KIRAN KUMAR METAPALLY,HYDERABAD vs. INCOME TAX OFFICER, WARD-9(3), HYDERABAD

On appeal, ld. CIT(A) confirmed the order of the Assessing Officer on the ground that the assessee has failed to substantiate the creditworthiness of the loan creditor.

On being aggrieved, assessee is in appeal before this Tribunal. 5. The case of the assessee is that he has received an amount of Rs. 4.50 lakhs from Smt. T. Laxmi through banking channel, copies of the bank statements which were not filed before the lower authorities may be permitted to file before this Tribunal and for that purpose he filed a petition for admission of additional evidence. 6. I have considered the entire facts and circumstances of the case and find that assessee has received an amount of Rs. 4.50 lakhs from Smt. T. Laxmi through banking channel, however, Assessing Officer as well as ld. CIT(A) not accepted the explanation of the assessee on the ground that assessee has failed to prove the creditworthiness of the creditor and genuineness of the transaction. In view of the above circumstances, I find that one more opportunity should be given to the assessee to substantiate his case before the Assessing Officer by filing the relevant details. Accordingly, I set aside the order passed by the ld. CIT(A) and remit the matter back to the file of the Assessing Officer directing him to examine the details in respect of amount borrowed by the assessee from Smt. T. Laxmi and pass necessary orders denovo in accordance with law. I also direct the assessee to produce the relevant details before the Assessing Officer on the date is given for hearing without fail. Thus, this appeal filed by the assessee is allowed for statistical purpose. 7. In the result, appeal filed by the assessee is allowed for statistical purpose. Order Pronounced on this 22nd day of Jan., 2020.