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2022 (11) TMI 63 - ITAT MUMBAIUnexplained investment u/s 69 - CIT-A deleted the addition - HELD THAT:- CIT – A did not examine the assessee whereas the learned AO issued the summons and it was not complied with Without examining the assessee, CIT – A reached at the conclusion that assessee is a homemaker and she has fluctuating income. He did not care to look into the fact that assessee has only filed return of income for this year and there is no source of income available with the assessee. He also did not consider the fact that a person who does not have any source of income, how an NBFC could have lent Rs.251 lakhs to such a party and where the price of the property is the same. He also did not examine that what is the actual cost of the property and how the registration, stamp duty expenses have been incurred, if at all such expenses are incurred. He also did not care to examine that how the interest of the above loan could have been serviced. He also did not look into the facts of this NBFC whether it is engaged in the business of housing loan or not. He also did not consider the relationship between NBFC and the assessee family. In view of this, we find that the order of the learned CIT – A is not sustainable. We restore the appeal of the learned AO back to the file of the learned assessing officer with a direction to the assessee to furnish all the requisite details, appear before the assessing officer in compliance with the summons u/s 131 of the act, show the credentials of the nonbanking financial company and rational of loan given to the assessee within 180 days from the date of this order. The learned assessing officer may examine the same, give an opportunity of hearing to the assessee, and then decide the issue on the merits of the case. Appeal of AO is allowed for statistical purposes.
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