ITO, Ward , Sirhind V. Sh. Gurpreet Singh, Bassi Pathana FGS

ITA 1298/CHANDI/2017

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 5363 (ITAT-CHANDIGARH)
• Duration Of Justice: 4 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-01-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2012-2013
• Appeal Filed On: 31-08-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Additional evidence

Judgement Text

2 3. BEFORE US, LD. COUNSEL FOR THE ASSESSEE HAS EXPL AINED THAT THE SOURCE OF THE ABOVE SAID DEPOSITS WAS ON ACCOUNT OF UNSECU RED LOANS TAKEN BY THE ASSESSEE DURING THE YEAR FOR WHICH THE TRANSACTION S HAVE BEEN MADE THROUGH BANKING CHANNELS VIDE NEFT/RTGS IN THE ACCO UNTS OF THE ASSESSEE. THESE LOANS WERE TAKEN FROM FRIENDS AND R ELATIVES FOR SMOOTH RUNNING OF THE BUSINESS OF THE ASSESSEE. THE ASSES SEE IN THIS RESPECT SUBMITTED THE COPIES OF THE BANK STATEMENTS OF CURR ENT ACCOUNT, CONFIRMATION LETTERS OBTAINED FROM THE BANK CONFIRM ING THE RECEIPT OF FUNDS THROUGH RTGS/NEFT, COPIES OF PAN. CARD OF THE LENDE RS AND AFFIDAVITS FOR CONFIRMATION OF LOANS OBTAINED FROM THE LENDERS. TH E SAID EVIDENCES WERE REFERRED BY THE CIT(A) TO THE ASSESSING OFFICER. THE ASSESSING OFFICER AFTER GIVING AN OPPORTUNITY T O THE ASSESSEE TO PROVE THE AUTHENTICITY OF THE CREDITS AND AFTER GOI NG THROUGH THE VARIOUS DOCUMENTS SUBMITTED BY THE ASSESSEE SUCH AS BANK ST ATEMENTS, IDENTICALLY PROOF AND AFFIDAVITS ETC., REPORTED IN THE REMAND R EPORT THAT THE CASH WAS DEPOSITED BY THE ASSESSEE OUT OF UNSECURED LOANS TA KEN BY THE ASSESSEE. KEEPING IN VIEW THE REMAND REPORT, THE LD. CIT(A) DELETED THE ADDITIONS SO MADE BY THE ASSESSING OFFICER. 4. BEFORE US LD. DR HAS SUBMITTED THAT THE LD. CIT( A) HAS ILLEGALLY ADMITTED THE ADDITIONAL EVIDENCES. 5. WE ARE NOT INCLINED TO ACCEPT THE ABOVE CONTENTI ON OF THE LD. DR. THE ADDITIONAL EVIDENCES SUBMITTED BY THE ASSESSEE WERE JUST AND NECESSARY FOR THE PROPER ADJUDICATION OF THE MATTER. BEFORE F ORMING ANY OPNION, THE LD. CIT(A) HAS CALLED FOR THE REMAND REPORT FROM T HE ASSESSING OFFICER, WHO FOUND THAT THE CLAIM OF THE ASSESSEE TO BE CORR ECT.