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TMI Blog2023 (1) TMI 960X X X X Extracts X X X X X X X X Extracts X X X X ..... ) did not deal with this contention and dismissed the appeal holding that the Appellant had failed to produce the loan confirmation and/or the uploaded return. We note that CIT(A) has observed that a loan confirmation filed before ITO-34(3)(5), Mumbai which was forwarded to the Assessing Officer and on the basis of the same reassessment proceedings were initiated. Thus, loan confirmation for the Assessment Year 2011-12 issued by the husband of the Appellant was already on record. Though the Appellant did not file the loan confirmation, the same was available on record. Therefore, to this extent the finding returned by the CIT(A) and Assessing Officer are contrary to material on record. The material on record suggested that the interes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessment year 2011-12 and was merely received in the impugned assessment year i.e. Assessment year 2012-13. 2. The Ld. CIT (A) erred in confirming the reopening proceedings initiated by the Ld A.O. without verifying and conducting independent enquiries the same being mechanical in nature. 3. The Ld. CIT (A) has erred in not considering the submissions made by the Assessee before the Ld. Assessing officer and which was also stated by the assessee in the statement of the facts which was relied by CIT(A) before passing the order u/s 250. 4. The Ld. CIT (A) has erred in not considering the fact that the income in question pertains to AY. 2011-12 and hence any notice if any in connection with such income should have been issu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red appeal against CIT(A) challenging the reopening of assessment under Section 147/148 of the Act and the aforesaid addition of interest income of INR 3,23,800/-. Vide order, dated 14.06.2022, the CIT(A) dismissed the appeal holding that the reassessment proceedings were initiated on the basis of tangible material that the Appellant had received interest income of INR 3,23,800/- that was above the threshold limit for filing the return of income. On merits, the CIT(A) rejected the contentions raised by the Appellant holding that the Appellant had failed to produce evidence to show that the interest income of INR 3,23,800/- pertained to the Assessment Year 2011-12 and the same was offered to tax. 6. Against the order dated 14.06.2022, pas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0/11/2019 was asked to file loan confirmation of her husband Shri Vinod S. Tibrewala for F.Y. 2011-12 relevant to A.Y. 2012-13. However, no such confirmation has been filed by the assessee from her husband. The assessee vide this office show cause notice dt. 08/12/2019 was asked as to why the sum of Rs.3,23,800/- should not be added to her total income. The assessee in response to the said show cause had forwarded a hand written letter through e-submission stating that interest of Rs. 3,23,800/- from her husband pertains to A.Y. 2011-12 and interest offered in the return for the year under consideration refers to A.Y. 2012-13. The assessee before the ITO-34(3)(5), Mumbai had filed a loan confirmation, for A.Y. 2011-12 from her husband which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sing Officer could not have produced the income tax return for the Assessment Year 2011-12. In any case, the test to be applied was not whether the interest income was offered to tax for the Assessment Year 2011-12, but whether the interest income pertained to Assessment Year 2012-13. The facts on record suggested that the interest income pertained to Assessment Year 2011-12. It was not the case of the Assessing Officer that the Appellant was following cash basis of accounting in respect of interest income. To the contrary before CIT(A), the Appellant contended that interest income accrued during the previous year relevant to the Assessment Year 2011-12 and the interest income could not be taxed on receipt basis during the Assessment Year 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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