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TMI Blog2019 (2) TMI 632X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. A.O. as not genuine whereas the same were not verified by the Ld. A.O. The assessee had submitted the list of 26 persons from whom loan had been taken along with the amount of loan taken . However the Ld. A.O. had not given sufficient opportunity to the assessee to submit the address and date of the loan taken even though it was available with assessee, as the assessment is supposed to be time barred on 31.12.2017. Further the Ld. CIT(A) had also not given sufficient opportunity to the assessee to submit the said details. Therefore addition of Rs. 4,00,000/- is arbitrary, unjustified, illegal on the facts and circumstances of the case and the same is liable to be deleted in full. 2. For that, on the facts and circumstance of the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd simply confirmed the observations and findings of AO and the assessee remained empty handed before the authorities below. 5. Ld. AR vehemently pointed out that the impugned loan was taken by the assessee during immediately preceding financial period pertaining to the assessment year 2014-2015, which was first year of business and, therefore, the same amount which was brought forward from the preceding assessment year to the present assessment year, cannot be taxed as income of the assessee treating the same as bogus unsecured loan. Ld. AR also submitted that to meet the ends of justice, the assessee may kindly be allowed to submit the additional evidence including balance sheet, profit & loss account and the return of income for A.Y.201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ules, 1963 (in short the "ITAT Rules, 1963"), the additional evidence, which could not be submitted, may be allowed to be admitted and considered in certain limited conditions. For the sake of completeness in this order, the rule 29 is being reproduced below:- "29. The parties to the appeal shall not be entitled to produce additional evidence either oral or documentary before the Tribunal, but if the Tribunal requires any document to be produced or any witness to be examined or any affidavit to be filed to enable it to pass orders or for any other substantial cause, or , if the income-tax authorities have decided the case without giving sufficient opportunity to the assessee to adduce evidence either on points specified by them or not spe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 4 lakhs shown by the assessee due as on 31.03.2015. Thereafter the AO alleged that during the course of assessment proceedings, the assessee was asked to furnish the names and address of the person from whom the firm has received unsecured loan and also asked to furnish the date and mode of receipt of loan but there is no mention regarding issuance of any notice or notesheet entry requiring the assessee to furnish abovenoted documentary evidence or details. Therefore, I clearly observe that the AO did not provide due opportunity to the assessee to submit relevant documentary evidence during assessment proceedings and made addition. 10. From the relevant paras of first appellate order, I further observe that the ld. CIT(A) simply reprod ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the assessee for taking additional evidence is allowed under rule 29 of the ITAT Rules, 1963 and additional evidence is taken on record for consideration. 12. Furthermore, since the AO was not allowed to verify and examine the documentary evidence, which has been admitted as additional evidence in earlier part of this order, therefore, the issue of unsecured loan/creditors is restored to the file of AO for fresh examination and verification with a direction that the AO shall allow due opportunity of being heard to the assessee and shall consider the additional evidence for de novo adjudication of the issue. Accordingly, the case is restored to the file of AO for the limited purpose as indicated above with a direction that the AO shall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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