MUKESH BABULAL SHAH,MUMBAI vs. ITO WD 17(2)(4), MUMBAI

O R D E R This appeal by the assessee is directed against order of learned CIT(A) dated 01.12.2016 and pertains to assessment year 2012-2013.

2. On the facts and circumstances of the case and in law, the learned Commissioner of Income Tax (Appeals) has erred in confirming the disallowance of Rs. 22,813/- out of interest expenses by calculating notional interest on two interest free advances.

. Shri Mukesh Babulal Shah. 3. On the facts and circumstances of the case and in law, the learned Commissioner of Income Tax (Appeals) has erred in confirming addition u/s 68 for Rs. 23,00,000/- being loans and advances received from 8 parties. Your appellant craves to consider each of the above grounds of appeal without prejudice to each other and craves leave to add, to alter, to amend or to furnish fresh and / or detailed grounds of appeal.”

3. In this case I note that assessee has duly submitted Permanent Account Number of two transport operators before the learned CIT(A). The assessee has also submitted confirmation of loans from 8 (eight) parties before the learned CIT(A). It was in the absence of above evidences which has led to the addition in this case. The assessee had not submitted the details before the Assessing Officer. However, the details were submitted before the learned CIT(A). The learned CIT(A) has erroneously observed that no such details has been submitted before him by the assessee. However, the statement of facts submitted before the learned CIT(A) support the contention of the assessee that the said details were submitted and the learned CIT(A) failed to note the same. In these circumstances, both the Counsel fairly agreed that the issue raised in this appeal needs to be remitted to the file of the Assessing Officer. Accordingly, I remit the issue raised to the file of the A.O. The Assessing Officer shall consider the issue afresh after considering the new evidences submitted by the assessee before the learned CIT(A). Needless to add, the assessee should be granted adequate opportunity of being heard.