9911796707
TMI Blog2021 (2) TMI 653X X X X Extracts X X X X X X X X Extracts X X X X ..... he AO and, if necessary, produce the loan creditors before the AO for verification, as per the directions of the AO, in order to verify in the light of the provisions of section 68 of the Act. Addition u/s. 69 towards unexplained investment - assessee reiterated the submissions as made in ground No. 2 that the lower authorities failed to consider the explanation offered by the assessee and, he requested to remit the issue back to the file of the AO to redecide the same - HELD THAT:- After considering the submissions of both the parties and perusing the material on record as well as the orders of the authorities below, we remit this issue also back to the file of the AO with a direction to redecide the issue after taking into considerat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 34,59,182/- as unexplained investments u/s. 69 of the Income Tax Act, as added by the A.O. 4. The Appellate Commissioner erred in confirming an amount of ₹ 17,640/- being depreciation claimed by the assessee and disallowed by the A.O. 5. The Appellate Commissioner erred in confirming an amount of ₹ 24,000/- being disallowance u/s. 80GG as disallowed by the A.O. 6. The Appellate Commissioner erred in confirming an amount of ₹ 4,16,129/- being expenses claimed by the assessee and disallowed by the A.O. 7. Any other grounds which the appellant may urge either before or at the time of hearing. 2. Brief facts of the case are that the assessee, an individual, engaged in the business of trading in MS Stee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , and from M/s. Wizard Realcon Pvt. Ltd., New Delhi - ₹ 60 lakhs. When the assessee was asked to furnish confirmations of the loan creditors along with their income-tax particulars, the assessee filed ledger extracts of the loan creditors with their signature obtained form them on the extracts and also filed name, address and PAN of the parties. On verification of the ledger extracts, the AO found that the assessee had not paid any interest on the said borrowings of ₹ 1.80 crores. In order to verify the identity of the creditors, capacity of the creditors to advance money and genuineness of the transaction, the AO issued letters to all the loan creditors as per the address given by the assessee, however, the letters written to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the transactions and made the addition. He, therefore, pleaded that the issue may be remitted back to the file of the AO for reverification of the documents filed by the assessee and decide the issue in accordance with law. 7.2. The ld. DR has no objection to remit the matter back to the file of the AO. 7.3. After hearing both the parties and perusing the material on record as well as going through the orders of the authorities below and after taking into consideration the submission of the ld. counsel for the assessee, we are inclined to remit this issue back to the file of AO to verify the documentary evidences filed by the assessee, which are placed on record; the AO is also directed to verify the company's master data from RO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... introduced. 8.2. The Ld. counsel for the assessee reiterated the submissions as made in ground No. 2 that the lower authorities failed to consider the explanation offered by the assessee and, he requested to remit the issue back to the file of the AO to redecide the same, for which, the ld. DR has no objection. 8.3. After considering the submissions of both the parties and perusing the material on record as well as the orders of the authorities below, we remit this issue also back to the file of the AO with a direction to redecide the issue after taking into consideration the submissions of the assessee. The assessee is directed to submit the documentary evidence in support of his case. This ground is allowed for statistical purpose. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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