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Income Tax Appellate Tribunal, ‘A’ BENCH, CHENNAI
Before: SHRI DUVVURU RL REDDY & SHRI S. JAYARAMAN
आदेश/ O R D E R
PER S. JAYARAMAN, ACCOUNTANT MEMBER:
The assessee filed this appeal against the order of the Commissioner of Income Tax (Appeals)-4, Chennai in dated 26.03.2019 for the assessment year 2015-16.
M/s. Aston Power and Steel Pvt. Ltd., is in the business of power projects, manufacturing, trading, imports and exports.
:-2-: While making assessment for the assessment year 2015-16, the AO found that the assessee was in receipt of short term borrowing of Rs.2,46,39,791/- from M/s. Manmohak Exports Pvt. Ltd. The AO issued a notice U/s.133(6) calling for information at the address provided by the assessee. Since there was no response, he added the credit claimed by the assessee as an unexplained credit and completed the assessment. Aggrieved, the assessee filed an appeal before the CIT(A). The ld.CIT(A) furnished various opportunities, since there was no response from the assessee, the ld.CIT(A) dismissed the appeal. Aggrieved the assessee filed this appeal.
The ld.AR pleaded that the impugned transaction is a genuine transaction and the assessee has substantial evidence and if one more opportunity is given to the assessee, it would be able to prove it to the satisfaction of the authority concerned and hence pleaded that in the interests of justice, its plea may be considered favourably.
We heard the rival submissions and in the interests of justice, we remit this issue back to the ld.CIT(A). The assessee
:-3-: shall place all the material in support of its contention before the ld.CIT(A) within 30 days from the receipt of this order and comply with his requirements in accordance with law. The ld.CIT(A) on due consideration of them in accordance with law and after affording adequate opportunity to the assessee shall pass the order on merits.
5 In the result, the assessee’s appeal is treated as partly allowed for statistical purpose.
Order pronounced in the court on 3rd October, 2019 at Chennai.