SHRI KEELARA CHANNAPPA SUDHARSHAN,BANGALORE vs. INCOME TAX OFFICER WARD-6(3)(3), BANGALORE

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ITA 1069/BANG/2018Status: DisposedITAT Bangalore26 August 2019AY 2013-145 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found strength in the assessee's submission supported by bank statements showing an inter-bank transfer. However, since the evidence was not substantiated during assessment proceedings, the issue was restored to the Assessing Officer for verification.

What were the facts?

The Assessing Officer made an addition of Rs. 6 lakhs on account of an unsecured loan for which no documentary evidence was produced. The CIT(Appeals) confirmed this addition. The assessee then appealed to the ITAT, claiming the amount was an inter-bank transfer.

What were the issues?

Whether the addition on account of unsecured loan was justified when the assessee provided bank statements showing an inter-bank transfer, and if the matter should be remanded for verification of the transaction.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, BANGALORE BENCHES “ C ” BENCH: BANGALORE

Before: SHRI A.K. GARODIA & SHRI PAVAN KUMAR GADALE

For Appellant: Shri S.V. Ravi Shankar, Advocate
For Respondent: Dr. S. Palani Kumar, Addl. CIT (D.R)
Hearing: 23.07.2019Pronounced: 26.08.2019

O R D E R

PER SHRI PAVAN KUMAR GADALE, JM :

1.

The assessee has filed an appeal against the order of learned Commissioner of Income Tax (Appeals)-3, Bangalore passed under Section 143(3) and 250 of the Income Tax Act, 1961.

2.

The assessee has raised the following grounds of appeal :

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