IN INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH SMC , MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER ITA NO.2838/MUM/2018 (A.Y: 2014-15) Shri Srichand Satramdas Agicha v. Asst. Commissioner of Income Tax 47, Victoria Road Central Circle - 8(2) Mustafa Bazar, Byculla Aayakar Bhavan, M.K. Road, Mumbai 400 010 Mumbai-400 020 PAN: ADHPA3448G (Appellant) (Respondent) Assessee by : Shri Yadav Wadia Department by : Shri D.G. Pansari Date of Hearing : 21.06.2019 Date of Pronouncement : 28.08.2019 ORDER PER C.N. PRASAD (JM) 1. This appeal is filed by assessee against order of Learned Commissioner of Income Tax (Appeals)-50, Mumbai [hereinafter in short Ld.CIT(A) ] dated 01.02.2018 for A.Y.2014-15 2. Assessee has raised following ground in its appeal: - 1. CIT(A) erred in upholding addition of Rs.21,04,427/- u/s 69C of Income Tax Act, 1961 made by A.O. without verifying facts of case. 3. Briefly stated facts are that, search and seizure action u/s. 132 of Act was carried out on 24.02.2014 at premises of assessee 2 ITA NO.2838/MUM/2018 (A.Y: 2014-15) Shri Srichand Satramdas Agicha and associates group concerns. assessment was completed u/s.143(3) of Act on 31.03.2016. In course of search, statement of Shri S. Vinodkumar, who is Personal Assistant of Shri Siddharth Agicha was recorded u/s. 132(4) of Act on 24.02.2014 according to which cash expenses were incurred by group on marriage on directions of Mr. Siddharth Agicha Director of M/s.Associate Infratech (I). Pvt. Ltd. Assessing Officer records that these are marriage expenses which were not recorded in Books of Accounts. It is observation of Assessing Officer that statement of Shri S. Vinodkumar was confronted to Shri Manohar Agicha and statement from Shri Manohar Agicha was recorded on 24.02.2014 u/s.132(4) of Act and he observed that Shri Manohar Agicha has stated that above expenses were incurred out of cash drawings of various persons belonging to group. Assessee was required to explain same. Assessee stated that marriage expenses of .17,93,427/- have been duly recorded in assessee s regular Books of Accounts. Assessee in support of its contention that these expenses were recorded in regular Books of Accounts furnished details of expenses, cash flow statements along with capital account, balance sheet etc. 3 ITA NO.2838/MUM/2018 (A.Y: 2014-15) Shri Srichand Satramdas Agicha 4. Further, as regards to investment of .3,19,300/- made in purchase of land at Podhapur is concerned it was submitted that it had inadvertently considered drawings instead of capitalizing same and details have been submitted by assessee before Assessing Officer. Not convinced with submissions of assessee Assessing Officer treated expenses of .21,04,427/- as unexplained cash credits u/s. 69C of Act. Ld.CIT(A) sustained addition based on findings of Assessing Officer. 5. Before me, Ld. Counsel for assessee reiterated submissions made before lower authorities. 6. Heard rival submissions, perused orders of Authorities below. On perusal of orders of Authorities below, I find that submissions and evidences produced by assessee have not been gone into thoroughly. It is submission of assessee that expenses have been recorded in regular Books of Accounts and in support of its submissions assessee has produced Books of Accounts, details of expenses incurred, cash flow statements along with capital account, balance sheet etc., none of these evidences have gone into thoroughly by lower authorities. fact as to whether assessee has recorded these expenses in Books of Accounts have not brought on record by lower authorities. In my considered opinion this issue 4 ITA NO.2838/MUM/2018 (A.Y: 2014-15) Shri Srichand Satramdas Agicha has to be examined denovo with reference to Books of Accounts and evidences furnished by assessee in course of assessment proceedings. Thus, entire issue is remitted to file of Assessing Officer with direction to examine denovo in accordance with law and assessee is at liberty to produce necessary evidences in support of his contentions. Thus, this issue is restored to file of Assessing Officer for denovo examination in accordance with law, after providing adequate opportunity of being heard to assessee. 7. In result, appeal of assessee is allowed for statistical purpose. Order pronounced in open court on 28th August, 2019 Sd/- (C.N. PRASAD) JUDICIAL MEMBER Mumbai Dated 28/08/2019 Giridhar, Sr.PS Copy of Order forwarded to: 1. Appellant 2. Respondent. 3. CIT(A), Mumbai. 4. CIT 5. DR, ITAT, Mumbai 6. Guard file. //True Copy// BY ORDER (Asstt. Registrar) ITAT, Mum Srichand Satramdas Agicha v. Asst. Commissioner of Income-tax, Central Circle - 8(2), Mumbai