TaxTMI 
TaxTMI 
2024 (10) TMI 655
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....O] u/s. 14(3) of the Act on 26-03-2015. The grounds taken by the Revenue read as under:- 1. The order of the learned CIT(A) is contrary to law, facts and circumstances of the case. 2. The Ld.CIT(A) has erred in deleting the addition of Rs. 5,05,00,000/- being unexplained cash credit u/s. 68 of the Act by merely stating the documents submitted by the Assessee but without any proper reasoning. 3. The Ld, CIT(A) has erred in deleting the addition of Rs. 5,05,00,000/- being unexplained cash credit u/s. 68 of the Act without discussing or bringing on record his findings on the material before him. 4. For these and other grounds that may be adduced at the time of hearing, it is prayed that the order of the learned CIT(A) may be set aside ....
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....Ld. AO held an opinion that these entities lacked creditworthiness and therefore, the amount of Rs. 505 Lacs was added to assessee's income as unexplained cash credit u/s 68 with respect to loan obtained from two corporate entities. The same include opening balance of Rs. 50 Lacs as standing against M/s Rasili Barter Pvt. Ltd. The Ld. AO also estimated commission @0.2% against the same and made further addition of unexplained expenditure u/s 69C for Rs. 1.01 Lacs while framing the assessment on 26-03-2015. Appellate proceedings 4.1 During appellate proceedings, the assessee submitted additional evidences and accordingly, a remand report was called form Ld. AO on 19-07-2016. However, despite lapse of more than 6 years, no such report was r....
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....utilized to purchase the properties. Another fact is that the assessee applied for certain bank loan which got delayed which led the assessee to obtain loan from these two corporate entities. When the loan was disbursed to the assessee by the Bank, the loan to both these entities was repaid within a very short time. The Ld. AO has added the loan so obtained by the assessee from two corporate entities as unexplained cash credit u/s 68 merely on the basis of third-party statement as recorded by DGIT (Inv.) in independent proceedings. However, no separate enquiries, whatsoever, have been conducted by Ld. AO to ascertain the genuineness of these loan transactions. The Ld. AO has merely borrowed the findings of DGIT (Inv.) and on the basis of th....
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....he light of these additional evidences. It is settled law that the powers of Ld. CIT(A) is coterminus with the powers of Ld. AO. If Ld. AO has failed to do something, it is well within the powers of Ld. CIT(A) to examine the claim of the assessee after conducting necessary enquiries and verification. The present case is exactly like this only wherein Ld. AO has failed to culminate remand proceedings and left with no option, Ld. CIT(A) went ahead with adjudication of the appeal. The aforesaid action is well within four corners of law and could not be faulted with. Even during hearing before us, no remand report has been shown to us. 7. On merits, upon perusal of ledger statements of lenders as well as affidavit of the lenders as extracted i....