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Income Tax Appellate Tribunal, “A” BENCH, MUMBAI
Before: SHRI SAKTIJIT DEY, JM & SHRI MANOJ KUMAR AGGARWAL, AM
Per Manoj Kumar Aggarwal (Accountant Member) 1. The captioned appeal by assessee for Assessment Year [AY] 2010-11 contest the order of Ld. Commissioner of Income-Tax (Appeals)-32 [CIT(A)], Mumbai, Appeal No. CIT(A)-32/IT-131/17(1)(2)/2013-14 dated 08/01/2015 qua confirmation of certain additions. None has appeared for assessee despite notice and no adjournment application is on record. Left with no option, we proceed to dispose-off the appeal on the basis of material ITA.No.1999/Mum/2015 Amar Timber Trading Company Assessment Year-2010-11 available on record and after hearing Ld. Departmental Representative, Ms. N.Hemalatha. 2. The following additions as confirmed by Ld. CIT(A) are in dispute before us:-
No. Particulars Amount (Rs.) 1. Purchases made from three parties 2,29,511/- 2. Unsecured Loans received during the year 1,92,995/- 3. Addition u/s 40(a)(ia) for want of Tax 2,23,180/- Deduction at Source on freight payments TOTAL 6,45,686/-
The perusal of order of first appellate authority reveals that the assessee not only failed to produce the suppliers before lower authorities to confirm the purchase transactions but also failed to substantiate the purchases with supporting documents. Similarly, the addition against unsecured loans has been confirmed since the assessee failed to prove the identify, creditworthiness and genuineness of the lenders before the lower authorities. The addition u/s 40(a)(ia) has been confirmed since no plausible explanation in this regard could be furnished by the assessee. We find that the first appellate authority has arrived at the above conclusion with due application of mind after considering the factual matrix. Therefore, finding the same to be reasonable one, we see no reason to interfere with the same.
Resultantly, the assessee’s appeal stand dismissed. Order pronounced in the open court on 27th June, 2018 ITA.No.1999/Mum/2015 Amar Timber Trading Company Assessment Year-2010-11 Sd/- Sd/- (Saktijit Dey) (Manoj Kumar Aggarwal) �या�यक सद�य / Judicial Member लेखा सद�य / Accountant Member मुंबई Mumbai; �दनांकDated : 27.06.2018 Sr.PS:-Thirumalesh