ACIT CIR-2, THANE vs. NOBOKUMAR K MANNA, THANE

This appeal has been filed by the revenue against order dated 22/10/2012 passed by the Ld CIT(Appeals)-II, Mumbai for the assessment year 2007-08.

1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in allowing the appeal of the assessee and has sustained only an amount of Rs. 1 lakh against an addition made of Rs. 14,91,636/- on account of unexplained cash credit u/s 68.

2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in giving relief to the assessee despite the fact that the assessee did not co-operate or appear before the Assessing Officer during the assessment and remand proceedings. NO documents were produced for the purpose of verification of unsecured loans and the Assessing Officer was unable to verify the genuineness of loan creditors.

3. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition made on the ground that old loans cannot be considered as subject matter u/s Sec. 68 of the I.T.Act, 1961.

3. At the outset, the Ld. Departmental Representative pointed out that the tax effect in this case is below Rs.10,00,000/- as the total addition made by the AO on account of unexplained cash credit u/s 68 is Rs.14,91,636/-. Hence, as per the CBDT Circular No. 21 of 2015, dated 10/12/2015, the present appeal is not maintainable.

Order pronounced in the open court on 9th June, 2016