TMI Blog2018 (12) TMI 1135X X X X Extracts X X X X X X X X Extracts X X X X ..... ender company and decide the issue afresh. We further direct the learned assessing officer to not to get influenced by the observation of the learned CIT-A about the nil income of the lender because there may be any other source available with the company to advance loan to the assessee. He may examine the issue for ascertaining the creditworthiness of the lender and genuineness of the transaction. In the result ground number 1 of the appeal of the assessee is allowed with above direction. - ITA No. 888/Del/2018 - - - Dated:- 13-11-2018 - Shri Amit Shukla, Judicial Member And Shri Prashant Maharishi, Accountant Member For the Assessee : Shri Saubhagya Agarwal, Adv For the Revenue : Shri S.L. Anuragi, Sr. DR ORDER PER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fter certain non-compliance. In response to that notice the assessee appeared before the assessing officer and stated that assessee has purchased the property amounting to ₹ 8 140000/ and paid stamp duty of ₹ 5 70000/ in which assessee has one third share of the property. The assessee explained that for the purpose of purchase of the property assessee has taken on loan of ₹ 26 lakhs from one private limited company and submitted its confirmation letter. However, the assessee did not produce the bank account and copy of the return of the lender or its permanent account number. The learned assessing officer issued summons to the director of that private limited company and also issued notice under section 133 (6) of the ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... firmation of loan and also stated the permanent account number of the lender. Further, the contra information account were also provided for. This was also substantiated by filing the income tax return copies of the lender for assessment year 2014 15 and 2015 16. He otherwise stated that the additional evidence submitted by the assessee has not been considered by the learned commissioner of income tax appeals in proper perspective and further no adequate opportunity was granted by the learned assessing officer. Even otherwise, he committed before us that the assessee is ready to go back to the office of the learned assessing officer and submit the requisite details. 6. The learned departmental representative vehemently stated that as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned assessing officer on 23/12/2016 however, the assessment order was already passed by the learned assessing officer on 22/12/2016. In view of the above facts, we are of the opinion that when the assessee has produced the director before the learned assessing officer but after the assessment order has been passed one day prior to the appearance by the director of the lender company, in the interest of justice, the matter is restored back to the file of the learned assessing officer with a direction to the assessee to produce the director of the lender company before the assessing officer along with any other detail which assessee would like to substantiate the transaction. The learned AO is further directed to examine the details furnis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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