FSK BUILDERS & DEVELOPERS PVT. LTD.,MUMBAI vs. ITO 6(2)(3), MUMBAI

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ITA 4910/MUM/2019Status: DisposedITAT Mumbai01 November 2021AY 2010-117 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that loans from directors and group entities substantiated with required documents were rightly deleted by the CIT(A). However, for loans where only confirmations were provided, the matter was remanded back to the CIT(A) for further evidence. Additions under Section 69 and 69B were deleted as the transactions were in regular books of accounts and lacked corroborative evidence and cross-examination.

What were the facts?

The assessee, FSK Builders & Developers Pvt. Ltd., was assessed on a best judgment basis for AY 2010-11. The Assessing Officer made additions for unsecured loans, advances, sundry creditors, estimated stock, and land purchase payments. The CIT(A) deleted most additions except for Rs. 27 Lacs under Section 68.

What were the issues?

Whether the CIT(A) was justified in deleting additions for unsecured loans, advances, and land purchase payments, and whether the assessee discharged its onus for certain unsecured loans.

Which sections of the Income-tax Act were involved?

Section 68,Section 69,Section 69B

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Income Tax Appellate Tribunal, “F” BENCH, MUMBAI

Before: HON’BLE SHRI SAKTIJIT DEY, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Appellant: Shri Mandar Vaidya, Ld. AR
For Respondent: Shri S. N. Kabra, Ld. Sr. DR

Heard together (2 matters)

I.T.A. No.4910/Mum/2019
I.T.A. No.4317/Mum/2019

Read from the judgment's own cause title. This page is filed under one of them.

आदेशकीप्रधिधलधपअग्रेधर्ि/Copy of the Order forwarded to : 1. अपीलाथी/ The Appellant 2. प्रत्यथी/ The Respondent 3. आयकरआयुक्त(अपील) / The CIT(A) 4. आयकरआयुक्त/ CIT– concerned 5. यवभागीयप्रयतयनयध, आयकरअपीलीयअयधकरण, मुंबई/ DR, ITAT, Mumbai 6. गार्डफाईल / Guard File

आदेशाि सार/ BY ORDER,

उप/सहायक पुंजीकार (Dy./Asstt.Registrar) आयकरअपीलीयअधिकरण, मुंबई / ITAT, Mumbai. Sr. No. Details Date Initials Designation 1 Draft dictation sheets are attached Directly Typed Sr.PS/PS on Computer / Laptop 2 Draft dictated on Not Applicable/ Sr.PS/PS 3 Draft Placed before author Not Applicable Sr.PS/PS 4 Draft proposed & placed before the Second Member JM/AM 5 Draft discussed/approved by Second Member JM/AM 6 Approved Draft comes to the Sr.PS/PS 02.11.2021 Sr.PS/PS 7 Order pronouncement on 01.11.2021 Sr.PS/PS 8 File sent to the Bench Clerk 02.11.2021 Sr.PS/PS 9 Date on which the file goes to the Head clerk 10 Date on which file goes to the AR 11 Date of Dispatch of order

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