Deepak Dhar Gupta, New Delhi V. ACIT, New Delhi

ITA 2340/DEL/2017

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 9547 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 8 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-01-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2011-2012
• Appeal Filed On: 18-04-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ASHIMA NEB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH B, NEW DELHI BEFORE SH. H. S. SIDHU, JUDICIAL MEMBER DR. B. R. R. KUMAR, ACCOUNTANT MEMBER ITA NO. 2340/DEL/2017 : ASSTT. YEAR : 2011-12 SH. DEEPAK DHAR GUPTA, A-145, NEW FRIENDS COLONY, NEW DELHI-110048 VS ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-23(1), NEW DELHI (APPELLANT) (RESPONDENT) PAN NO. ACNPG1164G ASSESSEE BY : NONE REVENUE BY : MS. ASHIMA NEB, SR. DR DATE OF HEARING: 10.12.2019 DATE OF PRONOUNCEMENT: 07.01.2020 ORDER PER DR. B. R. R. KUMAR, ACCOUNTANT MEMBER: THE PRESENT APPEAL HAS BEEN FILED BY THE ASSESSEE A GAINST THE ORDER OF LD. CIT (A)-10, NEW DELHI DATED 28.02. 2017. 2. DURING THE COURSE OF HEARING TODAY, NOBODY WAS P RESENT ON BEHALF OF THE ASSESSEE, NEITHER ANY ADJOURNMENT WAS SOUGHT, H ENCE THE MATTER BEING DECIDED ON MERITS BASED ON THE FACTS AVAILABL E ON RECORD. 3. FOLLOWING GROUNDS HAVE BEEN RAISED BY THE ASSESS EE: ON THE FACTS AND CIRCUMSTANCES THE LD. CIT (A) HAS ERRED BY CONFIRMING THE ADDITION OF RS.9,01,670/-. THE LD. C IT (A) HAS NOT APPRECIATED THE FACTS APPLICABLE TO THE CASE. THE LD. CIT (A) HAS NOT CONSIDERED THE DEDUCTION OF PAYMENT OF INTEREST OUT OF INTEREST INCOME. 4. THE MOOT ISSUE PERTAINS TO DISALLOWANCE OF INTER EST CLAIMED BY THE ASSESSEE U/S 36(1)(III) OF THE INCOME TAX ACT, 1961 . THE SAID DISALLOWANCE ITA NO. 2340/DEL/2017 DEEPAK DHAR GUPTA 2 HAS BEEN CONFIRMED BY THE LD. CIT (A) OWING TO LACK OF SUPPORTING DOCUMENTS REGARDING THE LOAN AND UTILIZATION THEREO F FOR THE PURPOSE OF BUSINESS. THE ASSESSEE COULD NOT PROVE THE NEXUS BE TWEEN THE RECEIPT OF THE LOAN AND REPAYMENT OF ANY EARLIER LOANS. THE LD . DR FAIRLY ARGUED THAT THE MATTER NEEDS TO BE EXAMINED BY THE REVENUE AND THE ASSESSEE MAY BE DIRECTED TO PROVIDE NECESSARY EVIDENCES BEFORE THE AUTHORITIES. WE FIND THAT INTEREST OF JUSTICE WOULD BE MET, IF THE ASSES SEE IS GIVEN AN OPPORTUNITY TO SUBMIT THE DETAILS REGARDING THE LOA N AND UTILIZATION THEREOF BEFORE THE LD. CIT (A) SO THAT A CONSIDERED DECISIO N CAN BE TAKEN UP BY THE REVENUE BASED ON THE EVIDENCES SUBMITTED. THE ASSES SEE IS DIRECTED TO COMPLY TO THE NOTICES ISSUED BY THE REVENUE AUTHORI TIES AND WE HOPE THAT THE ASSESSEE WOULD NOT MISUSE THE TRUST REPOSED UPO N HIM. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED FOR STATISTICAL PURPOSE. ORDER PRONOUNCED IN THE OPEN COURT ON 07/01/2020. SD/- SD/- (H. S. SIDHU) (DR . B. R. R. KUMAR) JUDICIAL MEMBER ACCOUNT ANT MEMBER DATED: 07/01/2020 *SUBODH* COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT REGISTRAR