Rove Electric Private Limited, Coimbatore V. Deputy Commissioner of Income Tax,Corp Circle 1, Coimbatore, Coimbatore

ITA 1546/CHNY/2024

• Counselvise Citation: [2024] 100 COUNSELVISE.COM (IT) 0266 (ITAT-CHENNAI)
• Duration Of Justice: 2 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-08-2024
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Next Hearing Date: 21-07-2024
• Assessment Year: 2016-2017
• Appeal Filed On: 20-05-2024
• Result in Favour of: Matter Remanded
• Court: TRIBUNAL
• Assessee Lawyers: SRICHARAN

Judgement Text

आयकर अपील य अ धकरण, ‘ए’ यायपीठ, चे नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH: CHENNAI ी एबी ट . वक , या यक सद य एवं ी अ"मताभ श ु (ला, लेखा सद य के सम* BEFORE SHRI ABY T VARKEY, JUDICIAL MEMBER AND SHRI AMITABH SHUKLA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.1546/Chny/2024 िनधा रण वष /Assessment Years: 2016-17 Rove Electric Pvt Ltd, SF No-193/1B, Uzhaippalar Street, Vellakinar B.O, Vellakinar, Coimbatore, Tamil Nadu-641029 [PAN: AAFCR4294M] Dy.Commissioner of Income Tax, Corporate Circle-1, Coimbatore ( अपीलाथ /Appellant) ( यथ /Respondent) अपीलाथ क ओर से/ Appellant by : Shri Sricharan, C.A यथ क ओर से /Respondent by : Shri G.Suresh, JCIT स ु नवाई क तार ख/Date of Hearing : 22.07.2024 घोषणा क तार ख /Date of Pronouncement : .08.2024 आदेश / O R D E R PER AMITABH SHUKLA, A.M : This appeal is filed against the order bearing DIN & Order No.ITBA/NFAC/S/250/2023-24/1063641867(1) dated 29.03.2024 of the Learned Commissioner of Income Tax [herein after “CIT(A), National Faceless Appeal Center[NFAC], Delhi, for the assessment years 2016- 17. Through the aforesaid appeal the assesse has challenged order u/s 250 dated 29.03.2024 passed by NFAC, Delhi. ITA No.1546/Chny/2024 :- 2 -: 2.0 Brief facts of the case are that the AO had made an addition of Rs.1.5 Crores on account of unexplained unsecured loan u/s 68. The assesse had informed the impugned amount had come from one Mr.Vancen Varghese, an expatriate, Director of Company. Before the AO and the CIT(A) the assesee’s conduct fell short of satisfactorily explaining the resources of the amount and the genuineness of the transaction etc. 3.0 At the outset, the Ld.DR pointed out that the facts of the case narrated by the Ld.DR in the light of cited evidences qua addition of Rs.1.50 Crores were not produced before the Ld.AO (as evident from the para 3.2 of the assessment order) and before the Ld.CIT(A) (as evident from the last para of the appellate order). 4.0 Per contra, the Ld.AR wants us to give relief to the assesse in the light of submissions made and evidences produced. 5.0 We have heard rival submission in the light of facts of the case and material brought on records. It is an evident fact of the case that the assesse did not submit to the AO evidences satisfactorily establishing the tenets prescribed u/s 68. The assesse also miserably failed in doing the same before the first appellate authority. The assesse therefore cannot ITA No.1546/Chny/2024 :- 3 -: make any justified claim for relief against additions made. Before us the submissions made and the corresponding evidences produced have not been examined by the lower authorities. The assesse has in detail explained that Shri Varghese is non-resident Director and the impugned amount of loan moved from his NRE account to NRO account before landing in Federal Bank account of the assesse. The assessing officer possess the first authority to examine any details / evidences before determining taxable income of a tax payer. We therefore hold the view that ends of justice would be met if the assesse is given one last opportunity to present its case and file supporting evidences before the Ld.AO. Accordingly, placing reliance upon the decision in the case of TIN box 249 ITR 216 the matter is restored to the file of the AO for fresh assessment de novo. The assesse is directed to make complete and correct compliance towards the notices issued by the AO. To the extent the order of the lower authorities is set aside and all the grounds of appeals raised by the assesse are partly allowed for statistical purposes. ITA No.1546/Chny/2024 :- 4 -: 6.0 In the result, the appeal is allowed for statistical purposes. Order pronounced on 9 th August, 2024 at Chennai. Sd/- ( एबी ट . वक ) (ABY T VARKEY) $या%यक सद&य / Judicial Member Sd/- (अ"मताभ श ु (ला) (AMITABH SHUKLA) लेखा सद य /Accountant Member चे$नई/Chennai, (दनांक/Dated: 9 th August, 2024. KB/- आदेश क %त)ल*प अ+े*षत/Copy to: 1. अपीलाथ /Appellant 2. यथ /Respondent 3. आयकर आय ु ,त/CIT – Coimbatore 4. *वभागीय %त%न/ध/DR 5. गाड2 फाईल/GF