KARISHMA DILIP BHATIA,MUMBAI vs. ITO WARD 23(1)(1), MUMBAI
Income Tax Appellate Tribunal, Mumbai “E” Bench, Mumbai.
Before: Smt. Beena Pillai (JM) & Shri Omkareshwar Chidara (AM) Karishma Dilip Bhatia 12, Asudakutir Co-op. Hsg. Society, Water Field Road Bandra West Mumbai-400 050. Vs. ITO Ward 23(1)(1) 502 Piramal Chambers, Lalbaug Parel, Mumbai 400 012. PAN : AKWPB1114C
Per Omkareshwar Chidara (AM) :-
In the above cited appeal, the appellant is a trader in equity/commodity/forex and does the business in future and options. While trading in the shares, the appellant took certain loans from three parties (as mentioned in assessment order). The Ld. AO was not satisfied with the genuineness of transactions and creditworthiness of lenders, section 68 of the Income Tax Act was invoked to make an addition of Rs. 4.83 crores.
Aggrieved by the order of Ld. AO, an appeal was instituted before Ld. CIT(A) by appellant. The Ld. CIT(A) gave three opportunities within a span of ten months and as there is no response, the appeal of appellant was dismissed.
As the appeal by Ld. CIT(A) was dismissed, the appellant filed an appeal to the ITAT as above. During the appeal proceedings, the Ld. AR of the appellant has stated all details were filed before Ld. CIT(A) on 3.7.2025 and Ld. CIT(A) who passed order on 16.7.2025 cannot say that the details
Karishma Dilip Bhatia
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were not filed. In proof of the same, the Ld. AR filed computer generated sheets before the ITAT.
The Ld. DR supported the orders of lower authorities.
Heard both sides. In view of the evidence filed by the Ld. AR of the appellant that all the evidences were filed by way of written submissions, the matter is remitted to the file of the Ld. CIT(A). The Ld. CIT(A) is directed to take into consideration all the details filed by the Ld. AR of the appellant and pass an order after giving an opportunity to the appellant.
The appeal of appellant is allowed for statistical purposes.
Order pronounced in the open Court on 25/09/2025. (BEENA PILLAI)
ACCOUNTANT MEMBER
Copy of the Order forwarded to :
The Appellant 2. The Respondent. 3. CIT 4. DR, ITAT, Mumbai 5. Guard file.
BY ORDER,
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