NARENDRA KUMAR S. SHAH, MUMBAI V. JT CIT RG 25(1),

ITA 6904/MUM/2012

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 93073 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 7 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-07-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 07-07-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 12-11-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AKHILENDRA YADAVDR
• Assessee Lawyers: VIJAY C KOTHARI
• Keywords: Unexplained cash credit; Gift

Judgement Text

, , , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES B, MUMBAI , . . , , BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER, AND SHRI B.R. BASKARAN, ACCOUNTANT MEMBER ITA NO.6904/MUM/2012 ASSESSMENT YEAR: 2009-10 SHRI NARENDRAKUMAR S.SHAH B-10, BLUE DIAMOND, CHHATRAPATI SHIVAJI ROAD, DAHISAR (E), MUMBAI-400068 / VS. THE JT. COMMISSIONER OF INCOME TAX, RANGE-25(1), MUMBAI ( !' /ASSESSEE) ( $ / REVENUE) P.A. NO. AANPS0866M !' / ASSESSEE BY SHRI VIJAY C. KOTHARI $ / REVENUE BY SHRI AKHILENDRA YADAV-DR % $& ' ( / DATE OF HEARING : 07/07/2015 ' ( / DATE OF ORDER: 06/08/2015 / O R D E R PER JOGINDER SINGH (JUDICIAL MEMBER) THE ASSESSEE IS AGGRIEVED BY THE IMPUGNED ORDER DA TED 10/09/2012 OF THE LD. FIRST APPELLATE AUTHORITY, MU MBAI, BROADLY, CONFIRMING THE ADDITION MADE ON ACCOUNT OF UNSECURED LOANS TO THE EXTENT OF RS.1,03,86,340/- A S UNEXPLAINED CASH CREDIT, ADDITION OF RS.21,78,512/- , BEING THE DIFFERENCE IN CLOSING AND OPENING VALUE OF INVE STMENT, THE NARENDRAKUMAR S. SHAH ITA NO.6904/MUM/2012 2 ADDITION ON ACCOUNT OF GIFT AMOUNTING TO RS.2,02,10 0/- RECEIVED FROM MOTHER IN LAW AND FURTHER TREATING TH E BUSINESS LOSS OF RS.43,01,949/- AS SHORT TERM LOSS INSTEAD O F BUSINESS LOSS. 2. DURING HEARING OF THIS APPEAL, THE LD. COUNSEL FOR THE ASSESSEE, SHRI VIJAY C. KOTHARI, FILED ADDITION AL PAPER BOOK RUNNING INTO 184 PAGES CLAIMING THE CHART SHOW ING DETAILS OF LOAN ALONG WITH CONFIRMATION AND OTHER S UPPORTING DOCUMENTS, COPY OF INCOME TAX RETURN, REASONS FOR D IFFERENT BETWEEN CLOSING BALANCE AND OPENING BALANCE, COMPAR ISON OF ORIGINAL AND REVISED BALANCE SHEETS, COPIES OF SUBM ISSIONS MADE ON VARIOUS DATES, ETC, BY CLAIMING THAT THESE DOCUMENTS COULD NOT BE FURNISHED BY THE ASSESSEE DU RING ASSESSMENT STAGE AND GOES TO THE ROOTS OF THE MATTE R. ON THE OTHER HAND, THE LD. DR, SHRI AKEHILENDRA YADAV, CONTENDED THAT THESE ADDITIONAL DOCUMENTS WERE NOT FILED BEFORE THE ASSESSING OFFICER AND SINCE FILED FOR TH E FIRST TIME BEFORE THE TRIBUNAL, THEREFORE, EITHER THESE MAY NO T BE ADMITTED OR, IF ADMITTED, MAY BE SENT TO THE FILE O F THE ASSESSING OFFICER, FOR EXAMINATION AND ALSO TO SAFE GUARD THE INTEREST OF THE REVENUE. 2.1. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. IN VIEW O F THE ABOVE, SINCE THE DOCUMENTS, FILED BY THE ASSESSEE, WERE NOT FILED BEFORE THE LD. ASSESSING OFFICER FOR EXAMINAT ION, THEREFORE, IN THE INTEREST OF JUSTICE AND TO SAFEGU ARD THE INTEREST OF BOTH PARTIES, WE REMAND THESE EVIDENCES TO THE FILE NARENDRAKUMAR S. SHAH ITA NO.6904/MUM/2012 3 OF THE ASSESSING OFFICER FOR EXAMINATION TO HIS SAT ISFACTION AND THEN DECIDE IN ACCORDANCE WITH LAW AFRESH. EVEN OTHERWISE, THE MANDATE OF THE CONSTITUTION IS TO LE VY AND COLLECT DUE TAXES. THE ASSESSEE BE GIVEN OPPORTUNIT Y OF BEING HEARD WITH FURTHER LIBERTY TO FURNISH EVIDENCE, IF ANY, TO SUBSTANTIATE HIS CLAIM, THUS, THE APPEAL OF THE ASS ESSEE IS ALLOWED FOR STATISTICAL PURPOSES ONLY. FINALLY, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. THIS ORDER WAS PRONOUNCED IN THE OPEN COURT IN TH E PRESENCE OF LD. REPRESENTATIVES FROM BOTH SIDES AT THE CONCLUSION OF THE HEARING ON 07/07/2015. SD/ - (B.R. BASKARAN) SD/ - (JOGINDER SINGH) '# / ACCOUNTANT MEMBER $# / JUDICIAL MEMBER % & MUMBAI; ) DATED : 06/08/2015 F{X~{T? P.S/. . . %$&'()(*& / 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, /2+ . //TRUE COPY// / (DY./ASSTT. REGISTRAR) , % & / ITAT, MUMBAI