SHRI ASHFAQ HAJI YUSUF NOORANI,SURAT vs. THE ACIT, CIRCLE-5, SURAT

ITA 407/AHD/2016Status: DisposedITAT Surat18 January 2019AY 2011-126 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the assessee was not given adequate time to furnish the required details due to holidays and the closure of the consultant's office. Therefore, the issue was restored to the Assessing Officer for a fresh decision.

What were the facts?

The assessee claimed unsecured loans from two parties, Gulambhai and Pari Fashion. The Assessing Officer made an addition under Section 68 as the assessee failed to provide sufficient details regarding the creditworthiness and genuineness of these lenders.

What were the issues?

Whether the addition made under Section 68 for unexplained cash credit is justified when the assessee was not afforded sufficient opportunity to provide evidence due to circumstances beyond their control.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, SURAT BENCHES, SURAT

Before: Shri Rajpal Yadav & Shri Amarjit Singh

For Appellant: Shri Hiren R. Vepari, A.R
For Respondent: Smt. Smitha V. Nair, Sr. D.R

PER : AMARJIT SINGH, ACCOUNTANT MEMBER:-

This assessee’s appeal for A.Y. 2011-12, arises from order of the CIT(A)-1, Surat dated 22-01-2016, in proceedings under section 143(3) of the Income Tax Act, 1961; in short “the Act”.

I.T.A No. 407/Ahd/2016 A.Y. 2011-12 Page No 2

2.

The assessee has raised following grounds of appeal:- “(I) Addition u/s.68 Rs. 19,78,376: (1) On the facts and circumstances of the case and as per law, the learned Commissioner of Income-tax (Appeals) erred in confirming addition u/s.68 in respect of deposits made as under: Gulambhai Prop. A.G. Fashion Rs.

The order continues below.

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