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

PDF · subscribers
ITA 4028/MUM/2017Status: DisposedITAT Mumbai05 August 2021AY 2010-113 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal restored the matter back to the Assessing Officer for verification. The assessee was directed to furnish necessary evidence to substantiate the transactions, with an opportunity for a hearing.

What were the facts?

The assessee procured share application money of Rs. 78.75 Lacs from various entities, which the Assessing Officer treated as unexplained cash credit. The assessee failed to provide satisfactory explanations for the genuineness of these transactions.

What were the issues?

Whether the share application money received by the assessee constituted unexplained cash credits and if the assessee discharged the onus of proving the genuineness of the transactions.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “D” BENCH, MUMBAI

Before: HON’BLE SHRI MAHAVIR SINGH, VP & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Appellant: Ms. Ruchi Rathod, Ld. AR
For Respondent: Shri Sunil Jha, Ld. CIT-DR

O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aggrieved by confirmation of addition of Rs.78.75 Lacs u/s 68 for Assessment Year (AY) 2010-11 vide impugned order dated 20/03/2017, the assessee is in further appeal before us. 2. The Ld. AR sought directions as given in Tribunal’s order in assessee’s own case for AY 2012-13, order dated 24/09/2018, a copy of which has been placed on record. The Ld. DR concurred that the matter may be restored back for verification etc.

3.

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.

4.

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.

More judgments on Section 68

All 29,931 judgments and leading authorities on Section 68 →

Recent GST High Court judgments

Search GST case law →