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TMI Blog2022 (11) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... e property is the same. He also did not examine that what is the actual cost of the property and how the registration, stamp duty expenses have been incurred, if at all such expenses are incurred. He also did not care to examine that how the interest of the above loan could have been serviced. He also did not look into the facts of this NBFC whether it is engaged in the business of housing loan or not. He also did not consider the relationship between NBFC and the assessee family. In view of this, we find that the order of the learned CIT A is not sustainable. We restore the appeal of the learned AO back to the file of the learned assessing officer with a direction to the assessee to furnish all the requisite details, appear before the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er occasions shows that nobody from the side of the assessee appeared. In view of this, this appeal is decided on the merits of the case as per information available on record. 04. Facts of the case shows that assessee filed return of income on 30/7/2014 at a total income of Rs.1,250,630/ . Subsequently the case of the assessee was selected for limited scrutiny as large investment in property compared to the total income of the assessee was found. Several notices were issued to the assessee. Emails were also sent on the address mentioned in the return of income. None appeared on behalf of the assessee. A final show cause notice was also issued which remained unanswered. Summons u/s 131 of the act was issued and served on the address of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ] and other members of her family for purchase of flat 201 and 202 at Sai Sapphire, Chandivali, Powai, Mumbai. Confirmation letter of the nonbanking financial company was also submitted and the builder confirmed that sum has been received from NBFC. Based on this information, the learned CIT A asked the learned assessing officer to submit the remand report. The learned AO in the remand report submitted that there is no definite conclusive evidence that what the ratio of the assessee is in the above property. He further stated that husband of the assessee has been included as the borrower and there is no justification available. Further AO enquired with the nonbanking financial company on what basis the loan was granted, which was replied ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 144 to lack of information not supplied by the appellant has been set straight in the appellate proceedings wherein the source of funds, the basis for grant of the loan etc. has been confirmed and ascertained by the NBFC. I am convinced that the appellant s grievance is genuine and correct and that the addition made by the AO needs to be deleted. The AO is directed to delete the aforesaid additions. Hence the ground of appeal is allowed. 08. The learned departmental representative vehemently submitted that i. Assessee remained totally non cooperative and defiant, summons were not complied with. Therefore, any evidence that has been admitted by the learned CIT A deserves to be rejected at threshold. ii. Evidence correctly shows ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thout examining the assessee the learned CIT A deleted the addition. ix. The order of the learned CIT A paragraph number 4.1.6 clearly shows that the addition has been deleted for the reasons, which are not at all there in the order of the learned AO. x. The learned CIT A did not consider the remand report in proper perspective. xi. The learned CIT A failed to consider the submission of the assessee that complete details were filed before the AO, which is merely a false statement. He submitted that order of the AO is passed u/s 144 of the act. Had this information been provided to the AO, it would have been incorporated in the assessment order. He submitted that only information was reason for limited scrutiny based on whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Therefore, as a last resort, the learned AO obtained information from office of sub registrar. The information disclosed that there are other joint owners with the assessee. In absence of any information, the AO was helpless and he made addition of the amount of investment in the property. Before the CIT appeal, assessee furnished confirmation of a nonbanking financial company from whom loan was obtained of Rs.251 lakhs, which is equivalent to the price of the property, agreements were furnished, therefore, the learned CIT A deleted the addition. The learned CIT A further travelled beyond the reasons of addition made by the learned AO and referred to the provisions of benami properties act. However, before us the learned departmental ..... X X X X Extracts X X X X X X X X Extracts X X X X
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