MAHESHBHAI SOMABHAI BHOI,ANAND vs. THE ITO, WARD-1(3)(1), PETLAD

The present appeal has been filed by the Assessee against the order passed by the Learned Commissioner of Income Tax (Appeal)/National Faceless Appeal Centre (NFAC), Delhi [hereafter referred to as “CIT(A)”] dated 03.10.2024 arising from the order passed u/s. 147r.w.s.144 of the Income Tax Act, 1961 (here-in-after referred to as “the Act”) relevant to the Assessment Year 2018-19.

The assessee in this appeal is aggrieved by the action of the CIT(A) in upholding the addition of Rs. 6,50,000/- made by the Assessing Officer treating the loan received by the assessee as income of the assessee from unexplained sources. The ld. counsel for the assessee has submitted that firstly, the loan was not received during the year under consideration and secondly, the assessee can very well explain the source of the loan along with identity and creditworthiness of the creditors and genuineness of the transaction. The ld. counsel has further brought our attention to the ex-parte order of the CIT(A). The ld. counsel has submitted that though, the necessary details relating to the aforesaid credits were filed before the CIT(A), however, the Ld. CIT(A) failed to consider the same. Considering the above submissions of the assessee, the impugned order of the CIT(A) is set aside and the matter is restored back to the file of CIT(A) for decision afresh on this issue. The assessee will file the submissions along with evidences which will be duly considered by the CIT(A) and thereafter the Ld. CIT(A) will pass order afresh on the appeal of the assessee.

In the result, the appeal of the assessee is treated as allowed for statistical purposes.