2024 (11) TMI 1662

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....f the addition of Rs. 10 crores made by the Assessing Officer u/s 68 of the Income-tax Act, 1961 [the Act, for short] by ignoring the fact that the assessee has used the colorable device to bring back his unaccounted money and to avoid paying tax. 3. The representatives of both the sides were heard at length, the case records carefully perused and we have duly considered the documentary evidences brought on record in the form of Paper Book in light of Rule 18(6) of ITAT Rules. 4. Briefly stated, the facts of the case are that the assessee is engaged in the business of manufacturing of paper bags and HDPE bags. The assessee filed its return of income electronically on 17.10.2016 declaring loss of Rs. 4,99,88,428/-. Return was selected ....

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.... title of the property was transferred in the name of M/s Dhampur Sugar Mills. The assessee, accordingly, made adjustments in the books of account and resultant long term capital gain was declared at Rs. 6,89,24,357/-. 8. The Assessing Officer found during enquiry that the said amount of Rs 10 crore has been paid in the F.Y. 2006-07. However, doubting the genuineness of the transaction, the Assessing Officer, not being satisfied with the explanation tendered by the assessee, treated the same as unexplained and invoking the provisions of section 68 of the Act, made the impugned addition. 9. Aggrieved, the assessee went in appeal before the ld. CIT(A) who deleted the addition made by the Assessing Officer holding the Assessing Officer i....