9911796707
TMI Blog2024 (7) TMI 1014X X X X Extracts X X X X X X X X Extracts X X X X ..... to hide the real nature of the transaction. It is surprising to note that what was the basis of ld. CIT(A) to discard those documents without verification and genuineness of the documents and he doubted the same. We further notice that the ld. CIT(A) has rejected the above documents by saying that finding of the AO was based on strong surrounding circumstances and preponderance of the probability and human conduct. It is important to mention here that above findings cannot be basis of rejection of a document which was filed by the assessee. The documents clearly go to show that the transaction made being a genuine one and we do not find any transaction made by and with any Mukesh Banka. It is also a fact that all transactions made through ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee : Somnath Ghosh, Adv. For the Department : Arup Chatterjee, Addl. CIT ORDER PER PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER: This appeal filed by the assessee pertaining to the Assessment Year (in short AY ) 2016-17 is directed against the order passed u/s 250 of the Income Tax Act, 1961 (in short the Act ) by ld. Commissioner of Income-tax (Appeals)-NFAC, Delhi [in short ld. CIT(A) ] dated 04.12.2023 arising out of the assessment order framed u/s 147 read with Section 144B of the Act dated 29.03.2022. 2. The brief facts of the case are that the assessee being an individual filed his return of income for the relevant assessment year on 30.03.2017 at a returned income of Rs. 2,40,896/-. Return was processed, case was reopened u/s 147 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quently by an account payee cheque through proper banking channel, but this fact has been ignored by the ld. CIT(A) and the AO and made an addition of Rs. 15 Lakh i.e. wrong and liable to be quashed. Ld. Counsel for the assessee has also taken a plea and challenged the very jurisdiction of the AO with regard to the issuance of notice u/s 148 of the Act. 4. Ld. D/R has supported the impugned order. 5. Upon going over the records and the rival submissions of the Counsels of the respective parties, the only points for determination in this appeal are that whether the assessee could be able to disclose the source of fund amounting to Rs. 15 Lakh which is declared by the AO and ld. CIT(A) as unexplained. The case of the appellant as it also reve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reflecting loan taken, Interest paid and showing loan repayment. 11. Documentary evidence of utilization of loan. 5.1. We have gone through the order of the ld. CIT(A) and find that ld. CIT(A) has also held thus- prima facie the appellant has submitted copies of all those documents including the bank statement of the alleged loan provided/accommodation entry provider in support of transaction related to alleged loan claimed by the appellant. But he discarded the same by mere assumption and surmises thereby saying that these documents are mere masks to hide the real nature of the transaction. It is surprising to note that what was the basis of ld. CIT(A) to discard those documents without verification and genuineness of the documents and he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rough banking channel thus the unsecured loan stands explained 5.3. On perusal of the bank statement of M/s. Fast Speed Realcon Pvt. Ltd., it is noticed that amount of Rs. 15 Lakh has been transferred to the assessee on 16.12.2015 and on the same date all amount of Rs. 15 Lakh has also been credited in the account of M/s. Fast Speed Realcon Pvt. Ltd. Section 68 of the Act casts initial onus on the assessee to establish the identity and creditworthiness of the investor and to prove the genuineness of the transaction. The present case in hand reveals that the assessee has discharged initial onus by furnishing the name, address, copy of PAN, copy of ITR, copy of bank statement and confirmation of the creditor. 5.4. It is further noticed that l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orrect, the Tribunal had no option but to direct the AO to give the benefit of the losses suffered by the assessee, which he had disallowed. The appeal did not raise any question of law and was therefore not to be admitted. 6. In the present case as we have discussed above that there is nothing in the record brought by the AO to establish any connection of the assessee with Mukesh Banka, there is no transaction made by and with Mukesh Banka as the statement of bank account details reveals. Keeping in view the above facts also the case of the assessee is succeeded that issuance of notice is also bad in law. Accordingly, the grounds raised by the assessee are allowed. 7. In the result, the appeal filed by the assessee is allowed. Order pronou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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