CIT Vs. AAPKI MARKETING PVT. LTD.

JUDGEMENT

(1.) THIS appeal by the Revenue, which relates to Assessment Year 2007 -08, raises a substantial question of law: -

(2.) THE question raised in the present appeal relates to the findings recorded by the Assessing Officer after the respondent -assessee was called upon to explain investments from the receipt of share application money. The Assessing Officer noticed that the assessee had made investment in some companies, which were shown partly in cash and partly by cheque. The Assessing Officer has given details of investments, which were made by the petitioner in cash. He has recorded that Rs. 26 lacs invested by cheques was in real estate companies. Total amount for which cheques were issued was Rs. 1,08,05,000/ - and total investment in cash was Rs. 1,05,00,000/ - making a total of Rs. 2,13,05,000/ -. No explanation was offered on the nature of these cheques. The Assessing Officer thereafter made a separate addition of Rs. 2,13,05,000/ - on account of unexplained investment under Section 69 of the Act.

(3.) IN the impugned order passed by the tribunal dated 2nd March, 2012, they have referred to the addition made by the Assessing Officer under Section 69 of the Act and the order of the Commissioner (Appeals) and thereafter given the following directions: -