TMI Blog2020 (5) TMI 297X X X X Extracts X X X X X X X X Extracts X X X X ..... eposits in the bank account of Shri Dinkar Shankar Kumbhar, Prop. Shri Swami Bricks. Accordingly, we are of the opinion that the matter should be remanded to the file of Assessing Officer for verification of assessee s arguments i.e. cash withdrawals from the account of the assessee constitutes source of cash of ₹ 11 lakhs. The Assessing Officer shall give reasonable opportunity of hearing to the assessee and in case the assessee files any evidences, explanations, etc. should accept the same and make re-assessment on this issue. Thus, grounds raised by assessee are partly allowed for statistical purposes. - ITA Nos.1234 to 1236/PUN/2019 - - - Dated:- 5-3-2020 - Shri D. Karunakara Rao, Accountant Member And Shri S.S. Viswanethra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... On facts and circumstances prevailing in the case and as per provisions and scheme of the Act it be held that the addition of ₹ 2,15,280 pertaining to disallowance of interest made by the Ld. AO is unwarranted unjustified and contrary to the provisions scheme of the act and facts prevailing in the case. It be further held that the entire claim should have been allowed as per provisions of law and facts prevailing in the case. The appellant be granted just and proper relief in this respect. 4. Briefly stated relevant facts are that the assessee received loans from Shri Dinkar Shankar Kumbhar, Prop. Shri Swami Bricks. Shri Dinkar Shankar Kumbhar is engaged in the business of trading of bricks and never filed returns of income till ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee could not improve his case. The CIT(A) confirmed the same as per discussion in para 4.3 of the CIT(A) s order. 6. Aggrieved with the said decision of the CIT(A), the assessee is in appeal before the Tribunal for all the three years. ITA No.1234/PUN/2019, A.Y. 2008-09 7. Before us, ld. Counsel brought our attention to the said para 4.9 of CIT(A) s order and submitted that both the authorities below ignored the facts relating to creditworthiness of lenders Shri Dinkar Shankar Kumbhar and Smt. Sunita Kumbhar. It is his prayer that lenders have adequate creditworthiness although they are non filers of the returns of income. According to ld. AR, AO did not disprove the facts about the sale transaction of lands as well as the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ank account of Shri Dinkar Shankar Kumbhar with Pen Co-Operative Urban Bank Ltd. and others. The said cash withdrawals from April to September, 2007 will constitute the source for said deposit of cash of ₹ 8 lakhs and ₹ 3 lakhs, as the case may be. However, ld. Counsel mentioned that sum of ₹ 9 lakhs is received through intra-bank transfer from Vishal Transport, proprietary concern of his wife. However, on the cash deposits of ₹ 11 lakhs, he fairly mentioned that this aspect was never examined by the authorities below. Further, ld. Counsel submitted that for the limited purpose of examining the source of cash deposit of ₹ 11 lakhs, the matter can be remanded to the file of Assessing Officer for want of decision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n in ITA No.1234/PUN/2019 shall apply mutatis mutandis to appeals in ITA Nos.1235 1236/PUN/2019. 13. Regarding the issue relating to the interest claims, we find the issue requires to be examined by the AO in the light of our observations above. AO shall re-decide the issue after giving his findings on the surmise of cash deposit in the account of Mr. D.S.Kumbhar. AO shall grant reasonable opportunity of being heard to the assessee as per settled principles of natural justice. Thus, relevant grounds in all three appeals are allowed for statistical purposes. 14. In the result, all the three appeals of assessee are partly allowed for statistical purposes. Order pronounced in the open Court on 5th March, 2020. - - TaxTMI - TMITa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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