineness of the transaction of the creditors M/s Renovat....

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....he satisfaction arrived at by the AO that income had escaped assessment in the case of the Appellant was borrowed from the Investigation Wing. Any notice issued under Section 148 of the Act on the basis of borrowed satisfaction is bad in law and, consequentially, the ensuing proceedings are bad in law." 5. The ld. counsel has submitted that the Revenue has not raised any ground against the aforesaid findings of the CIT(A) holding that the reopening of the assessment u/s 147 read with section 148 was bad in law. That the Revenue has contested the addition only on the merit and not on the legal point, therefore, the legal point decided by the CIT(A) has remained uncontested. Even if the appeal of the Revenue is allowed on merits, yet the v....

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....quiry on his own nor brought out any contrary material on record based on any such independent enquiry conducted by him." 9. A perusal of the above findings of the CIT(A) shows that the ld. CIT(A) has given a clear-cut findings that the Assessing Officer did not examine the transaction, in question, independently rather solely relied upon the report of the Investigation Wing in making the impugned addition, whereas, the assessee has duly discharged its primary onus by furnishing the relevant details and evidences to prove the identity and creditworthiness of the creditor and genuineness of the transaction. A perusal of the impugned order of the CIT(A) reveals that the ld. CIT(A) has thoroughly discussed the facts of the case and relied u....