Aashique Hussain Jinwala, Ujjain V. THE ACIT CIRCLE 1(1), Ujjain

ITA 366/IND/2016

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 6073 (ITAT-INDORE)
• Duration Of Justice: 1 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-05-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2008-2009
• Appeal Filed On: 18-04-2016
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: R A VERMA
• Assessee Lawyers: GIRISH AGRAWAL
• Keywords: Revision of order
• Section: 263; 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE (SINGLE MEMBER CASE) BEFORE SHRI D.T. GARASIA, JUDICIAL MEMBER I.T.A.NO. 366/IND/2016 A.Y. : 2008-09 AASHIQUE HUSSAIN JINWALA ACIT, CIRCLE 1(1), PROP. M/S. NOBLE BUILDERS & ASSOCIATES, VS UJJAIN UJJAIN APPELLANT RESPONDENT PAN NO. ACKPJ4808R A PPELLANT S BY : SHRI GIRISH AGRAWAL, CA RESPONDENT BY : SHRI R. A. VERMA, DR O R D E R THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF CIT(A), UJJAIN, DATED 25.01.2016 FOR THE ASSESSM ENT YEAR 2008-09. DATE OF HEARING : 26 .0 5 . 20 16 DATE OF PRONOUNCEMENT : 26 .0 5 . 201 6 AASHIQUE HUSSAIN JINWALA, UJJAIN VS. ACIT, CIRCLE 1(1), UJJAIN I.T.A.NO. 366/IND/2016 A.Y. 2008-09 2 2 2. THE ONLY EFFECTIVE GROUND IN THIS APPEAL IS GROUND NO. 2, WHICH READS AS UNDER :- IN THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE , THE LD. CIA(A), UJJAIN, ERRED IN SUSTAINING THE ADDITION OF RS. 1,50,000/- MADE U/S 68 BY THE AO ON ACCOUNT OF UNSECURED LOAN FROM SHRI ADITYA KUMAR SHARMA. 2. THE BRIEF FACTS OF THE CASE ARE THAT THE NOTICE U/S 263 WAS ISSUED ON 5.2.2013 STATING THAT THE ASSESSEE HAS ACCEPTED LOANS FROM THREE PERSONS AMOUNTING TO RS. 1,88,000/ - DURING THE YEAR UNDER CONSIDERATION AND THE SAME WERE NOT VERIFIED. PROCEEDINGS U/S 143 WERE INITIATED BASED ON THE DIR ECTIONS GIVEN IN THE ORDER U/S 263 TO VERIFY UNSECURED LOAN S TAKEN FROM SHRI ADITYA KUMAR SHARMA AT RS. 1,50,000/-. CONFIRMATION LETTER IN RESPECT OF SHRI ADITYA KUMA R SHARMA WAS PRODUCED BEFORE THE AO. THE SAID LOAN WAS RECEIVE D THROUGH CHEQUE FOR WHICH THE BANK STATEMENT OF THE A SSESSEE WAS PLACED ON RECORD. THE AO MADE THE ADDITION U/S 68 OF THE ACT OF RS. 1,50,000/-. AASHIQUE HUSSAIN JINWALA, UJJAIN VS. ACIT, CIRCLE 1(1), UJJAIN I.T.A.NO. 366/IND/2016 A.Y. 2008-09 3 3 3. THE MATTER CARRIED TO THE LD. CIT(A) AND THE LD. CI T(A) CONFIRMED THE ADDITION MADE BY THE AO. 4. THE LD. AUTHORIZED REPRESENTATIVE FOR THE ASSESSEE SUBMITTED THAT THE ASSESSEE SUBMITTED CONFIRMATION OF LOAN ACCOUNT CONTAINING NAME, ADDRESS AND CHEQUE DETAILS OF THE LENDER SHRI ADITYA KUMAR SHARMA. IN SUPPORT OF LOAN TRANSACTION, THE BANK STATEMENT WAS PRODUCED ON RECO RD WHEREIN THE SAID AMOUNT WAS CREDITED. THE LD. CIT(A) SUSTAINED THE ADDITION WITHOUT ISSUING A SUMMON TO S HRI ADITYA KUMAR SHARMA FOR ATTENDANCE. THE LD. AUTHORI ZED REPRESENTATIVE FOR THE ASSESSEE PRAYED THAT THE APP EAL MAY BE ALLOWED BY DELETING THE ADDITION U/S 68 OF RS. 1,50 ,000/-. 5. THE LD. DEPARTMENTAL REPRESENTATIVE RELIED UPON T HE ORDERS OF THE AUTHORITIES BELOW. 6. I HAVE HEARD THE RIVAL CONTENTIONS OF BOTH THE PART IES. LOOKING TO THE FACTS AND CIRCUMSTANCES OF THE CASE, I FIND THAT THE ASSESSEE WAS GIVEN AN OPPORTUNITY TO PRODUCE SHR I ADITYA KUMAR SHARMA FOR EXAMINATION ON OATH. I FIND THAT T HE ASSESSEE FAILED TO PRODUCE SHRI ADITYA KUMAR SHARMA AND COULD NOT ESTABLISH THE IDENTITY, CREDITWORTHINESS A ND AASHIQUE HUSSAIN JINWALA, UJJAIN VS. ACIT, CIRCLE 1(1), UJJAIN I.T.A.NO. 366/IND/2016 A.Y. 2008-09 4 4 GENUINENESS OF THE TRANSACTION. I UPHOLD THE ACTION OF THE LD. CIT(A) IN CONFIRMING THE ADDITION OF RS. 1,50,000/- . MY INTERFERENCE IS NOT CALLED FOR. 7. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS DIS MISSED. THIS ORDER HAS BEEN PRONOUNCED IN THE OP EN COURT ON 26TH MAY, 2016, SD/- ( D.T.GARASIA) JUDICIAL MEMBER DATED : 26 TH MAY, 2016. CPU*