TaxTMI 
TaxTMI 
2023 (11) TMI 1416
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....s of appeal is against the confirmation of addition of Rs. 1.30 Crore by Ld. CIT(A) thereby upholding the order of the Assessing Officer (in short ld. 'AO') wherein the said addition was made as unexplained cash credit u/s 68 of the Act. 3. The facts in brief are that the assessee filed the return of income on 21.01.2013 declaring total loss of Rs. 39,625/-. The case of the assessee was selected for scrutiny through CASS and statutory notices were issued and duly served upon the assessee. Initially there was no compliance by the assessee however the assessee filed written submission on 14.10.2014 furnishing some documents called for by the AO and also requesting for re-fixation of hearing and accordingly, the case was fixed on 27....
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....hout passing any speaking order by merely extracting the AO's order. In our opinion, when the assessee has filed all the documents before the authorities, they are duty bound to investigate the matter and conduct necessary enquiries and only base conclusion on the basis of result of search enquiry. However, we note that in the present case, no further investigation or enquiry was conducted either by the AO or by the Ld. CIT(A). Even the documents furnished by the assessee were not commented. Under the circumstances we are not in a position to concur a conclusion drawn by the Ld. CIT(A). The mere non-production of share holders/directors of the assessee before the AO cannot be the reason for making the addition. We note that despite having f....
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.... High Court was right in refusing to state a case." 6. The case of the assessee is also squarely covered by the decisions of Hon'ble Calcutta High Court in the case of Crystal Networks (P) Ltd vs CIT reported in 353 ITR 171 (Cal) wherein it has held that where all the evidences were filed by the assessee proving the identity and creditworthiness of the loan transactions, the fact that summon issued were returned un-served or no body complied with them is of little significance to prove the genuineness of the transactions and identity and creditworthiness of the creditors. The relevant portion of the decision is extracted below: "We find considerable force of the submissions of the learned Counsel for the appellant that the Tribu....
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....peal, consider with due care all the material facts and records its findings on all the contentions raised by the assessee and the Commissioner, in the light of the evidence and the relevant law." The Tribunal must, in deciding an appeal, consider with due care all the material facts and record its findings on all contentions raised by the assessee and the Commissioner, in the light of the evidence and the relevant law. It is also ruled in the said judgment at page 465 that if the Tribunal does not discharge the duty in the manner as above then it shall be assumed the judgment of the Tribunal suffers from manifest infirmity. Taking inspiration from the Supreme Court observation we are constrained to hold in this matter tha....
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....rival submissions. We are of the view that order of Ld. CIT(A) does not call for any interference. It may be seen from the grounds of appeal raised by the revenue that the revenue disputed only the proof of identity of share holder. In this regard it is seen that for AY 2004-05 Shree Shyam Trexim Pvt. Ltd. was assessed by ITO, Ward-9(4), Kolkata and the order of assessment u/s 143(3) dated 25.01.2006 is placed in the paper book. Similarly Navalco Commodities Pvt. Ltd. was assessed to tax u/s 143(3) for AY 2005-06 by ITO, Ward-9(4), Kolkata by order dated 20.03.2007. Similarly Jewellock Trexim Pvt. Ltd. was assessed to tax for AY 2005-06 by the very same ITO, Ward-9(3), Kolkata assessing the assessee. In the light of the above factual positi....