ALOK KUMAR B AGARWAL, MUMBAI V. ITO WD 24(1)(3), MUMBAI

ITA 6231/MUM/2014

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 9711 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 5 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-03-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2007-2008
• Appeal Filed On: 08-10-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SAURABH KUMAR RAIDR
• Keywords: Opportunity of being heard

Judgement Text

, , , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES A, MUMBAI , , , BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER, AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER ITA NO.6231/MUM/2014 ASSESSMENT YEAR: 2007-08 ALOK KUMAR B. AGARWAL, PROP. OF M/S ALOK ENTERPRISES, A-G-1, SARNATH CO-OP. HSG. SOC. KAILASHPURI ROAD, UPPER GOVIND NAGAR, MALAD (EAST), MUMBAI-400097 / VS. INCOME TAX OFFICER, WARD-24(1)(3), R. NO.501, C-13, PRATYAKSHAKAR BHAVAN, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI-400051 ( /ASSESSEE) ( ! / REVENUE) PAN. NO. AAEPA2403M / ASSESSEE BY SHRI MANDAR VAIDYA ! / REVENUE BY SHRI SAURABH KUMAR RAI-DR ' !# $ % / DATE OF HEARING : 27/03/2018 $ % / DATE OF ORDER: 27/03/2018 ALOK KUMAR B. AGARWAL ITA NO.6231/MUM/2014 2 / O R D E R PER JOGINDER SINGH (JUDICIAL MEMBER) THE ASSESSEE IS AGGRIEVED BY THE IMPUGNED ORDER DATED 20/07/2014 OF THE LD. FIRST APPELLATE AUTHORI TY, MUMBAI, CONFIRMING THE ADDITION OF RS.21,41,031/- M ADE U/S 68 OF THE INCOME TAX ACT, 1961 (HEREINAFTER THE ACT) IN RESPECT TO RETURN OF LOANS, WHICH WERE ADVANCED IN EARLIER YEARS. 2. DURING HEARING, THE LD. COUNSEL FOR THE ASSESSEE, SHRI MANDAR VAIDYA, CLAIMED THAT CONFIRMA TION HAS BEEN FILED BY THE ASSESSEE FROM THE RESPECTIVE PARTIES WHICH WAS NOT CONSIDERED, THEREFORE, THE ADDITION H AS TO BE DELETED. ON THE OTHER HAND, SHRI SAURABH KUMAR RAI, LD. DR, STRONGLY DEFENDED THE ADDITION SUSTAINED BY THE LD. COMMISSIONER OF INCOME TAX (APPEAL) ON THE GROU ND THAT THE ASSESSEE COULD NOT DISCHARGE THE BURDEN CA ST UPON HIM. 2.1. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. BEFORE ADVERTING FURTHER, WE NOTE THAT THE ONLY GRIEVANCE OF THE ALOK KUMAR B. AGARWAL ITA NO.6231/MUM/2014 3 ASSESSEE IS THAT CONFIRMATIONS WERE DULY FILED FROM THE CONCERNED PARTIES, WHICH WERE IGNORED. IT IS NOTED THAT THE ASSESSEE DEPOSITED CASH AMOUNTING TO RS.85,47,150/- IN THREE BANK ACCOUNTS DURING THE YE AR UNDER CONSIDERATION. THE ASSESSEE, AS PER THE IMPUG NED ORDER, EXPLAINED THE SOURCE OF CASH DEPOSIT TO THE EXTENT OF RS.64,29,060/- AND FOR THE REMAINING AMOUNT OF RS.21,18,090/- COULD NOT BE EXPLAINED. HOWEVER, BEF ORE US A STRONG PLEA WAS RAISED BY THE ASSESSEE THAT CONFIRMATION OF THE REMAINING AMOUNT WAS ALSO FILED . CONSIDERING THE TOTALITY OF FACTS AND THE ARGUMENTS ADVANCED BEFORE US, WE DEEM IT APPROPRIATE TO REMAN D THIS APPEAL TO THE FILE OF THE LD. ASSESSING OFFICE R. THE ASSESSEE IS DIRECTED TO PRODUCE THE CONCERNED PARTI ES BEFORE THE LD. ASSESSING OFFICER, WHO SHALL EXAMINE THE PARTIES AND DECIDE AFRESH IN ACCORDANCE WITH LAW. T HE ASSESSEE BE GIVEN OPPORTUNITY OF BEING HEARD. THUS, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL P URPOSES ONLY. ALOK KUMAR B. AGARWAL ITA NO.6231/MUM/2014 4 FINALLY, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES ONLY. THIS ORDER WAS PRONOUNCED IN THE OPEN COURT IN THE PRESENCE OF LD. REPRESENTATIVE FROM BOTH SIDES AT T HE CONCLUSION OF THE HEARING ON 27/03/2018. SD/- SD/- ( RAMIT KOCHAR ) (JOGINDER SINGH) '# / ACCOUNTANT MEMBER $# / JUDICIAL MEMBER ' # MUMBAI; ' DATED :27/03/2018 F{X~{T? P.S/. . . %$&'()(*& / COPY OF THE ORDER FORWARDED TO : 1. )*+, / THE APPELLANT 2. -.+, / THE RESPONDENT. 3. / / ' 0 ( )* ) / THE CIT, MUMBAI. 4. / / ' 0 / CIT(A)- , MUMBAI 5. 2!3 - , / )*% )4 , ' # / DR, ITAT, MUMBAI 6. 5 6# / GUARD FILE. / BY ORDER, / (DY./ASSTT. REGISTRAR) , ' # / ITAT, MUMBAI