SHRI SHAMJIBHAI M. SHELADIYA,SURAT vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIR.-3(2), SURAT
In the result, appeal of the assessee is partly allowed
ITA 234/SRT/2022[2016-17]Status: DisposedITAT Surat03 Mar 2023AY 2016-17
Bench: Shri Pawan Singhआ.अ.सं./Ita No.234/Srt/2022 (Ay 2016-17) (Hearing In Physical Court) Shri Shamjibhai M Sheladiya Assistant Commissioner Of 11, Chandanbaug Society, Income-Tax, Circle-3(2), Vs Opp. Dharam Nagar, A.K. Aayakar Bhawan, Majura Road, Surat-395006 Gate, Surat-395001 Pan No: Afxps 3164 B अपीलाथ"/Appellant ""यथ" /Respondent "नधा"रती क" ओर से /Assessee By Shri Sapnesh R Sheth, C.A राज"व क" ओर से /Revenue By Shri Vinod Kumar, Sr-Dr सुनवाई की तारीख/Date Of Hearing 28.12.2022 उ"घोषणा क" तार"ख/Date Of 03.03.2023 Pronouncement Order Under Section 254(1) Of Income Tax Act Per Pawan Singh: 1. This Appeal By Assessee Is Directed Against The Order Of National Faceless Appeal Centre, Delhi [For Short To As “Nfac/Ld.Cit(A)”] Dated 27.05.2022 For Assessment Year 2016-17, Which In Turn Arises Out Assessment Order Passed By Assessing Officer Under Section 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Dated 06.12.2018. The Assessee Has Raised The Following Grounds Of Appeal:- “1. On The Facts Of The Case As Well As Law On The Subject, The Learned Cit(A), Nfac Has Erred In Confirming The Action Of Assessing Officer In Making Addition Of Rs.15,00,000/- As Unexplained Cash Credit U/S 68 Of The I.T. Act,1961. Sh.Shamjibhai M Sheladiya 2. On The Facts & Circumstances Of The Case As Well As Law On The Subject, The Learned Cit(A), Nfac Has Erred In Confirming The Action Of Assessing Officer In Invoking Provisions Of Section 115Bbe Of The Act & In Thereby Taxing Entire Cash Credit Of Rs.15,00,000/- At 30 Percentage.
Section 115BSection 143(3)Section 254(1)Section 68Section 80C
disallowance / addition under section 68 of the Act for unsecured loan. The assessee stated that he has availed loan from these two persons and furnished their respective confirmation, ITR, computation, profit and loss account along with their balance-sheet and bank statements, particularly for unsecured loan of Rs.7.00 lakh from Ashokbhai J Dhanani, the assessee stated that during the assessment
