R & B INFRA PROJECT P. LTD,MUMBAI vs. DIT 13(3)(1), MUMBAI

The material facts are that the assessee’s case was reopened pursuant to receipt of certain information that the assessee procured bogus share application money of Rs.28.75 Lacs from an entity namely M/s Triangular Infocom Ltd, an entity allegedly run by entry provider Shri Praveen Kumar Jain. Since the assessee failed to discharge the onus of proving the genuineness of the transactions, the same was added to the income of the assessee as unexplained cash credit u/s 68.

During appellate proceedings, the assessee furnished additional evidences which were subjected to remand proceedings. It transpired that the assessee had received similar amount aggregating to Rs.50 Lacs from two more entities which was also required to be added u/s 68. In the absence of any satisfactory explanation forthcoming from the assessee, the aggregate addition of Rs.78.75 Lacs was confirmed. Aggrieved, the assessee is in further appeal before us. 5. We find that similar issue cropped in assessee’s own case for AY 2012-13 wherein the matter was remanded back to the file of Ld.AO with a direction to the assessee to furnish necessary evidences to substantiate the claim. We find that facts are similar in this year except for the fact that remand report was sought in this year. However, that would not materially alter the adjudication since the onus is on assessee to substantiate the impugned transactions. Therefore, we restore the matter back to the file of Ld. AO on similar lines with a direction to the assessee to furnish necessary evidences to substantiate the claim. Needless to add that adequate opportunity of hearing shall be granted to the assessee. This ground stand allowed for statistical purposes. No other ground has been urged before us.