Oracle Farms LLP Vs DCIT (ITAT Delhi)
ITAT Delhi remanded the matter back to the file of the Assessing Officer in the matter of addition of Rs. 30 Crores u/s. 68 since additional evidence filed under rule 29 of the ITAT Rules, 963 substantiating genuineness of business advances.
Facts- The only issue on merits under consideration is addition of Rs. 30 crores u/s 68 in respect of business advance received from M/s. Saisudhir Infrastructure Ltd.. The assessing officer has considered the addition on the ground that appellant assessee was not able to furnish relevant documents in support of the transaction with M/s. Saisudhir Infrastructure Ltd. The CIT(A) also concurred with reasoning in the assessment and upheld the addition.
Conclusion- Held that we find considerable cogency in the contention of the Assessee for admission of additional evidences under Rule 29 of the ITAT Rules, 1963. Therefore, we deem it fit and proper to admit the aforesaid additional evidences filed by the assessee before us, and in the interest of justice, remit back the matter to the file of the Assessing Officer with the directions to consider the aforesaid contention of the Ld. AR and decide the issues in dispute, afresh, in accordance with law, after giving adequate opportunity of being heard to the assessee, after considering all the additional evidences filed by the Assessee u/R 29 of the ITAT Rules, 1963.
