2024 (3) TMI 659

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d.AR For the Respondent : Shri D. Hema Bhupal (JCIT)-Ld. Sr. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. The sole substantive grievance of the assessee in the captioned appeal is confirmation of addition of unexplained cash credit for Rs. 130.60 Lacs u/s. 68 as made by Ld. Assessing Officer (AO) while framing an assessment u/s 143(3) on 31-12-2019. The assessee's further appeal to lea....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sed correspondingly. 4. The Ld. AO, after comparing the Balance Sheet as on 31.03.2016 and 31.03.2017, concurred that the assessee revalued the building from Rs. 81.29 Lacs to Rs. 235.71 Lacs without there being any new investment in the building. However, with respect to increase in value of the remaining asset, the assessee could not explain the same. Therefore, the remaining increase in capita....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....lain the increase in value of the remaining assets. However, there is increase in the value of liabilities with corresponding increase in the value of assets. In the absence of any finding that there is actual introduction of new capital through cash or banking channels, no addition could have been made u/s 68 since it is the primary requirement that there should be cash credit in the books of acc....