Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, PANAJI ‘SMC’ BENCH : PANAJI
Before: SHRI SATBEER SINGH GODARA
ORDER This assessee’s appeal for assessment year 2009- 10, arises against the CIT(A)-2 Panaji, Panaji, Goa’s order dated 26.02.2020, passed in case ITA.No.458/CIT(A)- 2/PNJ/2017-18, ITA.No.575/PNJ/2011-12, in proceedings u/s. 143(3) of the Income Tax Act, 1961 (in short "the Act").
Heard both the parties. Case file perused.
The assessee’s sole substantive ground raised in the instant appeal challenges correctness of both the lower authorities’ action treating his unsecured loans of Rs.12 lakhs as unexplained in the course of assessment dated 29.12.2011 as upheld in CIT(A)'s order as under :
2 ITA.No.75/PAN./2020
3 ITA.No.75/PAN./2020
Suffice to say, it emerges during the course of hearing that assessee had not filed any of the relevant details during the course of assessment as per the observations to this effect in the assessment order. He chose to file his additional submissions before the CIT(A), which were referred to the Assessing Officer. The latter’s remand report dated 14.02.2020 [pages 28 to 29] makes it clear that the assessee’s
4 ITA.No.75/PAN./2020 very failure continued even in the said second round as well. Learned counsel invited my attention to the assessee’s detailed paper book running into 53 pages that the assessee had duly filed all the relevant details which can be now subjected to afresh factual verification.
All these assessee’s averments fail to evoke this tribunal’s concurrence once it has come on record that he could not discharge his onus of proving genuineness and creditworthiness of the unsecured loans of Rs.12 lakhs. I thus upheld the impugned addition in light of the CIT(A)'s foregoing detailed discussion. Ordered accordingly.
This assessee’s appeal is dismissed in above terms. Order pronounced in the open court on 24.01.2023.