TMI Blog2023 (1) TMI 759X X X X Extracts X X X X X X X X Extracts X X X X ..... e rest of the amount, the Ld. Counsel for the assessee has submitted that some of the amount was withdrawn from its firm M/s Akshit Enterprises and some of the amount was received from withdrawals of its Yes bank account. The copy of the bank account statement were furnished before the CIT(A), however, CIT(A) failed to look into the aforesaid bank statement etc. No justification on the part of the CIT(A) in sustaining the aforesaid additions, the same is accordingly ordered to be deleted. Unsecured loans received u/s 68 - loan received by the assessee from brother - HELD THAT:- From the perusal of the confirmed copy of the accounts, it was clear that one cheque amounting to Rs. 12,39,500 taken from Dyal Sarup (HUF) was wrongly issued / repaid to Dyal Sarup Instead of Dyal Sarup (HUF) and thus, it was paid back to the assessee subsequently. Thus, the same needs to be accepted. Regarding the balance amount,it is submitted that the said amount was not actually received from Dyal Sarup (HUF) but was merely a book entry made from M/s Dhruv Impex and the same has been submitted before the Ld. AO during the remand proceedings. Worthy CIT(A) have not even cared to look into the said f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Allowing the assessee the brought forward loss - assessee has submitted that the aforesaid brought forward losses of AY 2012-13 and AY 2013-14 inadvertently could not be claimed in the relevant column of the return. However, during the course of assessment proceedings, the same were very much claimed - HELD THAT:- We have considered the rival contentions. It has been time and again held that the Income Tax Authorities should charge legitimate taxes from the assessee. An assessee should not be punished for his/ her bonafide mistake. The Instructions in this respect have also been issued by the CBDT from time to time that the Income Tax Authorities should assist the assessee in correctly making their claim in the return. 19. In view of this, we direct the Assessing officer to verify the claim of the assessee regarding the brought forward losses of the previous years i.e. AYs 2012-13 and 2013-14 and if the claim of the assessee is found correct, then to give set off adjustments of the same in the current year under considerations - I. T. A. No. 1358/CHANDI/2019 - - - Dated:- 30-12-2022 - Shri Sanjay Garg , Judicial Member And Shri Vikram Singh Yadav , Accountant Member ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 10,34,164/-. The brief facts relating to the issue are the assessee in its profit and loss account claimed business loss of Rs. 10,34,164/-. However, the Assessing officer disallowed the said business loss on the ground of non-production of relevant supporting documents. During the appellate proceedings before the Ld. CIT(A), the assessee furnished certain additional evidences in support of its claim. The Ld. CIT(A) sent those evidences to the Assessing officer for verification and remand report thereof. In response, the Assessing officer submitted his remand report dated 18.1.2019, wherein, he recommended to the CIT(A) not to admit the additional evidences as the same were not furnished by the assessee during the assessment proceedings. The Ld. CIT(A) accordingly refused to consider the evidences submitted by the assessee in support of the above claim. The Ld. CIT(A) uphold the disallowance so made by the Assessing officer. 5. Before us, the Ld. Counsel for the assessee has relied on the copies of the various documents placed on file, wherein, the details of various expenses have been mentioned along with copy of the ledger account etc. The Ld. Counsel has further submitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from his bank account maintained with the Yes Bank. The assessee furnished the relevant evidences in this respect also, whereupon, the Ld. CIT(A) called for remand report from the Assessing officer. The Ld. CIT(A) noted that the assessee had not furnished the aforesaid evidence at the time of assessment proceedings. Further, the assessee had not furnished the bank account statement in which the sale proceeds from the sale of land were credited. He, however, has noted that the assessee has submitted copy of the account of assessee in the books of account of the Akshit Enterprises, copy of the bank accounts of Yes Bank Ltd and Kotak Mahindra Bank. The assessee has also furnished the copy of the sale deed with the regard to the property. The Ld. CIT(A) further noted that the assessee had not produced any books of account from various persons / parties from whom the said amount of Rs. 16,97,530/- was stated to have been received. He, therefore, confirmed the additions so made by the AO. 10. Before us, the Ld. counsel for the assessee has submitted that the assessee had filed copy of the registered sale deed vide which property was sold for Rs. 95 lacs out of which the assessee recei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the firm M/s Ronald Exports and the said amount was credited as unsecured loan. The bank statement and copy of the demand draft was also filed before the Ld. CIT(A) as evidence to the payment made to the bank account of the Roland Exports. Regarding the amount of Rs. 12,39,500/-, which the assessee has added as loan taken form Dyal Sarup (HUF), the Ld. counsel for the assessee has submitted that the assessee had duly furnished the copy of the account of Shri Dyal Sarup (HUF) in his books of account. That from the perusal of the confirmed copy of the accounts, it was clear that one cheque amounting to Rs. 12,39,500 taken from Dyal Sarup (HUF) was wrongly issued / repaid to Dyal Sarup Instead of Dyal Sarup (HUF) and thus, it was paid back to the assessee subsequently. Thus, the same needs to be accepted. Regarding the balance amount of Rs. 6,19,750/- it is submitted that the said amount was not actually received from Dyal Sarup (HUF) but was merely a book entry made from M/s Dhruv Impex and the same has been submitted before the Ld. AO during the remand proceedings and reproduced in the order in Para 7.3 at Page-12. The assessee has also filed the copy of account of Dyal Sarup in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 50C of the Income Tax Act, in case the value of the property transferred is shown less than the value assessed by the Stamp Duty Authority / State Govt. Authority, the Assessing officer can apply the value of assessed / assessable by the Stamp Duty Authority / State Govt. Authority. As per the provisions of section 55A of the Act, the Assessing officer, to ascertain the true value and the Stamp Duty Authority, can refer the matter to the Stamp Valuation Officer. In this case, the assessee has claimed to have sold the property as per the Value assessed by the Stamp Valuation Authority. Apart from that, the assessee has also furnished a Certificate from the concerned authority i.e. Assistant Town Planner that the property in question falls in the residential area. However, it has not been explained as to why the assessee had purchased the said property as commercial property. May it be so, the Assessing officer at most, can have referred the matter to the District Valuation Officer but the Assessing officer himself did not have any authority to apply the value of the Circle rate of commercial property, especially when the Stamp Duty Authority / Registering Authority had accepted t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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