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TMI Blog2017 (3) TMI 205X X X X Extracts X X X X X X X X Extracts X X X X ..... arge his role of investigator by relying upon any material or evidence to support his adverse finding. We, therefore, answer the first question in the negative, in favour of the assessee. Accumulated deficit shown - Held that:- We think it proper to also remand this claim to the Assessing Officer for adjudication. In that view of the matter the question need not be answered. The impugned order is accordingly set aside. - ITAT No. 181 of 2016, GA No. 1067 of 2016 - - - Dated:- 2-3-2017 - Aniruddha Bose And Arindam Sinha, JJ. R. K. Biswas, Adv. Mr. R.P. Banerjee, Adv. for the Assessee Mr. Tapas Kumar Chatterjee, Adv. S. N. Dutta, Adv. for the Revenue ORDER Arindam Sinha, J. This appeal is directed against order dated 16th December, 2015 passed by the Income Tax Appellate Tribunal B Bench, Kolkata in ITA no.137/KOL/2009 pertaining to assessment year 2005-06. We have heard the learned advocate for the appellant and are satisfied that the case involves the following substantial questions of law of those suggested by the appellant/assessee. i) Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in reversing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rsons with addresses from whom advances/loans have been taken year-wise. b) Loan confirmation from all the loan-creditors showing the PAN and IT Jurisdictions. c) Purposes of the loans taken. d) Details of year-wise utilization of the loans. e) Nexus of the loans with the objects of the Trust. f) Details of charity and donation made during the year along with the bills and vouchers. g) Details of repayment of the loans amounting to ₹ 4,45,11,300/- made during the relevant year. The assessee gave the following information in response:- 1. Repayment of Loan Evidences. During the year the trust had paid a sum of ₹ 4,54,11,300/- towards repayment of loan which was given to the trust to continue with the benevolent activities of the trust for the needy people of Labhpur and the surrounding areas in the district of Birbhum. However a detailed list of repayment of loan has already been filed along with the evidence e.g. the bank statement. The total repayment of loan amounting to ₹ 4,45,11,300/- was made to four parties as absolute natural and legal heirs of Late Smt. Anita Banerjee namely (i) K.N. Banerjee (Rs. 1,29 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... following evidence in upholding the claim of the Assessee viz., (a) details of expenses along with evidence; (b)Loan confirmation: (c) balance sheet for last eight years; (d) Bank statements; (e) list of repayment of loan, (f) write-up on purpose for acquiring loans. As already stated the Assessee has clearly admitted before the CIT(A) on its inability to produce evidence to prove borrowing and that the loans borrowed were spent for charitable activities and nature of those charitable activities. The mere assertion of the Assessee in this regard without evidence cannot be the basis to uphold the claim of the Assessee in this regard. We therefore do not agree with the conclusions of the CIT(A) in this regard. We therefore reverse the order of the CIT(A) and restore the order of the AO in this regard. The Tribunal concurred with the Assessing Officer on the disallowance made based on the inability of the assessee to furnish evidence to prove borrowing. According to them the assessee had merely asserted. On the other hand, the CIT(A) found the assessee to have proved its case considering that the assessee s books and bank account stood seized from the year 1980 to 2003. It appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s requisitioned. It is evident from the assessment record that the appellant submitted all the relevant documents in this aspect. It is not clear what were the books evidences, details etc., the A.O. had called for specifically for the purpose of assessment. However it is a matter of record that the appellant had provided all the necessary High Court orders (page no.85,128,147) details of expenses along with evidence (page no.95), loan confirmation (page no.173), balance sheet for last eight years (page no.103), bank statements (page no.190) list of repayment of loan (page no.186), write up on purpose for acquiring loans (page no.170) etc., A.O. has not gone through the details and evidences filed by the appellant before him. The ld. A/R of the appellant relied upon the case law of Mewar Charitable Foundation Vs. CIT. The Hon ble Rajasthan High Court has held that Mewar Charitable Foundation suffered a deficit in assessment year 1970-71 which was adjusted with the surplus in assessment year 1971-72 for the purpose of section 11(1)(a). The Hon ble Rajasthan High Court ruled that the said application of the income for charitable or religious purposes takes place in the year in which ..... X X X X Extracts X X X X X X X X Extracts X X X X
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