TMI Blog2018 (8) TMI 752X X X X Extracts X X X X X X X X Extracts X X X X ..... e concerned loan creditors did not have sufficient sources to advance loan to the assessee. The loan advanced to the assessee is duly reflected in their balance sheets. We find that the assessee had duly submitted all the relevant documents with supporting evidences before the ld AO in the remand proceedings - Additions directed to be deleted. Decided in favor of assessee. - I.T.A No. 635/Kol/2017 - - - Dated:- 1-8-2018 - Shri Aby. T. Varkey, JM And Shri M.Balaganesh, AM For The Appellant : Shri Anikesh Banerjee, Advocate And Mrs. Saswati Mitra (Dutta), Advocate For The Respondent : Shri Sallong Yaden, Addl. CIT, Sr. DR ORDER Per M.Balaganesh, AM 1. This appeal by the Assessee arises out of the order of the Learned Commissioner of Income Tax(Appeals)-15, Kolkata [in short the ld CIT(A)] in Appeal No. 184/CIT(A)- 15/14-15/JCIT-R-51/Kol dated 27.01.2017 against the order passed by the JCIT, Range-51, Kolkata [ in short the ld AO] under section 143(3) of the Income Tax Act, 1961 (in short the Act ) dated 31.03.2014 for the Assessment Year 2011-12. 2. The Ground No.1 raised by the assessee was stated to be not pressed by the ld AR at the time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sheet of Sona Restaurant Hotel to prove the availability of own funds in the sum of ₹ 26, 77, 390/-. The assessee filed declaration and confirmation of gift from his father and brother for having gifted ₹ 6 lacs each to him together with their income tax particulars. The assessee also filed copy of their income tax returns together with their balance sheets to prove the availability of sufficient sources for father and brother to advance the gift to the assessee. The assessee also submitted that at the time of assessment proceedings, the books of accounts of M/s Sona Restaurant Hotel were seized by the sales tax department and hence the same could not be produced before the ld AO for his examination. All these particulars were subjected to remand before the ld AO. The assessee submitted it was running business in the name and style of M/s Sona Restaurant which from 1.4.2010 was converted into partnership firm in the same name of M/s Sona Restaurant. Assesseee claimed to have utilized his own capital in his proprietorship business M/s Sona Kuthi. It was also further mentioned that both the father and brother were agriculturists and were engaged in petty lending activ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loans etc. We find that the authorities below had merely rejected these documents and evidences submitted from father and brother. No efforts were taken by the authorities to examine the father and the brother to clear their doubts, if any. We find that similar matter had come up for consideration before this tribunal in the case of Shankar Agarwal vs ACIT in ITA No. 444/Kol/2018 dated 13.7.2018, wherein it was held as under:- 6.1. The assessee has filed copies of declaration of gift from both his parents. Copies of the income tax returns, profit and loss account, capital gain and balance sheets of his father and mother have been filed. Copy of cash book of as well as copy of bank statements of Shri Hanuman Prasad Agarwal (father of the assessee) Smt. Shanti Devi Agarwal (mother of the assessee) were filed. The ld. CIT(A) rejected the contention of the assessee on the ground that the donors do not have creditworthiness. The donors in this case happen to be the father and mother of the assessee. All necessary details were filed in this regard. Both the parents are income-tax assessees. Under these circumstances, in our view, no addition can be made in the hands of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee placed all the relevant documents before the ld CITA for the first time. The ld CITA sought for a remand report from the ld AO with regard to those additional evidences. The assessee had stated that it had availed bank loan from State Bank of India in the sum of ₹ 8, 10, 682/- as on 31.3.2011. It was submitted that in the balance sheet, the house building loan availed by the assessee from PNB Housing Finance Ltd was wrongly reflected as loan from United Bank of India. It was clarified that no loan was ever availed from United Bank of India. The assessee also placed on record a certificate from his Chartered Accountant who admitted to having committed an error in not mentioning PNB Housing Finance Ltd in place of United Bank in the balance sheet. The details of house building loan availed from PNB Housing Finance Ltd are as under:- A/c No. 6660000734 - ₹ 2, 00, 000/- A/c No. 6700000719 - ₹ 15, 00, 000/- ₹ 17, 00, 000/- 5.3.1. The assessee also submitted evidences in this re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion in the sum of ₹ 15, 40, 000/-. 5.5. We have heard the rival submissions and perused the materials available on record. We find that with regard to addition towards secured loans of ₹ 25, 10, 682/-, the assessee had availed loans as under:- State Bank of India - ₹ 8, 10, 682/- PNB Housing Finance Ltd - ₹ 17, 00, 000/- This fact is evident from the loan sanction letters issued by them to the assessee and the loan account statements. The mistake committed by the assessee in the balance sheet by wrongly showing the name of United Bank of India had been duly addressed by a certificate from a chartered accountant, stating it to be typographical error. The discrepancy in loan amounts vis a vis interest portion thereon is also duly addressed except to the extent of ₹ 10, 842/-. In these facts and circumstances, the loans availed from State Bank of India and PNB Housing Finance Ltd and reflected in the balance sheet as on 31.3.2011 cannot be doubted with. We find that the assessee had duly submitted all the relevant documents with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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