ANMOL ALLIANCE,MUMBAI vs. INCOME TAX OFFICER, WARD 34(1)(1) , MUMBAI

Appellant by : None Respondent by : Shri. Prashant Barate, Sr-DR Date of Hearing 20.06.2024 Date of Pronouncement 28.06.2024 आदेश / O R D E R PER OMKARESHWAR CHIDARA:-

1. On the facts and circumstances of the case in law, the Ld. CIT(A)/NFAC has erred in not admitting the additional evidences which were submitted by the appellant despite the M/s. Anmol Alliance, fact that the appellant was prevented by sufficient cause from submitting those evidences before the Assessing Officer 2. On the facts and circumstances of the case and in law, the Ld. CIT(A)/NFAC has erred in confirming the addition of Rs. 4,30,82,183/- as unexplained cash credit under section 68 representing the increase in the unsecured loans during the year under consideration.

3. On the facts and circumstances of the case and in law, the Ld. CIT(A)/NFAC has erred in confirming the addition of interest on unsecured loans of Rs. 6,01,139/- as unexplained expenditure under section 69C.

2. On 20th June, 2024, the case was posted for hearing and on that day there is neither any adjournment letter nor any one appeared on behalf of the assessee. Hence, we are constrained to decide this appeal as ex-parte. Coming to the merits of the case, we observe that the Assessing Officer passed the assessment order dated 19.12.2019 u/s 144 of the Income Tax Act, in the absence of satisfactory compliance and non-establishing the genuineness of source of loan amount of Rs. 4,30,82,183/- and the corresponding interest of Rs. 6,01,139/- treated as unexplained cash credit u/s 68 of the Income Tax Act and being disallowance u/s 69C of the Income Tax Act respectively and added the same in the income of assessee.