M.A.CASTLE INFRASTRUCTURE CO., MUMBAI V. INCOME TAX OFFICER 31(2)(3) ERSTWHILE INCOME TAX OFFICER 24(3)(2), MUMBAI

ITA 6221/MUM/2017

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 0921 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 10 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-08-2019
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2011-2012
• Appeal Filed On: 11-10-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: D G
• Keywords: Unexplained cash credit
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH D , MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI RAJESH KUMAR , HON'BLE ACCOUNTANT MEMBER ITA NO. 6221 /MUM/201 7 (A.Y: 2011 - 12) M.A. CASTEL INFRASTRUCTURE CO. 1, TOPIWALA COMPOUND AAREY ROAD HIGHWAY JUNCTION GOREGAON (E), MUMBAI - 400 063 PAN: AAOFM9095M V. INCOME TAX OFFICER 31(2)(3) {ERSTWHILE ITO - 24(3)(2)} C - 13, 6 TH FLOOR BANDRA KURLA COMPLEX, BANDRA (E) MUMBAI 400 051 (APPELLANT) (RESPONDENT) ASSESSEE BY : NONE DEPARTMENT BY : SHRI D.G. PANSARI DATE OF HEARING : 13.06.2019 DATE OF PRONOUNCEMENT : 28 . 08.2019 O R D E R PER C. N. PRASAD (JM) 1. THIS APPEAL IS FILED BY THE ASSESSEE AGAINST THE ORDER OF THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) - 42, MUMBAI [HEREINAFTER IN SHORT LD.CIT(A)] DATED 02.12.2016 C HALLENGING THE ORDER OF THE LD.CIT(A) IN SUSTAINING THE DELETION MADE U/S. 68 OF THE ACT. 2. BRIEFLY STATED THE FACTS ARE THAT, W HILE COMPLETING THE ASSESSMENT U/S. 143 (3) OF THE ACT, THE ASSESSING OFFICER NOTICED THAT DURING THE YEAR UNDER CONSIDERATION ASSESSEE FIRM RECEIVED UNSECURED LOANS OF 2 ITA NO.6221/MUM/2017 (A.Y: 2011 - 12) M.A. CASTEL INFRASTRUCTURE CO. .1 , 10 , 21 , 700 / - AND REQUIRED THE ASSESSEE TO SUBMIT T HE CONFIRMATIONS AND PROVE THE IDENTITY , CREDITWORTHINESS AND GENUINENESS OF THE LENDERS . ASS ESSEE HAS PROVIDED CONFIRMATIONS AND DETAILS IN RESPECT OF M/S. WINSWAY INFRASTRUCTURE PVT. LTD., FOR AN AMOUNT OF . 1 , 91 , 300/ - . THE ASSESSEE COULD NOT PROVIDE ANY CONFIRMATION S AND THE DE TAILS IN RESPECT OF THE BALANCE UNSECURED LOANS AMOUNTING TO . 1 , 08 , 30 , 400/ - AND SINCE THE ASSESSEE FAILED TO SUBMIT THE LOAN CONFIRMATION S AND RELATED DOCUMENTS TO PROVE THE IDENTIFY, CREDIT WORTHINESS AND GENUINENESS OF THE UNSECURED LOANS THE ASSESSING OFFICER TREATED .1 , 08 , 30 , 400/ - AS UNEXPLAINED CASH CREDITS U/S. 68 OF THE ACT AND ACCORDINGLY MADE ADDITION. 3. BEFORE THE LD.CIT(A) THE ASSESSEE COULD NOT PROVIDE ANY CONFIRMATION S NOR ANY DETAILS IN RESPECT OF THE UNSECURED LOANS. THE ASSESSEE DID NOT APPEAR BEFORE THE LD.CIT(A) IN SPITE OF SEVERAL NOTICES ISSUED BY THE L D.CIT(A) AS BROUGHT OUT IN THE ORDER. IN THE ABSENCE OF ANY EVIDENCES PRODUCED BY THE ASSESSEE THE ADDITION MADE BY THE A SSESSING OFFICER WAS SUSTAINED BY THE LD.CIT(A) . 4. IN SPITE OF ISSUE OF NOTICE NONE APPEARED ON BEHALF OF ASSESSEE NOR ANY ADJOURNMENT W AS SOUGHT . IN FACT, THE NOTICE ISSUED BY THE TRIBUNAL FIXING THE DATE OF HEARING ON 22.01.2019 RETURNED UNSERVED WITH THE REMARK OF THE POSTAL AUTHORITIES THAT THE ASSESSEE HAS LEFT . THUS , WE PROCEED TO DISPOSE OFF THIS APPEAL ON HEARING THE LD.DR. 3 ITA NO.6221/MUM/2017 (A.Y: 2011 - 12) M.A. CASTEL INFRASTRUCTURE CO. 5. LD. DR SUBMITTED THAT THE ASSESSEE COULD NOT PRODUCE ANY CONFIRMATION S IN RESPECT OF UNSECURED LOANS EITHER BEFORE THE ASSESSING OFFICER OR BEFORE THE LD.CIT(A) TO PROVE THE IDENTITY, CREDITWORTHINESS, AND GENUINENESS OF THE UNSECURED LOAN S RECEIVED BY THE ASSESSEE AND T HEREFORE THE ASSESSING OFFICER IS RIGHTLY JUSTIFIED IN TREATING THE SAID UNSECURED LOANS AS UNEXPLAINED CASH CREDITS WHICH THE LD.CIT(A) HAS RIGHTLY AFFIRMED THE SAME. 6. HEARD LD. DR AND PERUS ED THE ORDERS OF THE AUTHORITIES BELOW. WE FIND THA T THE ASSESSEE COULD NOT PROVE THE IDENTIFY, CREDITWORTHINESS AND T HE GENUINENESS OF THE UNSECURED LOAN CREDITORS WITH EVIDENCES . EVEN BEFORE US ASSESSEE COULD NOT PRODUCE ANY EVIDENCES TO PROVE THE IDENTIFY, CREDITWORTHINESS AND THE GENUINENESS OF THE CR EDITORS. IN THESE CIRCUMSTANCES, WE DO NOT FIND ANY INFIRMITY IN THE ORDERS PASSED BY THE LOWER AUTHORITIES IN TREATING THE UNSECURED LOANS AS UNEXPLAINED CASH CREDITS U/S. 68 OF THE ACT . GROUNDS RAISED BY THE ASSESSEE ARE DISMISSED. 7. IN THE RESULT, APPEAL OF THE ASSESSEE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THE 28 TH AUGUST , 2019 SD/ - SD/ - ( RAJESH KUMAR) (C.N. PRASAD) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI / DATED 28 / 0 8 / 2019 GIRIDHAR , S R. PS 4 ITA NO.6221/MUM/2017 (A.Y: 2011 - 12) M.A. CASTEL INFRASTRUCTURE CO. COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT. 3. THE CIT(A), MUMBAI. 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. //TRUE COPY// BY ORDER (ASSTT. REGISTRAR) ITAT, MUM