BAHUBALI METALS , MUMBAI V. INCOME TAX OFFICER-31(1)(3), MUMBAI

ITA 5790/MUM/2017

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 9970 (ITAT-MUMBAI)
• Duration Of Justice: 6 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-03-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2012-2013
• Appeal Filed On: 11-09-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RAM TIWARI

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL SMC , BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM ITA NO. 5790 / MUM/20 17 ( ASSESSMENT YEAR : 2012 - 13 ) M/S. BAHUBALI METALS RATANDEEP COMPOUND OPP. POOJA HOTEL I.B.PATEL ROAD GOREGAON (E) MUMBAI 400 063 VS. ITO 31 (1)(3) MUMBAI PAN/GIR NO. AAEFV5578J APPELLANT ) .. RESPONDENT ) ASSESSEE BY SHRI VIMAL PUNMIYA REVENUE BY SHRI RAM TIWARI DATE OF HEARING 23 / 03 /201 8 DATE OF PRONOUNCEME NT 25 / 03 /201 8 / O R D E R PER R.C.SHARMA (A.M) : THIS IS AN APPEAL FILED BY ASSESSEE AGAINST THE ORDER OF CIT(A) 42, MUMBAI DATED 04/05/2017 FOR A.Y.2012 - 13 IN THE MATTER OF ORDER PASSED U/S.143(3) OF THE IT ACT. 2. IN THIS APPEAL, ASSESSEE IS AGGRIEVED FOR ADDI TION OF RS.19,50,000/ - U/S.68 OF THE IT ACT. 3. RIVAL CONTENTIONS HAVE BEEN HEARD AND RECORD PERUSED. 4. DURING THE COURSE OF ASSESSMENT , AO MADE ADDITION ON ACCOUNT OF LOAN CREDITORS OBSERVING THAT GENUINENESS AND CREDITWORTHINESS OF LOAN CREDITORS WERE N OT PROVED. BY THE IMPUGNED ORDER, CIT(A) CONFIRMED THE ITA NO. 5790/MUM/2017 M/S. BAHUBALI METALS 2 ORDER PASSED BY AO. FROM THE RECORD, I FOUND THAT THE A SSESSEE HAD FURNISHED FOLLOWING DETAILS TO SUPPORT TO PROVE ALLEGED LOAN. I. AUDIT REPORT OF ASSESSEE II. INCOME TAX ACKNOWLEDGMENT COMPUTA TION OF INCOME AND BALANCE SHEET OF ASSES S EE III. BANK STATEMENT OF ASSESSEE IV. LOAN CONFIRMATION V. LOAN LEDGER CREDITORS CONFIRMATION VI. FORM 16A ISSUED BY ASSESSEE TO LOAN CREDITORS VII. BANK STATEMENT OF LOAN CREDIT ORS VIII. INCOME TAX ACKNOWLEDGMENT .COMPUTATION OF INCOME AND BALANCE SHEET OF LOAN CREDITORS IX. PAN CARD OF LOAN CREDITORS 5. AS PER LEARNED AR, THE A SSESSEE HAD FURNISHED THE FOLLOWING DOCUMENT EVIDENCE TO PROVE IDENTITY, CREDIT - WORTHINESS A ND GENUINENESS OF LOAN CREDITORS. X. BANK STATEMENT OF ASSESSEE SHOWING REPAYMENT OF LOAN XI. BANK STATEMENT OF LOAN CREDITOR SHOWING LOAN RECEIVED HACK XII. LEDGER ACCOUNT AND BANK STATEMENT SHOWING DEDUCTION OF TDS ON THE PAYMENT OF INTER EST TO THE LOAN CREDITORS. XIII. RECENT LOAN CONFIRMATIONS AND LOAN REPAYMENT CONFIRMATIONS OF ALL THE LOAN CREDITORS. 6 . IT WAS FURTHER SUBMITTED BY LEARNED AR THAT ASSESSEE HAS FILED ALL THE DOCUMENTS SO AS TO PROVE IDENTITY, GENUINENESS AND CREDITWORT HINESS OF LOAN CREDITORS. MY ATTENTION WAS ALSO INVITED TO THE FACT THAT THESE LOANS WERE SUBSEQUENTLY RE PAID BY THE ASSESSEE. LEARNED AR ALSO DRAWN MY ATTENTION TO THE DOCUMENTS FILED BEFORE THE LOWER AUTHORITIES WITH RESPECT TO EACH OF THE LOAN CREDITORS WHICH COMPRISES OF COPY OF PAN CARD , INCOME TAX RETURN AND COMPUTATION OF INCOME, COPY OF CONFIRMATION OF LETTER OF TRANSACTION AND COPY OF BANK PASS BOOK, COPY OF LATEST ITA NO. 5790/MUM/2017 M/S. BAHUBALI METALS 3 CONFIRMATION LETTER SHOWING REPAYMENT OF OUTSTANDING AMOUNT, COPY OF RECENT BANK PAS SBOOK ETC., 7. I HAD ALSO CAREFULLY GONE THROUGH THE DETAILS OF FINDING RECORDED BY LOWER AUTHORITIES IN RESPECT OF EACH LOAN CREDITORS. IT APPEARS THAT LOWER AUTHORITIES HAVE NOT PROPERLY APPRECIATED THE DOCUMENTARY EVIDENCE FILED BY THE ASSESSEE AS DETA ILED ABOVE. THE FACT IS THAT AO HAD REPAID THESE LOANS AND CONFIRMATION OF LOAN CREDITORS ARE ALSO ON RECORD SUPPORTING THE CASE OF ASSESSEE. K EEPING IN VIEW TOTALITY OF FACTS AND CIRCUMSTANCES OF THE CASE , I RESTORE THE MATTER BACK TO THE FILE OF THE AO F OR DECIDING AFRESH AFTER CONSIDERING ALL THESE DOCUMENTS. 6. IN THE RESULT, APPEAL IS ALLOWED FOR STATISTICAL PURPOSES. O RDER PRONOUNCED IN THE OPEN COURT ON THIS 25 / 03 /201 8 SD/ - ( R.C.SHARMA ) ACCOUNTANT MEMBER MUMBAI ; DATED 25 / 03 /201 8 KARUNA SR. PS COPY OF THE ORDER FORWARDED TO : BY ORDER, ( ASSTT. REGISTRAR) ITAT, MUMBAI 1. THE APPELLANT 2. THE RESPONDENT. 3. THE CIT(A), MUMBAI. 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. //TRUE COPY//