ASST. COMMISSIONER OF INCOME TAX, BANDRA EAST vs. HI ROCK CONSTRUCTION COMPANY, MUMBAI
Income Tax Appellate Tribunal, MUMBAI BENCH “E” MUMBAI
Before: SHRI BR BASKARAN () & SHRI RAJ KUMAR CHAUHAN () Assessment Year: 2017-18
PER BR BASKARAN, AM
These cross appeals are directed against the order dated 21-09-2024
passed by Ld CIT(A), NFAC, Delhi and they relate to the assessment year
2017-18. The revenue i the addition of Rs.36.75
assessee has filed appea appeal after accepting proceedings.
2. We heard the parti assessee had taken loa crores. Since the assess
AO assessed the above the Act. The assessee furnished various evide
Hence, the Ld CIT(A) call proceedings, the AO exam that all the loans are p
CIT(A) deleted the additio
3. We notice that observations made by th
“….In the light o evidence provided has discharged its genuineness…”
Accordingly, the Ld CIT(A “6.3 In the reman that the source of explained. Once t finding there is n
Report.
Hi Rock C
ITA No. 5851
is aggrieved by the decision of Ld CI
5 crores made by the AO u/s 68 o al contending that the AO could no the genuineness of the loans i ies and perused the record. The AO n ans from various persons to the tu see did not furnish details to prove t said amount as unexplained cash c challenged the same before the Ld ences to prove the cash credits by led for a remand report from the AO.
mined the loans vis-a-vis the evidenc proved. Based on the said remand on.
the Ld CIT(A) has extracted the he AO in the remand report:- of the above observations and the by the assessee, it can be said th s onus to prove the identity, credit
A) held as under:- nd report it is unequivocally and cate loan received by the appellant has b the AO has given such an emphatic no reason or basis to disagree from Construction Company
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IT(A) in deleting of the Act. The ot have filed the in the remand noticed that the une of Rs.36.75
those loans, the credit u/s 68 of CIT(A) and also y way of loan.
In the remand ces and reported d report, the Ld following final supplementary at the assessee tworthiness and egorically stated been found to be c and conclusive m the Remand
4 In view of th and agreed to by been able to succ creditworthiness addition made u/s deleted. In view appellant are allow 4. We notice that the i assessment proceedings the assessee has furnis and hence the AO has c its burden to prove the the Ld CIT(A) has delete given by the AO. Accor have filed this appeal, Before us, no other mat the AO in the remand r any infirmity in the deci his order. 5. The appeal of the CIT(A). Hence it does no 6. In the result, the a dismissed. Order pronounced (RAJ KUMAR C JUDICIAL M Mumbai; Dated: 27/02/2025 Hi Rock C ITA No. 5851
he emphatic report given by the AO, the Range Head, accepting that the cessfully discharge its onus to prov and genuineness of the loan tra s 68 of the IT Act amounting to Rs.36
of the discussion, these grounds o wed.”
impugned addition has been made b for want of evidences. In the reman shed all the documents to prove the categorically held that the assessee loans in terms of sec.68 of the Act.
d the addition on the basis of the re rdingly, we are of the view that the after accepting the loans in the terial was placed to contradict the f report. Under these circumstances, sion rendered by Ld CIT(A). Accordin assessee is only to support the orde ot require separate adjudication.
appeal of the revenue and the CO of d in the open Court on 27/02/202
/- CHAUHAN)
(BR BAS
MEMBER
ACCOUNTAN
Construction Company
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1/Mum/2025
, duly approved e appellant has ve the identity, ansactions, the 6,74.97,222/- is of appeal of the by the AO in the nd proceedings, e loan amounts has discharged
We notice that emand report so AO should not remand report.
finding given by we do not find ngly, we uphold er passed by Ld f the assessee is 5. d/-
SKARAN)
NT MEMBER
Dragon Legal/Rahul Sharma, Sr. P.S.
Copy of the Order forward
1. The Appellant
2. The Respondent.
3. CIT
4. DR, ITAT, Mumbai
5. Guard file.
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Hi Rock C
ITA No. 5851
ded to :
BY ORDE
(Assistant Re
ITAT, Mu
Construction Company
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1/Mum/2025
R, gistrar) umbai