Sri Rajib Chowdhury, Ben vs. Commissioner of Income Tax (Appeal)-7, Bengaluru
In the result, the appeal filed by assessee stands allowed for statistical purposes
ITA 85/BANG/2018[2011-12]Status: DisposedITAT Bangalore31 Jan 2022AY 2011-12
Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2011-12 Shri Rajib Chowdhury, Prop. M/S. Bright Petroleum, The Income Tax Officer, No. 340, 10Th B Main, Ward 8 (3), 1St Cross, 4Th Block, Bangalore. Basaveswaranagar, Vs. Bangalore – 560079. Pan: Ablpc6333L Appellant Respondent Assessee By : Shri B. Srinivasa, Ca Revenue By : Shri Sankarganesh K, Jcit (Dr) Date Of Hearing : 23-12-2021 Date Of Pronouncement : 31-01-2022 Order Per Beena Pillaipresent Appeal Arises Out Of Order Dated 11.10.2017 Passed By Ld.Cit(A)-7, Bangalore For Assessment Year 2011-12 On Following Grounds Of Appeal: “1. That On The Facts Of The Case, The Learned Income Tax Officer Is Not Right In Disallowing The Interest Paid On Loan. 2. That On The Facts & Circumstances Of Case, The Learned Commissioner Appeal'S Should Have Observed That The Assessing Officer Has Not Recorded Satisfaction With Regard To Genuineness Of The Transactions Entered By The Appellant & Not Provided An Opportunity. 3. That The Learned Commissioner Appeal'S Has Not Verified That Bank Statement Disbursement Of Loan Amount. 4. That The Learned Commissioner Appeal'S Has Erred Both On The Facts & In Law. 5. That The Learned Commissioner Of Appeal Should Have Examined The Utilization Of Loan Amount After Loan
For Appellant: Shri B. Srinivasa, CAFor Respondent: Shri Sankarganesh K, JCIT (DR)
…hat the Ld.CIT(A) did not give sufficient opportunity to assessee to explain and produce relevant documents in support of its contention. The Ld.Sr.DR relied on the decision of Hon’ble Karnataka High Court in case of T.P. Indrakumar vs. ITO reported in [2010] 322 ITR 454. He submitted that the said addition was an admission on behalf of assessee before the Ld.AO. He thus submitted the orders passed by the authorities below. 4. We have perused the submissions advanced by both sides in the light of records placed before us. We note that the utilisation of the loan by assessee has not been verified by the authoritie…
