M/S KUNDALI JEWEL (INDIA) PRIVATE LIMITED,MUMBAI vs. ITO - 12(3)(1), MUMBAI
In the result, the appeal filed by the assessee is hereby partly allowed and the appeal filed by the revenue is hereby dismissed
ITA 3511/MUM/2019[2012-13]Status: DisposedITAT Mumbai23 Feb 2021AY 2012-13
Bench: Shri M. Balaganesh, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No. 3511/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2012-13) M/S. Kundali Jewels (India) बिधम/ The Income Tax Officer 12 Pvt. Ltd. (3)(1) Vs. Room No.147 A, 1St Floor, 1/1705, Challenger Tower, Thakur Village, Kandivali Aayakar Bhavan, M. K. (E), Mumbai. Marg, Mumbai-400020. आयकर अपील सं/ I.T.A. No. 4337/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2012-13) The Income Tax Officer 12 बिधम/ M/S. Kundali Jewels (India) (3)(1) Pvt. Ltd. Vs. Room No.147 A, 1St Floor, 1/1705, Challenger Tower, Aayakar Bhavan, M. K. Thakur Village, Kandivali Marg, Mumbai-400020. (E), Mumbai. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Pnek10340B (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Rashmikant C. Modi Ms. Ketki Rajeshirke Revenue By: Shri Gurbinder Singh (Dr) सुनवाई की तारीख / Date Of Hearing: 04/02/2021 घोषणा की तारीख /Date Of Pronouncement: 23/02/2021 आदेश / O R D E R Per Amarjit Singh (Jm) The Assessee As Well As Revenue Have Filed The Above Mentioned Appeals Against The Order Dated 29.03.2019 Passed By The Commissioner Of Income Tax (Appeals) -21, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y. 2012-13. Ita. No.3511/Mum/2019 4337/Mum/2019 A.Y. 2012-13 2. The Assessee Has Filed The Present Appeal Against The Order Dated 29.03.2019 Passed By The Commissioner Of Income Tax (Appeals) -21, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2012- 13. 3. The Assessee Has Raised The Following Grounds: -
For Appellant: Shri Rashmikant C. ModiFor Respondent: Shri Gurbinder Singh (DR)
Section 143(1)Section 143(2)Section 143(3)Section 147Section 148Section 32Section 40
…ot that of the debtor (the assessee). In the case of Nemi Chand Kothari V/s. CIT (2003) 264 ITR 254 (Gau.). the Hon'ble Gauhati High Court held that the assessee cannot be called upon to prove the source-of-source. In CIT V/s. Arunanda Textiles P. Ltd. {2011} 333 ITR 116 (Kar.). the Hon'ble Karnataka High Court held that where the assessee has submitted confirmations & affidavits from the creditors, the onus is not on the assessee to prove the creditworthiness of the creditors. 10.3 A further cue for this proposition can be had from the proviso inserted in sec 68 by Finance Act, 2012 from A.Y. 2013-14. Under this…
