SANJAYBHAI SHANTILAL SHAH,AHMEDABAD vs. THE ITO, WARD-5(3)(1), AHMEDABAD

That the Ld. CIT(A) has erred both in law and on facts while confirming the order of the AD without giving proper opportunity of being heard and as such the appeal dismissed on grounds of limitation and hence it will require to be set-aside Asst. Year : 2019-20 - 2–

That the appellant is not a techno savvy and hence the appellant has specifically denied for communication of notices on E-mail however without issue of manual communication for hearing notice the appeal dismissed on the ground of limitation is against the provision off natural justice and as such the order passed by NFAC dated 21-08-20024 require to be set aside

That the notice issued u/s 148 of the Income Tax Act, by the assessing officer ward 50(7), Ahmedabad is against the provision of law and therefore the whole proceedings are bad in law and require to be quashed

That the reasons recorded u/s 147 of the IT. Act, 1961 are vague and therefore the proceedings initiated are bad in law and require to be set aside.

That the assessee has furnished all the documents before the assessing officer, however without appreciating the facts and documents the order passed is against the provision of law and therefore the addition made u/s 69 of the Income Tax Act 1961 for Rs. 40,00,000/-requires to be deleted

That the appellant has not committed default as defined u/s 115BBE of the IT. Act. 1961, however the assessing officer has applied section 115BBE for taxing at hire rate of Tax is not valid in law and it require to be deleted.

The assessee has not made any default of Sec. 210 nor made any default in payment of advance tax and therefore unwanted interest charged u/s.234A 234B and 234C requires to be deleted.

The addition of Rs. 40,00,000/- has been made in the hands of the assessee owing to the investments made in the following companies. i. Tata Capital Finance Services Limited. ii. Mahindra & Mahindra Financial Services Limited. Asst. Year : 2019-20 - 3–

The assessee submitted that he has taken loan of Rs.40,00,000/- from ECL Finance Limited, invested in the following companies bonds and interest earned thereon. The relevant extract is reproduced as under: Asst. Year : 2019-20 - 4– Asst. Year : 2019-20 - 5– Asst. Year : 2019-20 - 6–

Since the sources of the investments have been furnished and the interest earned is less than the taxable limit, we hold that no addition is warranted. Asst. Year : 2019-20 - 7–

In the result, the appeal of the assessee is allowed.

अपीलाथŎ / The Appellant 2. ŮȑथŎ / The Respondent. 3. संबंिधतआयकरआयुƅ / Concerned CIT 4. आयकर आयुƅ(अपील) / The CIT(A)- 5. िवभागीय Ůितिनिध, आयकर अपीलीय अिधकरण, अहमदाबाद / DR, ITAT, Ahmedabad 6. गाडŊ फाईल / Guard file.