TALHA ABBAS MUKHI, MUMBAI V. ITO WD 4(4), THANE

ITA 7769/MUM/2014

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 3850 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 7 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-08-2016
• Appeal Filed By: Assessee
• Bench Allotted: SMC
• Assessment Year: 2010-2011
• Appeal Filed On: 31-12-2014
• Court: TRIBUNAL
• Department Lawyers: RANDHIR GUPTA
• Assessee Lawyers: JIGNA SHAH
• Keywords: Additional evidence

Judgement Text

, . . , IN THE INCOME TAX APPELLATE TRIBUNAL SMC , BENCH MUMBAI BEFORE SHRI R.C.SHARMA , A CCOUNTANT MEMBER ./ ITA NO . 7769 /MUM /20 1 4 ( / ASSESSMENT YEAR : 20 10 - 20 11 ) TALHA ABBAS MUKHI, A/302, ASCON ACRESST TOWER I, NR. ASMITA SHOPPING CENTRE, NAYA NAGAR, MIRA ROAD (E), DISTRICT THANE - 401107 VS. ITO - 4(4), THANE ./ ./ PAN/GIR NO. : A A WPM 6533 G ( / APPELLANT ) .. ( / RESPONDENT ) /ASSESSEE BY : SMT. JIGNA SHAH /REVENUE BY : SHRI RANDHIR GUPTA / DATE OF HEARING : 28 / 0 7 /2016 / DATE OF PRONOUNCEMENT 02/08 /201 6 / O R D E R TH IS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF CIT(A) FOR ASSESSMENT YEAR 2010 - 2011 . 2. IN THIS APPEAL THE ASSESSEE IS AGGRIEVED FOR ADDITION OF RS.30,99,000/ - U/S.68 AND ALSO FOR DISALLOWANCE OF ASSESSEES CLAIM OF INTEREST OF RS.1,73,640/ - OUT OF INCOME FROM HOUSE PROPER TY CLAIMED U/S.24 OF I.T.ACT AND REJECTING CLAIM OF DEDUCTION U/S.80C FOR L.I.P. OF RS.1,03,993/ - . 3. I HAVE CONSIDERED RIVAL CONTENTIONS AND GONE THROUGH THE ORDERS OF AUTHORITIES BELOW. THE AO HAS MADE ADDITION OF RS.30,99,000/ - U/S.68 IN RESPECT OF LOAN TAKEN FROM 11 PERSONS. THE AO OBSERVED THAT ASSESSEE HAS NOT SUBSTANTIATED CREDITWORTHINESS OF THE LOAN CREDITOR. THE CIT(A) CONFIRMED THE ACTION OF AO. ITA NO. 7769 /201 4 2 4. I HAVE CAREFULLY GONE THROUGH THE ORDERS OF AUTHORITIES BELOW AND FOUND THAT ASSESSEE HAS TAKEN ADV ANCE THROUGH ACCOUNT PAYEE CHEQUE. IN RESPECT OF LOAN CREDITOR S ASSESSEE HAS ALSO FILED THEIR INCOME TAX DETAILS ALONG WITH PAN NOS. IN CASE OF SOME OF THE CREDITORS ASSESSEE HAS ALSO FILED THEIR BALANCE SHEETS CONFIRMING LOAN S HAV ING BEEN ADVANCED TO THE ASSESSEE. IN SOME OF THE CASES I ALSO FOUND THAT ASSESSEE HAS FILED CAPITAL ACCOUNT AND PROFIT AND LOSS ACCOUNT OF THE LOAN CREDITOR TO SUBSTANTIATE THE SOURCE OF THEIR INCOME. HOWEVER, THE CIT(A) HAS CASUALLY OBSERVED THAT CREDITORS ARE NOT ASSESSED TO TA X AND CONFIRMED THE ADDITION MADE BY THE AO. IN RESPECT OF DOCUMENTS FILED BY THE ASSESSEE TO SUPPORT THE CONTENTION REGARDING IDENTITY AND GENUINENESS, IF THE AO IS NOT SATISFIED, HE CAN CALL THE CONCERNED LOAN CREDITORS TO APPEAR BEFORE HIM AND CALL OTHE R INFORMATION U/S.133(6). HOWEVER, NO SUCH STEPS HAD BEEN TAKEN BY AO. IN THE INTEREST OF JUSTICE, I RESTORE THIS ISSUE BACK TO THE FILE OF AO FOR GIVING DUE OPPORTUNITY TO THE ASSESSEE TO SUBSTANTIATE ITS CLAIM AND TO RE - DECIDE THE ISSUE AFTER VERIFYING T HE DOCUMENTS PLACED ON RECORD IN SUPPORT OF IDENTITY, GENUINENESS AND CREDITWORTHINESS OF THE LOAN CREDITOR. THE AO IS ALSO AT LIBERTY TO CALL FOR THE CREDITORS TO APPEAR BEFORE HIM FOR CONFIRMING LOAN TRANSACTION S . 5. WITH RESPECT TO CLAIM OF L.I.P. PAYME NT U/S.80C THE ASSESSEE HAS FILED ADDITIONAL EVIDENCE BEFORE US. IN THE INTEREST OF JUSTICE, I RESTORE THIS GROUND ALSO TO THE FILE OF AO FOR VERIFYING THE LIP PREMIUM PAID BY ASSESSEE AND TO CONSIDER ASSESSEES CLAIM U/S.80C AS PER LAW. ITA NO. 7769 /201 4 3 6. SIMILARLY FOR PAYMENT OF HOUSING LOAN THE ASSESSEE HAS FILED ADDITIONAL EVIDENCE WHICH WERE NOT BEFORE THE LOWER AUTHORITIES. ACCORDINGLY, THIS ISSUE IS ALSO RESTORED BACK TO THE FILE OF AO FOR VERIFYING THE SAME AND TO CONSIDER ASSESSEES CLAIM FOR DEDUCTION U/S.24 OF THE I.T.ACT. 7 . IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED IN PART FOR STATISTICAL PURPOSES . O RDER PRONOUNCED IN THE OPEN COURT ON THIS 02/08 / 201 6 . SD/ - ( R.C.SHARMA ) / ACCOUNTANT MEM BER MUMBAI ; DATED 02/08 /201 6 . . /PKM , . / 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//