GILTEDGE FINANCIAL AND MANAGEMENT SERVICES, MUMBAI V. ITO 4(1)(2), MUMBAI

ITA 4141/MUM/2012

• Counselvise Citation: [2015] 121 COUNSELVISE.COM (IT) 0610 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 11 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-05-2015
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: G
• Next Hearing Date: 19-05-2015
• Assessment Year: 2000-2001
• Appeal Filed On: 13-06-2012
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: AJITKUMAR SRIVASTAVA
• Section: 68

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL G BENCH, MUMBAI , , BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER AND SHRI N.K . BILLAIYA, A CCOUNTANT M EMBER / I .T.A. NO . 4141/MUM/2012 ( / ASSESSMENT YEAR : 2000 - 01 GILTEDGE FINANCIAL AND MANAGEMENT SERVICES. 103, LIBERTY APT, 80 - A SAROJINI ROAD, VILE PARLE (W), MUMBAI - 400 056 / VS. THE ITO 4(1)(2), AAYAKAR BHAVAN, MUMBAI - 400 020 ./ ./ PAN/GIR NO. : AABCG 1699K ( / APPELLANT ) .. ( / RESPONDENT ) / APPELLANT BY: NONE / RESPONDENT BY : SHRI AJITKUMAR SRIVASTAVA / DATE OF HEARING : 19 . 0 5 .2015 / DATE OF PRONOUNCEMENT : 19 .0 5 .2015 / O R D E R PER N.K. BILLAIYA, AM: WITH T HIS APPEAL THE ASSESSEE HAS CHALLENGED THE CORRECTNESS OF THE ORDER OF THE LD. CIT(A) - 8 , MUMBAI DT. 2 9 . 3 .2012 PERTAINING TO ASSESSMENT YEAR 200 0 - 0 1 . ITA. NO. 4141/M.2012 2 2. THE ASSESSEE HAS RAISED 5 SUBSTANTIVE GROUNDS OF APPEAL. NONE APPEARED BEFORE US INSPITE OF THE NOTICE TO THE ASSESSEE THEREFORE WE DECIDE TO PROCEED EX PARTE. 3. WE HAVE HEARD THE LD. DEPARTMENTAL REPRESENTATIVE AT LENGTH AND HAVE GIVEN A THOUGHTFUL CONSIDERATION TO THE ORDERS OF THE AUTHORITIES BELOW. 4. GROUND NO. 1 RELATES TO THE ADDITION OF RS. 1,86 ,41,318/ - AND GROUND NO. 2 RELATES TO THE ADDITION OF RS. 1,42,75,776/ - . BOTH THESE ISSUES HAVE BEEN CONSIDERED BY THE LD. CIT(A) AT PARA - 2.2 OF HIS ORDER. BEFORE THE LD. CIT(A), IT WAS STRONGLY CONTENDED THAT IN THE CASE OF M/S. SINGMA FISCAL PVT. LTD, M/S. HASSARAM INV. & FIN. P. LTD AND M/S. GILTEDGE CREDIT CAPITAL LTD., THERE IS DEBIT BALANCE AS THEY ARE THE DEBTORS OF THE ASSESSEE. THE LD. CIT(A) DID NOT ACCEPT THIS CONTENTION OF THE ASSESSEE AS NONE OF THE PARTIES HAVE CONFIRMED THE CLAIM OF THE AS SESSEE. THE LD. CIT(A) CONFIRMED THE ADDITION MADE IN RESPECT OF THE AFOREMENTIONED PARTIES. IN RESPECT OF OTHER CREDITORS, THE LD. CIT(A) CONFIRMED THE ADDITION MADE U/S. 68 OF THE ACT AS NEITHER AT THE TIME OF ASSESSMENT PROCEEDINGS NOR AT THE APPEAL P ROCEEDINGS THE ASSESSEE WAS ABLE TO PRODUCE THE PARTIES TO CONFIRM THE TRANSACTION. IN SO FAR AS THE ADDITION OF RS. 1,42,75,776/ - IS CONCERNED, THE ASSESSEE WAS ALLOWED AN OPPORTUNITY TO RECONCILE THE DIFFERENCES IN THE ACCOUNTS OF SIX PARTIES. IT IS TH E CLAIM OF THE ASSESSEE THAT THE DIFFERENCE NEEDS TO BE RECONCILED. HOWEVER, THE LD. CIT(A) FOUND THAT EVEN AFTER SEVERAL OPPORTUNITIES GRANTED TO THE ASSESSEE BY THE AO DURING THE ASSESSMENT PROCEEDINGS AS ALSO DURING THE REMAND PROCEEDINGS TO GET ACCOU NTS WITH THE VARIOUS PARTIES TO BE RECONCILED , T HE ASSESSEE HAS FAILED TO DO SO AND ACCORDINGLY FAIL ED TO DISCHARGE THE ONUS CAST UPON IT. THE LD. CIT(A) CONFIRMED THE ITA. NO. 4141/M.2012 3 ADDITION MADE BY THE AO . IN OUR CONSIDERED VIEW, THE LD. CIT(A) HAS PROPERLY APPRECIA TED THE FACTS OF THE CASE THEREFORE NO INTERFERENCE IS CALLED FOR. GROUND NO. 1 & 2 ARE ACCORDINGLY DISMISSED. 5. GROUND NO. 3 RELATES TO THE ADDITION OF RS. 11,70,000/ - MADE U/S. 68 OF THE ACT. 5.1. THE LD. CIT(A) HAS DECIDED THIS ISSUE AT PARA 5.2 O F HIS ORDER WHEREIN THE LD. CIT(A) OBSERVED THAT NEITHER AT THE TIME OF ASSESSMENT PROCEEDINGS NOR AT THE APPEAL PROCEEDINGS , THE ASSESSEE WAS ABLE TO PRODUCE THE PARTIES TO CONFIRM THE TRANSACTIONS. THE ONLY EVIDENCE BROUGHT ON RECORD IS THE COPY OF THE LEDGER ACCOUNT. HOWEVER, MERELY FILING OF THE EXTRACTS FROM THE LEDGER WOULD NOT DISCHARGE THE ONUS CAST UPON THE ASSESSEE BY VIRTUE OF SEC. 68 OF THE ACT. HOWEVER, IN THE CASE OF ONE CREDITOR VIZ., LATE ZAVERI B.C., THE LD. CIT(A) FOUND THAT THE AMOUNT IS REFLECTED IN THE BANK STATEMENT THEREFORE ADDITION OF RS. 30,000/ - NEED TO BE DELETED. ACCORDINGLY, THE LD. CIT(A) CONFIRMED THE ADDITION OF RS. 11,70,000/ - . 6. WE HAVE GIVEN A THOUGHTFUL CONSIDERATION TO THE FINDINGS OF THE LD. CIT(A). WE FIND THA T THE ENTIRE FINDING IS ON FACTS. WE, THEREFORE, DECLINE TO INTERFERE. GROUND NO. 3 IS ACCORDINGLY DISMISSED. 7. GROUND NO. 4 RELATES TO THE ADDITION OF RS. 59,84,117/ - AND GROUND NO. 5 RELATES TO THE ADDITION OF RS. 9,49,17,917/ - BEING LOAN RECEIVED F ROM VARIOUS PARTIES. 7.1. IN RESPECT OF THESE ADDITIONS, WE FIND THAT THE ASSESSEE HAS NEITHER FILED ANY CONFIRMATION FROM THESE PARTIES NOR HAS DISCHARGED THE ONUS CAST ITA. NO. 4141/M.2012 4 UPON IT. WE, THEREFORE DECLINE TO INTERFERE WITH THE FINDINGS OF THE LD. CIT(A). GROUND NO. 4 & 5 ARE ACCORDINGLY DISMISSED. 8. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS DISMISSED. OR DER PRONOUNCED IN THE OPEN COURT ON 19 TH MAY , 2015 SD/ - SD/ - ( JOGINDER SING H ) (N.K. BILLAIYA) /JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED : 19 TH MAY , 2015 . . ./ RJ , SR. PS / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE . / BY ORDER, //TRUE COPY// / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI