SUBHASH CHAND,FARIDABAD vs. ITO, WARD- 2(4), FARIDABAD
Income Tax Appellate Tribunal, DELHI BENCH ‘SMC’, NEW DELHI
Before: Sh. Satbeer Singh Godara
This assessee’s appeal for Assessment Year 2014-15, arises against the CIT(A), Faridabad’s appeal No. 11120/2016-
17 dated 16.11.2017, in proceedings u/s 143(3) of the Income
Tax Act, 1961 (in short “the Act”).
Heard both the parties at length. Case file perused.
Coming to the assessee’s sole substantive ground raised in the instant appeal that both the lower authorities have erred in law and on fact in adding the alleged addition to capital account of his proprietary concern M/s Global Tech Company involving a sum of Rs.14,00,000/-, leaned counsel has invited the tribunal’s Subhash Chand
2
attention to the corresponding paper book running into 8 pages inter alia comprising of the loan(s) statement from DHFL, passbook, OD account entries, capital account ledger and his accountant Mr. Devender Kumar’s affidavit that the source thereof is nothing but the said loan account only. The Revenue’s case on the other hand is that the impugned addition has been rightly made in the assessee’s hands as per the learned lower authorities’ respective detailed findings.
I have given my thoughtful consideration to the assessee’s instant sole substantive ground. It is prima facie clear that the impugned sum of Rs.14,00,000/- could indeed be attributed to the above said loan account of Rs.47,50,000/- availed from M/s Dewan Housing Finance Corporation Ltd. However, as a matter of abundant caution, it is deemed appropriate in the larger interest of justice to direct the learned Assessing Officer to verify the corresponding credit/debit entries in the said loan account(s) concerned, as per law, within three effective opportunities herein subject to a rider that taxpayer shall plead and prove the case at his own risk and responsibility, in consequential proceedings. Ordered accordingly. Subhash Chand
3
5. This assessee’s appeal is allowed for statistical purposes.
Order Pronounced in the Open Court on 20/01/2025. (Satbeer Singh Godara)
Judicial Member
Dated: 20/01/2025
*Subodh Kumar, Sr. PS*