ITO-21(2)(4), MUMBAI vs. MS. NASEEM HASAN MUJAWAR, MUMBAI

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ITA 2277/MUM/2018Status: DisposedITAT Mumbai20 June 2019AY 2013-1420 pages

In favour of the Revenue: the Revenue's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal noted that the CIT(A) had considered the documents provided by the assessee during remand, which included confirmation of loan, PAN of the lender, audited accounts, and repayment details. The Tribunal found that the CIT(A) had correctly applied the principles of Section 68 by considering the identity, creditworthiness, and genuineness of the transaction.

What were the facts?

The Revenue appealed against the CIT(A)'s deletion of additions made on account of a loan of Rs. 60,00,000/- taken by the assessee from M/s. Golden Agro Products Pvt. Ltd. The Assessing Officer considered the lender a shell company, but the assessee provided documents during remand proceedings to establish the loan's genuineness.

What were the issues?

Whether the loan taken by the assessee from M/s. Golden Agro Products Pvt. Ltd. was a genuine transaction and whether the lender was a shell company, impacting the addition made under Section 68.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, MUMBAI BENCHES “B”, MUMBAI

Before: HON‟BLE SHRI SANDEEP GOSAIN, JM & HON‟BLE SHRI RAJESH KUMAR, AM

For Respondent: Shri S.L. Jain, AR

Heard together (2 matters)

C.O. No. 79/Mum/2019
ITA No. 2277/Mum/2018

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

आदेश की प्रयिलऱपि अग्रेपिि/Copy of the Order forwarded to : अिीऱार्थी / The Appellant 1. प्रत्यर्थी / The Respondent 2. आयकर आय क्ि(अिीऱ) / The CIT(A), Mumbai 3. आयकर आय क्ि / CIT, Mumbai 4. 5. पिभागीय प्रयियनधि, आयकर अिीऱीय अधिकरण, म ुंबई / DR, ITAT, Mumbai गार्ड फाईऱ / Guard file 6.

आदेशान सार/BY ORDER, सत्यापिि प्रयि //True Copy//

उि/सहायक िुंजीकार (Dy./Asst. Registrar) आयकर अिीऱीय अधिकरण, म ुंबई / ITAT, Mumbai

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