TMI Blog2021 (8) TMI 217X X X X Extracts X X X X X X X X Extracts X X X X ..... to section 201 is applicable - having no evidences on record the applicability of the ratio laid down any decision is not justified. Admittedly, there was no evidences even before this Tribunal showing that resident payee the Reliance Capital furnished return of income taking into the interest as its income by computing in the return of income and no certificate as required under law was filed to that effect. Therefore, considering the facts and circumstances of the case, we deem it proper to remand the issue to the file of CIT(A) for its fresh adjudication as indicated above. Thus, ground No. 1 raised by the Revenue is allowed for statistical purpose. Addition u/s. 36(1)(iii) - Admission of evidence HELD THAT:- AR submits that all the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act but however in our opinion the CIT(A) also failed to exercise said jurisdiction by remanding the matter to the file of AO - we deem it proper to remand the issue to the file of CIT(A) for its fresh adjudication. The assessee is liberty to file evidences, if any, in support of its clam. Thus, ground No. 3 raised by the Revenue is allowed for statistical purpose. - ITA No. 2125/PUN/2017 - - - Dated:- 30-7-2021 - Inturi Rama Rao, Member (A) And S.S. Viswanethra Ravi, Member (J) For the Appellant : Mahadevan A.M. Krishanan For the Respondents : Swanand Barve ORDER Per S.S. Viswanethra Ravi, JM This appeal by the Revenue against the order dated 10-03-2017 passed by the Commissioner of Income Tax (Appeals)-4, Pune ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us, the ld. DR, Shri Mahadevan A.M. Krishanan vehemently argued that no evidences whatsoever filed before the AO regarding evidences claiming the payee filed return of income showing the interest paid by the assessee as income computing such income in the return of income showing a certificate that taxes have been paid to that effect. We note that no evidences filed before the AO as rightly pointed out by the ld. DR showing the Reliance Capital the payee taking into account the interest paid by the assessee has its income and a certificate filed to that effect. The CIT(A) also did not discuss about such evidences in the impugned order in its decision from Para Nos. 5.3 to 5.3.2. Without having such evidences on record the CIT(A) proceeded t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid to Bank of India of ₹ 43,22,908/- was disallowed u/s. 36(1)(iii) of the Act by holding that the assessee availed interest bearing funds for investing in purchasing the above said shops which are not used for its business purpose. The CIT(A) deleted the said addition. The ld. DR submits that no evidences were submitted showing the said properties were used for business purpose and the CIT(A) held term loan from the Bank of India was sanctioned much before the investment in shops and the loan sanctioned by the Bank of India was purchased of machinery only. The ld. AR submits that all the details regarding the evidences filed before the CIT(A) and admitted no such evidences for filed before the AO. We note that the fact is not disput ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder that the assessee furnished the details like Names, PANs, Address, Confirmation Letters from the lenders and the CIT(A) held the AO without making any enquiry by issuing a notice u/s. 131 of the Act made the addition and on such failure of the AO the CIT(A) deleted the said addition. The ld. AR admits no details were filed before the AO but the evidences like Names, PANs, Address, Confirmation Letters were all filed before the CIT(A). As rightly pointed out by the ld. DR that the onus on the assessee to prove creditworthiness and genuineness of transaction as required u/s. 68 of the Act, the assessee claims to have given only Names, PANs and Address and Confirmation Letters before the CIT(A) but no opportunity was given to the AO as re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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