The Tax Publishers2021 TaxPub(DT) 0054 (Del-Trib)

INCOME TAX ACT, 1961

Section 148

Where assessee submitted that there was an additional evidence which was obtained after assessment proceedings and appellate proceedings before CIT(A) was over and while going through the additional evidence, these were primary evidences which would show creditworthiness of source of source which was asked by AO as well as CIT(A), therefore, matter was remanded back to AO for verifying this additional evidence.

Reassessment - Addition under section 68 - Filing of additional evidence - Remand of matter

A survey under section 133A was conducted on the premises of a group concern who was engaged in business of real estate development. The various companies of the RPS Group have received share capital and share premium from various dummy companies. Assessee was one of the group companies, had received various amounts towards share capital/premium from the dummy companies. Thereafter, the case was reopened and notice under section 148 was issued after obtaining necessary approval from the Competent Authority. In assessment order, AO made addition on account of unexplained cash credit under section 68. Held: Approval in respect of reasons given by AO for reopening were just and proper. On merits, assessee submitted that there was an additional evidence which was obtained after assessment proceedings and appellate proceedings before CIT(A) was over. Therefore, it would be appropriate to look into additional evidence. While going through the additional evidence, these were primary evidences which would show creditworthiness of source of source which was asked by AO as well as CIT(A). Therefore, additional evidence was admitted and matter was remanded back to AO for verifying this additional evidence and after going through the said evidence, arrive at a proper conclusion as to whether addition in respect of section 68 was sustainable or not.

Distinguished:CIT v. Text Hundred India Pvt. Ltd. (2011) 351 ITR 57 (Del) : 2011 TaxPub(DT) 0835 (Del-HC) .

REFERRED :

FAVOUR : Matter remanded

A.Y. : 2010-11



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