PAKSH DEVELOPERS PRIVATE LIMITED,AHMEDABAD vs. THE ACIT, CIRCLE-3(1)(2), AHMEDABAD

Delay Condoned The captioned appeal has been filed by the assessee against the order passed by the Ld. Commissioner of Income Tax (Appeals), /National Faceless Appeal Centre, Delhi, vide order dated 04.05.2023 relevant to the Assessment Year 2016-17.

On perusal of the records, it is observed that notice of hearing was duly served upon the assessee to furnish the requisite details, Asst. Year : 2016-17 - 2– clarifications, and explanations in support of the claim pertaining to unsecured loans taken from various parties. In response, assessee has submitted additional evidences to substantiate its claim but the same was not considered by the Ld.CIT(A) and appeal of the assessee was consequently dismissed. Therefore, the Ld. Counsel for the assessee prayed that, given an opportunity, the assessee would produce all necessary details, clarifications, and documentary evidence before the Revenue authorities in support of her claim. We also find that the assessee failed to establish the identity, genuineness, and creditworthiness of the creditors in respect of the unsecured loans even before the Assessing Officer. In view of the above and in the interest of natural justice, we set aside the order of the Ld. CIT(A) and restore the matter to the file of the Assessing Officer for a de novo assessment, with a direction to verify the documentary evidence to be furnished by the assessee and decide the matter in accordance with law. The assessee shall submit all relevant bank statements, documents, and supporting evidence, and to cooperate fully with the Revenue authorities without seeking unnecessary adjournments.