Raju Dhiman Acharya, Meerut V. ACIT, Meerut

ITA 2394/DEL/2016

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 7014 (ITAT-DELHI)
• Duration Of Justice: 4 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-09-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC 1
• Next Hearing Date: 26-09-2016
• Assessment Year: 2008-2009
• Appeal Filed On: 29-04-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : SMC-I : NEW DELHI BEFORE SHRI R.S. SYAL, ACCOUNTANT MEMBER ITA NO.2394/DEL/2016 ASSESSMENT YEAR : 2008-09 RAJU DHIMAN ACHARYA, C/O RAJAN KUMAR, ADVOCATE, 161, THE MALL, BEHIND ST. MARYS ACADEMY, MEERUT. PAN: AEUPA8120R VS. ACIT, CIRCLE-2, MEERUT. (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI C.S. ANAND, ADVOCATE DEPARTMENT BY : SHRI RAJESH KUMAR, SR. DR DATE OF HEARING : 26.09.2016 DATE OF PRONOUNCEMENT : 27.09.2016 ORDER THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAI NST THE ORDER PASSED BY THE CIT(A) ON 26.2.2016 IN RELATION TO THE ASSES SMENT YEAR 2008-09. ITA NO.2394/DEL/2016 2 2. THE ONLY ISSUE RAISED IN THIS APPEAL IS AGAIN ST THE CONFIRMATION OF ADDITION OF RS.10, 50,000/- MADE BY THE AO U/S 68 O F THE ACT. 3. BRIEFLY STATED, THE FACTS OF THE CASE ARE THAT THE ASSESSEE SHOWED TO HAVE RECEIVED UNSECURED LOANS AMOUNTING TO RS.10,50 ,000/- FROM 55 PERSONS. ON BEING CALLED UPON TO SUBSTANTIATE THE GENUINENESS OF THESE LOANS, THE ASSESSEE SUBMITTED THAT THESE WERE NOMIN AL AMOUNTS OF LOANS RANGING BETWEEN RS.17,000/- TO RS.19,500/- FOR WHIC H VOUCHERS WERE GOT SIGNED BY THE LENDERS AND THEIR IDENTITIES WERE DUL Y DISCLOSED. THESE WERE STATED TO BE THE TRANSACTIONS OF BORROWING BY THE A SSESSEE, FOR WHOSE REPAYMENTS THE ASSESSEE ISSUED PROMISSORY NOTES. T HE AO CALLED UPON THE ASSESSEE TO PRODUCE THE CREDITORS. IN THE ABSENCE OF THE PRODUCTION OF 55 PERSONS, THE AO MADE ADDITION OF RS.10,50,000/-, WH ICH CAME TO BE CONFIRMED IN THE FIRST APPEAL. 4. I HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED T HE RELEVANT MATERIAL ON RECORD. IT IS NOTICED THAT THE AO REQUIRED THE ASSESSEE TO PRODUCE 55 PERSONS BY WAY OF ORDER SHEET ENTRY DATED 16.12.201 0. A TIME LIMIT OF SIX ITA NO.2394/DEL/2016 3 DAYS WAS GIVEN FOR DOING THE NEEDFUL. THE ASSESSEE WAS PREOCCUPIED DUE TO ILLNESS OF HIS PARENTS AS A RESULT OF WHICH THE CREDITORS COULD NOT BE PRODUCED. AT A GAP OF SIX DAYS, THE AO PASSED THE ORDER ON 22.12.2010 MAKING THE ADDITION FOR THE SAID AMOUNT. THE LD. A R CONTENDED THAT DUE TO PAUCITY OF TIME ALLOWED BY THE AO AND THE CIRCUM STANCES PREVAILING AT THAT TIME, THE ASSESSEE WAS INCAPACITATED TO PRODUC E THE PERSONS. IT WAS CLAIMED THAT NOW THE ASSESSEE WAS READY TO PRODUCE AS MANY CREDITORS AS THE AO WANTED. THAT IS HOW A REQUEST WAS MADE FOR RESTORATION OF THE MATTER TO THE AO. I AGREE WITH THE CONTENTION IN TH E BACKDROP OF THE FACT AS NOTED ABOVE BY MEANS OF WHICH A VERY SHORT TIME WAS GIVEN BY THE AO FOR PRODUCING THESE PERSONS. RESULTANTLY, THE IMPUGNED ORDER IS SET ASIDE AND THE MATTER IS RESTORED TO THE FILE OF AO FOR A FRES H DECISION ON THIS ISSUE IN ACCORDANCE WITH LAW, AFTER ALLOWING A REASONABLE OP PORTUNITY OF BEING HEARD TO THE ASSESSEE. ITA NO.2394/DEL/2016 4 5. IN THE RESULT, THE APPEAL IS ALLOWED FOR S TATISTICAL PURPOSES. THE ORDER PRONOUNCED IN THE OPEN COURT ON 27.09.20 16. SD/- [R.S. SYAL] ACCOUNTANT MEMBER DATED, 27 TH SEPTEMBER, 2016. DK COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR, ITAT AR, ITAT, NEW DELHI.