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Showing contexts for: addition u/s 68 in Jcit (Osd), Cc-4(4), Mumbai vs M/S. Shri Renukamata Multi-State ... on 30 July, 2024Matching Fragments
3.3. The impugned action of the CIT(A) in sustaining the addition on estimation basis is erroneous inasmuch as, the same is not in accordance with the provisions of section 68 of the Act.
4. Addition under section 68 of the Act for aggregate demand draft/ at par cheque issued by the appellant-society.
4.1. The CIT(A) erred in sustaining the addition under section 68 of the Act at Rs 47,96,398, estimated at the rate of 0.10 per cent of Rs 479.63 crores being the aggregate demand draft/ at par cheques issued by the appellant-society on receipt of cash from the account holders against the addition of Rs 479.63 crores made by the Assessing Officer.
3. Addition under section 68 of the Act for aggregate cash deposits and credit transactions but excluding the remote deposits.
3.1. The CIT(A) erred in sustaining the addition under section 68 of the Act at Rs 5,06,72,196, estimated at the rate of 0.15 per cent of Rs 3,378.14 crores being the aggregate cash deposits and credit transactions but excluding the remote deposits of all the account holders in the appellant-society against the addition of Rs 4,665.97 crores made by the Assessing Officer. 3.2. The CIT(A) erred in treating the appellants as facilitator of alleged accommodation entries given by the deposit holders relying on the alleged discrepancies observed by the Assessing Officer and special auditor in KYC documentation maintained by the appellant-society, without bringing any documentary evidences on record to support such allegation and entirely on surmises, suspicion and conjectures.
Thus, the aforesaid direction of the Assessing Officer to get the accounts audited under section 142(2A) is nothing but mere tactics to extend the period of limitation which the Courts have held as bad in law.
2. Addition under section 68 of the Act for aggregate cash deposits and credit transactions but excluding the remote deposits 2.1. The CIT(A) erred in sustaining the addition under section 68 of the Act at Rs 37,82,666, estimated at the rate of 0.15 per cent of Rs 252.17 crores being the aggregate cash deposits and credit transactions but excluding the remote deposits of all the account holders in the appellant-society against the addition of Rs 1,041.50 crores made by the Assessing Officer.
3. Addition under section 68 of the Act for aggregate demand draft/ at par cheque issued by the appellant-society 3.1. The CIT(A) erred in sustaining the addition under section 68 of the Act at Rs 13,21,839, estimated at the rate of 0.10 per cent of Rs 132.18 crores being the aggregate demand draft/ at par cheques issued by the appellant-society on receipt of cash from the account holders against the addition of Rs 132.18 crores made by the Assessing Officer.