R & B INFRA PROJECT P. LTD, MUMBAI V. DIT 13(3)(1), MUMBAI

ITA 4028/MUM/2017

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 9186 (ITAT-MUMBAI)
• Duration Of Justice: 4 year(s) 2 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-08-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Assessment Year: 2010-2011
• Appeal Filed On: 02-06-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SUNIL JHA LD
• Assessee Lawyers: RUCHI RATHOD LD
• Section: 201; 13; 68

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH, MUMBAI , , BEFORE HONBLE SHRI MAHAVIR SINGH, VP AND HONBLE SHRI MANOJ KUM AR AGGARWAL, AM (HEARING THROUGH VIDEO CONFERENCING MODE) 1 . ./ I.T.A. NO. 4028 /MUM/ 2017 ( / ASSESSMENT YEAR: 2010 - 11 ) M/S R & B INFRA PROJECT PVT. LTD. B - 1, NEELA APARTMENT S. V. P. ROAD , BORIVALI (WEST), MUMBAI - 400 092 / VS. DC IT 13(3)(1) ROOM NO. 229 AAYAKAR BHAVAN, M. K. ROAD, MUMBAI - 400 020 ./ ./ PAN/GIR NO. A A ECM - 3616 - P ( / APPELLANT ) : ( / RESPONDENT ) ASSESSEE BY : MS. RUCHI RATHOD, LD. AR REVENUE BY : SHRI SUNIL JHA , LD. CIT - DR / DATE OF HEARING : 05 /08 /2021 / DATE OF PRONOUNCEMENT : 05/08/2021 / O R D E R MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. AGGRIE VED BY CONFIRMATION OF ADDITION OF RS.78 . 75 LACS U/S 68 FOR ASSESS MENT YEAR (AY) 2010 - 11 VIDE IMPUGNED ORDER DATED 20/03/2017, THE ASSESSEE IS IN FURTHER APPEAL BEFORE US. 2. THE LD. A R SOUGHT DIRECTIONS AS GIVEN IN TRIBUNAL S ORDER IN ASSESSEE S OWN CASE FOR AY 201 2 - 1 3 , ITA NO. 5347/MUM/2016 ORDER DAT ED 24/09/2018 , A CO PY OF WHICH HAS BEEN PL ACED ON RECORD. THE LD. DR CONCURRED THAT THE MATTER MAY BE RESTORED BACK F OR VERIFICATION ETC. 2 3. THE MATERIAL FACTS ARE THAT THE ASSESSE E S CASE WAS REOP ENED PUR SUANT TO RECEIPT OF CER TAIN INFORMATION THAT THE ASSESSEE PRO CURED B OGUS SHARE APPLICATION MO NEY OF RS.28.75 LACS FROM AN ENTITY NAMELY M/S TR I ANGULAR INFOCOM LTD, AN ENTITY ALLEGEDLY RUN BY ENTRY PROVIDER SHRI PRAVEEN KUMAR JAIN. SINCE THE ASSESSEE FAI LED TO DISCHARGE THE ONUS OF PROVING THE GE NUINENESS OF THE TRANSACTIONS, THE SAME WAS ADDED TO THE INCOME OF THE ASSESSEE AS UNEXPL AINED CASH CREDIT U/S 68 . 4. DURING APPELLATE PROCEEDINGS, THE ASSESSEE FURNISHED ADDITIONAL E VIDENCES WHICH WERE SUBJECTED TO R EMAND PROCEE DINGS. IT TRANS PIRED THAT THE ASSESSEE HAD RECEIVED SIMILAR AMOUNT AGGRE GATING TO RS .50 LACS FROM TW O MORE ENTITIES WH ICH WAS ALSO REQUIRED TO BE ADDED U/S 68. IN TH E ABSENCE OF ANY SATIS FACTORY EXPLANATION FORTHCOMING FROM THE ASSESSEE, THE AGGREGATE A DDITION OF RS.78.75 LACS WAS CONFIRMED. AGGRIEVED , THE ASSESSEE IS IN FURTHER APPE AL BEFORE US. 5. WE FIND THAT S IMILAR ISSUE CROPPED IN ASSESSE E S OW N CASE FOR AY 2012 - 13 WHEREIN THE MATTER WAS REMANDED BACK TO THE FILE OF LD.AO WITH A DIRECTION TO THE ASSESSEE TO FURNISH NECESSARY EVIDENCES TO SUBS TANTIATE THE CLAIM. WE FIND THA T FACT S ARE SIMILAR IN THIS YEAR EX CE PT FOR THE FACT THAT REMAND REPORT WAS SOUGHT IN THIS YEAR. HOWE VER, TH AT WOULD NOT MATERIALLY ALTER THE ADJUDICATION SINCE THE ONUS IS ON ASSESSEE TO SUBSTANTIATE TH E IMPUGNED TRA NSACTIONS. THEREFO RE, WE RES TORE THE MATTER B ACK T O THE FILE OF LD. AO ON SI MILAR LINES W ITH A DIRECTION TO THE ASSESSEE TO FURNISH NECESSARY EVIDENCES TO SUBS TANTIATE THE CLAIM. NEEDLESS TO ADD THAT ADEQUATE OPPORTUNITY OF HE ARING S HALL BE GRANTED TO THE ASSESSEE. THIS GROUND S TAND ALLOWED FOR STATI ST ICAL PURPOSES. NO OTHER GROUND H AS BEEN URGED BE FORE US. 3 6. T HE APPEAL S TAND ALLOWED FOR STATISTICAL PURPOSES . O RDER PRONOUNCED ON 05 TH AUGUST, 2 021. SD/ - SD/ - (MAHAVIR SINGH) (MANOJ KUMAR AGGARW AL) / VICE PRESIDENT / ACCOUNTANT MEMBER MUMBAI; DATED : 05 /08 /2021 SR.PS, DHANANJAY / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDEN T 3. ( ) / THE CIT(A) 4. / CIT CONCERNED 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE / BY ORDER, / (DY./ASSTT.REGISTRAR) , / ITAT , MUMBAI.