No AI summary yet for this case.
Income Tax Appellate Tribunal, MUMBAI BENCHES “G”, MUMBAI
Before: Shri Saktijit Dey, & Shri Ashwani Taneja
20/01/2016 सुनवाई क� तार�ख / Date of Hearing : 12/02/2016 आदेश क� तार�ख /Date of Order: आदेश / O R D E R Per Ashwani Taneja (Accountant Member): This appeal has been filed by the Assessee against the order of Ld. Commissioner of Income Tax (Appeals)-40, Mumbai {(in short ‘CIT(A)’}, dated 15.10.2013 for the assessment year 2009-10, passed against the assessment order passed by the Assessing Officer (in short ‘AO’) u/s 144 of the Act.
Goverdhan G. Vanani 2
During the course of hearing, arguments were made by Shri Kunjan Shah, Authorised Representative (AR) on behalf of the Assessee and by Shri Nitin Waghmode, Departmental Representative (DR) on behalf of the Revenue.
In this appeal, the sole ground raised by the assessee is with regard to action of Ld. CIT(A) in confirming the addition made by the AO as unexplained cash credit u/s 68 for an amount aggregating to Rs.95,00,000/- being the loans received from two parties viz a sum of Rs.25,00,000/- from Shri Ratilal A. Saparia and Rs.70,00,000/- from Samkit Diamonds.
3.1. During the course of hearing it was argued by Shri Kunjan Shah, Ld. Counsel of the assessee that although confirmations have already been placed on record from the aforesaid two parties but some more evidences are desired to be filed by the assessee to substantiate the sources and creditworthiness in the hands of these two parties.
3.2. It is noted by us that assessment order was framed in this case ex-parte u/s. 144 of the Act. The AO had made the addition in the assessment order in a highly cryptic manner for want of confirmations.
3.3. In appeal before the Ld. CIT(A), although confirmations were filed but he confirmed the addition on the ground that Goverdhan G. Vanani 3 assessee was not able to show sources of income and failed to file income tax return, balance sheet and bank statement etc. of the aforesaid parties.
3.4. We have gone through the submissions made by both the sides as well as orders passed by the lower authorities. It is noted by us proper justice has not been given to this case. The assessment order was passed ex-parte. The Ld. CIT(A) has confirmed the addition on the ground that some more documents were required to be filed. It is noted that from the perusal of the appellate order that it does not appear from its reading whether Ld. CIT(A) had asked the assessee to file some more evidences to clear his doubts.
3.5. On the other hand, assessee’s counsel has submitted before us that if one more opportunity is given, then complete evidences can be filed to substantiate these loans, removing all the doubts. Ld. DR has also showed no objection if this case is sent back to the AO for fresh adjudication.
3.6. In view of the aforesaid facts and circumstances of the case brought before us, we find it appropriate to send all the issues involved in the grounds raised before us to the file of the AO for fresh adjudication. The AO is free to make requisite inquiries, as per law and facts, to clear all his doubts. The assessee shall file all requisite evidences to substantiate these loans as per law, for which AO shall give adequate opportunity of hearing to the assessee. The AO shall pass the order after
Goverdhan G. Vanani 4 considering all the evidences as may be filed by the assessee, as per law and facts. Thus, grounds raised in this appeal are treated as allowed for statistical purposes.
In the result, appeal filed by the assessee is allowed for statistical purposes Order pronounced in the open court on 12.02. 2016.