Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (11) TMI 1301 - ITAT MUMBAI

2016 (11) TMI 1301 - ITAT MUMBAI - TMI - Addition u/s 68 - assessee contends that the Assessing Officer had made the addition without appreciating the fact that all the said amount of unsecured loans outstanding as on 31/3/2009 are outstanding in books of account for a long time and are reflected in previous years balance sheets - Held that:- In our considered view a perusal of the CIT(A)ís finding in the impugned order would clearly establish that the CIT(A) has not examined, verified or addres .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

contended by the assessee, then the addition under section 68 of the Act as upheld by the CIT(A) cannot be made or sustained. In this view of the matter, we are constrained in the interest of equity and justice to set aside the finding in the impugned order of the CIT(A) and restore the matter to his file to consider and adjudicate the grounds raised before him - Decided in favour of assessee for statistical purposes. - ITA No. 192/MUM/2014 - Dated:- 16-9-2016 - SHRI JASON P. BOAZ ACCOUNTANT MEM .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d notices under section 143(2) of the Income Tax Act, 1961 ( the Act ) and notice under section 142(1) alongwith questionnaire calling for certain details were issued on 11/7/2011. According to the Assessing Officer, the assessee filed only some of the details called for but failed to submit the balance details required in spite of reminders issued to the assessee. In that view of the matter, the Assessing Officer noticed, from a perusal of the Balance Sheet of the assessee as on 31/3/2009, that .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

f ₹ 12,44,467/- in respect of unexplained unsecured loans appearing in the assessee s Balance Sheet as on 31/3/2009. 2.2 Aggrieved by the order of assessment for assessment year 2009- 10, the assessee preferred an appeal before the CIT(A) -18, Mumbai. The grounds raised by the assessee before the CIT(A) are as under:- 1. The Learned assessing officer has failed to appreciate that all amount has been outstanding in the books of assessee since long time and same were reflected in previous ba .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

details with confirmations and copies of loan accounts of these parties. But the assessee has failed to submit the confirmations and other required details although number of opportunities were provided. Thus, the A.O has treated the amount of ₹ 12,44,467/- as unexplained liability and added back to the taxable income. On the other hand, the AR of the appellant has submitted that as per balance sheet it has shown unsecured loans of ₹ 12,44,467/- and photo copy of three confirmation l .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ch are without PAN number, bank statement and balance sheet of the concerned parties. As per the provisions of Section 68 the onus is always on the assessee to submit complete details to prove the identity, creditworthiness and genuineness of the creditor. But in the present case, the assessee has failed to submit any documentary evidence to prove these conditions. To strengthen the view of the reliance is placed on the following decision. (a) Roshan Di Hatti Vs. CIT, 107 ITR 938 (SC) (b) CIT Vs .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d ground of appeal is dismissed. 3. Aggrieved by the order of the CIT(A) -18, Mumbai dated 29/10/2013 for assessment year 2009-10, the assessee has preferred this appeal before the Tribunal raising the following grounds:- 1. The Honourable CIT(A) has failed to appreciate that all amount has been outstanding in the books of assessee since long time and same were reflected in previous balance sheet also were disallowed and made addition. 2. The confirmation of accounts are attached herewith. The a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

out above, we are of the considered opinion that the assessee is not interested in seriously pursuing this appeal and, therefore, proceed to dispose this appeal with the assistance of the Ld. Departmental Representative and the material on record. 5. The Ld. Departmental Representative was heard and he placed strong reliance on the orders of the authorities below in holding and confirming the addition of ₹ 12,44,467/- in respect of unsecured loans of three parties as unexplained unsecured .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

CIT(A) has confirmed the said addition made by the Assessing Officer . We have extracted the grounds of appeal raised by the assessee before the CIT(A) in para 2.2 of this order(supra) and the CIT(A) s finding thereon at para 2.3 of this order(supra). The reason for this extraction is that, a perusal of the grounds vis-à-vis the CIT(A) s finding will establish that the CIT(A) has actually not addressed or adjudicated the grounds raised by the assessee. In the grounds raised before CIT(A) .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version