DY.COMMISSIONER OF INCOME TAX, MUMBAI vs. JAYANTILAL RAJMAL SETH, MUMBAI
Before: SHRI NARENDER KUMAR CHOUDHRYAssessment Year: 2017-18
Per : Narender Kumar Choudhry, Judicial Member:
This appeal has been preferred by the Revenue Department against the order dated 11.09.2024, impugned herein, passed by the Ld. Commissioner of Income Tax (Appeals) (in short Ld.
Commissioner) u/s 250 of the Income Tax Act, 1961 (in short ‘the Act’) for the A.Y. 2017-18. 2. In the instant case, the Assessing Officer (AO), on the basis of statement of Shri Rajesh G. Mehta, who allegedly controlled the entity M/s. Aneri Fincap Ltd., treated the amount of Rs.11,00,000/- as no- genuine and bogus accommodation entries, whereas it is a Mr. Jayantilal Rajmal Seth
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fact that the Assessee had not only furnished the ledger confirmation, bank statement, copy of return of income and financials of M/s. Aneri Fincap Ltd. but also established that the entire sum of Rs.11,00,000/- was repaid in the very next year. The Assessee also furnished the confirmation made by M/s. Aneri Fincap
Ltd. dated 19.02.2022, in response to the notice issued u/s 133(6) of the Act by the AO, whereby M/s. Aneri Fincap Ltd. had clearly admitted said transaction of Rs.11,00,000/- and therefore, the Ld.
Commissioner by considering all the aforesaid peculiar facts and circumstances, specifically the documents filed by the Assessee and the confirmation by M/s. Aneri Fincap Ltd., ultimately held that the Assessee has discharged his onus and consequently deleted the addition made u/s 68 of the Act, on account of unsecured loan.
This Court has given thoughtful considerations to the peculiar facts and circumstances of the case and found the impugned order deleting the addition under consideration, is not only based on the peculiar facts and circumstances of the case but also does not suffer from any perversity, impropriety and/or illegality. Thus, the impugned order is affirmed.
In the result, the appeal filed by the Revenue Department stands dismissed.
Order pronounced in the open court on 28.04.2025. (NARENDER KUMAR CHOUDHRY)
JUDICIAL MEMBER
* Kishore, Sr. P.S.
Mr. Jayantilal Rajmal Seth
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Copy to: The Appellant
The Respondent
The CIT, Concerned, Mumbai
The DR Concerned Bench
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By Order
Dy/Asstt.