2021 (8) TMI 1459

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.... : Shri Sandeep Raj, D.R. ORDER Per Rajesh Kumar, Accountant Member: The present appeal has been preferred by the assessee against the order dated 27.12.2018 of the Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] relevant to assessment year 2011-12. 2. At the outset, the Ld. Counsel of the assessee Mr. Ajay Singh submitted before the Bench that the assessme....

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....ed that the main person who promoted this company Shri Manoj Kumar Sharma expired on 03.03.2014 and thereafter his wife Mrs. Renu Sharma was running the company. The Ld. A.R. submitted that even Mrs. Sharma was arrested by Economic Office Wing, Mumbai as on 05.10.2016 in FIR No.153/2011 and finally got bail on 17.02.2017 from the Hon'ble Bombay High Court. The Ld. A.R., therefore, humbly prayed be....

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....edings despite several opportunities and finally the assessment has been framed on the basis of available information primarily the bank statements of the assessee, however, left the decision to the wisdom of the Bench on the issue of setting aside. 3. After hearing both the parties and perusing th e material on record, we find that the addition has been made on the basis of total credits appea....

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....n the loan was received and secondly when the short term fixed deposits matured and credited in the bank account. We note that these mistakes were pointed out before Ld. CIT(A) but unfortunately Ld. CIT(A) has not given any finding on these issues and not addressed these issues. Moreover, we find that the person who is looking after the company Mrs. Renu Sharma was also arrested in 2016 and releas....