TaxTMI 
TaxTMI 
2023 (12) TMI 342
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....he bank account were accounted and explained from being out of the cash balance declared in the books of accounts and financials of the preceding assessment year? (ii) Whether on the facts and circumstances of the case, the Appellate Tribunal was right in law in failing to accord a reasonable opportunity to the appellant to substantiate, with documents and evidence, the source of the impugned investments inasmuch as they were out of cash balance available in the books of accounts and financials of the preceding assessment years? (iii) Whether on the facts and circumstances of the case, the Appellate Tribunal was right in law in invoking the provisions of Section 68 of the Income Tax Act, 1961 despite the additions falling under the nature of an 'investment'?" T.C.A.No.86 of 2023 : "(i) Whether on the facts and circumstances of the case, the Appellate Tribunal was right in law in confirming the addition under Section 68 of the Income Tax Act, 1961 especially when the sum credited in the bank account were out of interest received from M/s.Smita Properties & Investments Pvt. Ltd. declared in the books of accounts and financials? (ii) Whet....
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....ted in the bank account were accounted and explained from being out of the cash balance declared in the books of accounts and financials of the preceding assessment year and consultancy income received during the relevant previous year? (ii) Whether on the facts and circumstances of the case, the Appellate Tribunal was right in law in failing to accord a reasonable opportunity to the appellant to substantiate, with documents and evidence, the source of the impugned investments inasmuch as they were out of cash balance available in the books of accounts and financials of the preceding assessment years and consultancy income received during the relevant previous year? (iii) Whether the order of the Appellate Tribunal is perverse inasmuch as it proceeds on the presumption that the investments are made by the appellant in SBQ Steels Ltd., without considering that the investments are made in another entity i.e., Rai Ispat Private Limited, rendering the impugned order mechanical and perfunctory in violation of principles of natural justice? (iv) Whether on the facts and circumstances of the case, the Appellate Tribunal was right in law in invoking the provision....
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....nal is perverse inasmuch as it failed to adhere to the doctrine of stare decisis insofar as dismissing the appeal for the impugned Assessment Year 2013-14 wherein it had earlier remanded the appeals for the preceding assessment years to the file of the respondent on identical issues? (iv) Whether on the facts and circumstances of the case, the Appellate Tribunal was right in law in invoking the provisions of Section 68 of the Income Tax Act, 1961 despite the additions falling under the nature of an 'investment'?" 2. The facts of the case would run thus: 2.1. The appellant company in TCA Nos.84 and 89 of 2023 is involved in the production and sale of TMT bars. They filed return of income admitting a total income of Rs. 10,030/- for the assessment year 2013-2014, admitting a total income of 'Nil' and claiming a loss of Rs. 1,74,344/- for the assessment year 2014-2015. 2.2. The appellant company in TCA Nos.85 and 86 of 2023 is engaged in the business of acquiring shares of other companies and holding it as investment, besides engaging in hire purchase and lease transactions. For the assessment year 2013-2014, return of income was filed admitting a tot....
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....relevant documents to substantiate the source of their investments, which they were ready to submit. However, on the date of hearing of the impugned appeals, fifteen other cases relating to the group were also listed and hence, the appellants were not in a position to submit the documents. 4. The learned counsel for the appellants/assessees further submitted that the Tribunal has erred in confirming the addition under Section 68 of the Act, especially when the sum credited in the bank account were out of the cash balance declared in the books of accounts and financials of the earlier assessment year. The learned counsel also submitted that the respondent is questioning the source of investments in the share of SBQ Steels Ltd. and not the source of cash credited in the books of the appellants. Hence, the addition made under Section 68 of the Act is bad in law. Stating so, the learned counsel sought to quash the orders impugned herein. 5. Heard the learned standing counsel appearing for the respondent and also perused the records. 6. The main reason given by the Tribunal in the orders dismissing the appeals is that nothing was produced by the assessees to prove that the inve....