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2017 (9) TMI 1597 - ITAT MUMBAITreating loan as gift u/s. 56 (2)(vi) - Held that:- We find that the assessee had claimed to have received a loan of ₹ 70 lakhs from NTK, that the AO had rejected the claim made by her, that he had recorded the statements of assessee and the creditor, that he held that the amount in question was to be taxed as per provisions of section 56(2)(vi) of the Act, that the FAA has passed a very cryptic and non speaking order. We find that at para 5. 3. 10. 1 to 5. 3. 10. 6 he had simply copied the order of the AO. He had not given any reasons as to why he was not convinced by the submissions made during the appellate proceedings. In our opinion being FAA, the CIT(A) should pass a reasoned and speaking order. The size of the order may not be of material importance, but what is important is reasoning for accepting/rejecting the arguments/submissions of the AO/assessee. It is right of AO as well as assessee to get a reasoned and speaking order. Considering the facts and circumstances of the case, we are of the opinion that in the interest of justice matter should be sent back to the file of FAA and he is directed to pass a reasoned and speaking order after considering the submissions of the assessee and case laws relied upon by the assessee. Effective Ground of appeal , raised by the assessee is allowed her favour in part.
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