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TMI Blog2021 (10) TMI 968X X X X Extracts X X X X X X X X Extracts X X X X ..... for hearing before the ITAT i.e. 20.02.2021; 18.05.2021; 22.07.2021 and now on 18.10.2021 the assessee has repeatedly remained unrepresented However, considering the material on record it was submitted by the Ld. Sr. DR that the appeal of the assessee could be decided on the basis of material available on record. 3. Accordingly the appeal of the assessee was taken up for hearing. In the present proceedings the assessee has raised the following grounds before the ITAT which read as under: 1. "That the judgment is against the facts and law of the case. 2. That the Ld. CIT has erred in confirming the addition of Rs. 29,00,000/- by the Assessing Officer u/s 68 of Loan Taken whereas all the details and documents were produced before the L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ined by the Commissioner (Appeals) and wherein only affidavit of Shri Suraj Pal Bhatia explaining the deposits of Rs. 10 lakhs stood made available which was considered. However, qua Shri Balaji timber and Plywood aka M/s Sai Kirpa no evidences were made available. Thus, the principles of law as held applicable in the case of Nova Promoters and Finlease Pvt. Ltd. and the other decisions cited were fully applicable. It was his submission that this decision has been referred to in para 5.7 by the Commissioner (Appeals) and hence it was his prayer that the addition sustained may be upheld. 5. I have heard the submissions and perused the material available on record. A perusal of the record shows that the assessee declared a loss of Rs. 3,88,4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,00,000/- on account of non confirmation of advances received. These confirmation and other documents were not available at the time of assessment due to some personal dispute between the lender and the appellant assessee. Now at present the confirmation on affidavit along with bank statement and other details are available and are being submitted for Rs. 10,00,000/- from Sh. Suraj Pal Bhatia and the balance confirmation for Rs. 29,00,000/- shall be available in due course. That these documents could not be submitted before the Ld. AO for the reason as explained above and therefore, prevented with a sufficient cause to submit the same at the time of assessment." 4.4 Since this additional evidence was submittd during appal where Rs. 10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have considered the assessment order, submissions and the details provided by the appellant, the additional evidence provided and report of the AO. This additional evidence is considered, looking to the AO's report and also the same goes to the root cause of this addition and to follow the principle of natural justice. Ground No. 1 is general in nature and subsumes with the specific grounds for addition therefore no separate findings are required. 5.2 In ground no. 2, the appellant challenged the total additions of Rs. 39,00,000/- as loans received from two parties were not satisfactorily explained by the appellant. The addition of Rs. 10,00,000/- was made u/s 68 of the Act due to the reasons that appellant has shown this amount as loan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the said loan/advance received is duly explained. 5.6 It is observed from the assessment order as well as submissions during appellate proceedings that appellant failed to provide the confirmation from the said party and no proof for such payment received has been brought on record. It is only stated that the payment has been received and repaid through account payee cheques. Here it is pertinent to mention that the amount received and repaid subsequently will not effect the applicability of section 68 of the Act. As per the provisions of section 68, if any sum is found credited in the books of appellant and the identity, creditworthiness of the lender and genuineness of transaction is not proved, the sum so credited is liable to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterfere in the findings of AO towards this addition. Thus, this addition of Rs. 29,00,000/- is confirmed. Ground no. 2 is partly allowed." 9. Considering the submissions advanced by the Ld. Sr. DR who at great length highlighted the relevant and applicable facts and relied on the judicial position as applicable there to I find that the addition sustained on facts deserves to be confirmed. I have taken into consideration the position of law as referred to in para 5.7 of the impugned order and specifically highlighted by the Ld. Sr. DR and on consideration of facts on record I am of the view that the decision is fully applicable on all facts. It is seen that as per record more than adequate opportunity had been made available to the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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