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TMI Blog2017 (9) TMI 1597X X X X Extracts X X X X X X X X Extracts X X X X ..... pinion being FAA, the CIT(A) should pass a reasoned and speaking order. The size of the order may not be of material importance, but what is important is reasoning for accepting/rejecting the arguments/submissions of the AO/assessee. It is right of AO as well as assessee to get a reasoned and speaking order. Considering the facts and circumstances of the case, we are of the opinion that in the interest of justice matter should be sent back to the file of FAA and he is directed to pass a reasoned and speaking order after considering the submissions of the assessee and case laws relied upon by the assessee. Effective Ground of appeal , raised by the assessee is allowed her favour in part. - ITA No. 4848/Mum/2013 - - - Dated:- 27-9-2017 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the remaining 5 years, that the assessee had repaid ₹ 1 lakhs to the lender on 30/12/2010 and 10/03/2011, that the assessee was not having sufficient income to repay the loan amount in the specified years as per the loan agreement, that the source of income of the assessee was not commiserating with the liability credited by her in the form of so called loan, that the onus was on the assessee to prove the genuineness of the transaction by showing her repayment capacity, she could not take shelter of being a relative of NTK. The AO issued summons to NTK and recorded her statement also. After considering both the statements the AO held that assessee was only a benamidar of the property funded by NTK, that the cheque was given di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions and arguments of the assessee, that the order of the FAA was arbitrary and unjust , that the colour of transaction from loan to gift could not be unilaterally changed when the assessee as well as lender had confirmed the transaction. He referred to the case of Chardrakant S. Shah (124 ITD 177) that was confirmed by the Hon'ble Bombay High Court on 06. 09. 2010 (Income tax Appeal No. 3154 of 2009). The Departmental Representative(DR) stated that the FAA had passed the order after applying his mind. 5. We have heard the rival submissions and perused the material before us. We find that the assessee had claimed to have received a loan of ₹ 70 lakhs from NTK, that the AO had rejected the claim made by her, that he had recorded ..... X X X X Extracts X X X X X X X X Extracts X X X X
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