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2015 (7) TMI 981 - ITAT MUMBAI

2015 (7) TMI 981 - ITAT MUMBAI - TMI - Addition made u/s. 68 - Held that:- The unsecured loans received during the year of ₹ 3,00,000/- have been held to be unexplained cash-credits within the meaning of section 68 of the Act. We find that in the impugned assessment, which has been affirmed by the CIT(A) also, there is no material referred by the Assessing Officer which came to his notice subsequent to the assessment order dated 28.03.2003(supra). Pertinently, in the assessment order dated .....

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ssee were concerned, the same are genuine. All these assertions have been made before the CIT(A). So however, we find that the CIT(A) has glossed over the same and he has merely referred to the material with the Assessing Officer prior to the finalization of assessment order dated 28.03.2009(supra). Ostensibly, such material was put to verification by Assessing Officer and only thereafter, he has accepted the transactions as genuine in the assessment dated 28.03.2003 (supra). Considering the ent .....

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ed:- 30-6-2015 - Shri G.S. Pannu and Shri Amit Shukla, JJ. For the Petitioner : Shri Rajkumar Singh For the Respondent : Shri Pawan Kumar Beerla ORDER Per G.S. Pannu, AM The captioned two appeals involved similar issues and, therefore, they have been heard together and a consolidated order is being passed for the sake of convenience and brevity. ITA No. 5815/Mum/2013, is an appeal directed against the order of the Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A) ] date .....

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.w.s 263 in respect of unsecured loans taken from 5 parties, for verification of which loans assessment was already reopened and after due examination and verification same were accepted in the earlier assessment order passed u/s. 143(3) r.w.s 147 of the Income Tax, Act. 1961. 2. That in view of the appeal ground no. 1, order passed by Ld. Assessing Officer u/s. 143(3) r.w.s 263 is bad in law and void ab-initio, being making and addition in respect of an issue at the behest of the Ld. CIT, witho .....

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treating a sum of ₹ 3,00,000/- as an unexplained cash credit within the meaning of section 68 of the Act. In brief, the relevant facts are that assessee is an individual who filed her return of income on 26.03.1996 declaring a total income of ₹ 58,170/-. The said return of income was processed u/s 143(1) of the Act, but thereafter, the assessment was re-opened by issuance of notice u/s 148 of the Act, which resulted in an assessment u/s 143(3) r.w.s 147 of the Act on 28.03.2003. Sub .....

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ed assessment has been carried out by the Assessing Officer in pursuance to the directions of Commissioner of Income Tax-19, Mumbai, u/s 263 of the Act. In the impugned assessment, the total income has been assessed at ₹ 3,58,170,/- which inter-alia, includes the addition of ₹ 3,00,000/- u/s 68 of the Act. 3. In brief, the circumstances leading to the impugned dispute can be summarized as follows. A survey action u/s 133A of the Act was carried out in the premises of one Shri Nitin J .....

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ansactions to be routed through their bank accounts for which they received consideration in cash. The appellant was also found to have received certain unsecured loans from various parties through account payee cheques and such loans were to the tune of ₹ 3,00,000/-. The Assessing Officer having regard to the statement of Shri Nitin J. Rughani has treated the unsecured loans of ₹ 3,00,000/- received by assessee from various parties as mere accommodation entries obtained by the asses .....

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₹ 3,00,000/- was carried out by the Assessing Officer. It is the claim of the appellant that the assessment was re-opened and finalized on 28.03.2003 (supra) only for the purpose of examining the genuineness of loans, based on the statement of Shri Nitin J. Rughani. In the said assessment, the Assessing Officer was satisfied that the loans of ₹ 3,00,000/- were genuine and no addition was made. It was, therefore, contended that during the impugned proceedings no fresh material has bee .....

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r the Revenue has contended that the statement of Shri Nitin J. Rughani and the material found during the course of survey action clearly establish that the loans received by the assessee were mere accommodation entries. Therefore, the addition is sought to be justified. 6. We have carefully considered the rival submissions. In the present case, we find that the starting point of the dispute is a survey action in the case of Shri Nitin J. Rughani and his statement recorded on various dates namel .....

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03.2003 (supra). The case set up by the assessee is that in the course of such assessment, complete details of impugned unsecured loans received during the year, like loan confirmation, genuineness and creditworthiness of the creditors was examined and the Assessing Officer was satisfied and, therefore, no addition was made. Before the CIT(A) assessee has also stated that in the course of such proceedings, the Assessing Officer summoned the respective parties u/s 131 of the Act and recorded thei .....

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revisionary jurisdiction u/s 263 of the Act, has set aside such assessment. In the impugned assessment, the unsecured loans received during the year of ₹ 3,00,000/- have been held to be unexplained cash-credits within the meaning of section 68 of the Act. We find that in the impugned assessment, which has been affirmed by the CIT(A) also, there is no material referred by the Assessing Officer which came to his notice subsequent to the assessment order dated 28.03.2003(supra). Pertinently, .....

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