9911796707
TMI Blog2024 (7) TMI 1270X X X X Extracts X X X X X X X X Extracts X X X X ..... entry vis- -vis other amounts received. His case is that the AO had adopted pick and choose method in adding only the loan in question of Rs.99 lakhs. We see no merit in assessee s arguments for the reason already quoted hereinabove that the department has not been able to get all the corresponding bank accounts et., verified at the AO s end. We accordingly deem it appropriate in these facts and circumstances to restore the Revenue s instant former substantive grounds back to the AO for his afresh appropriate adjudication as per law, subject to the rider that it shall be the taxpayer s risk and responsibility only to plead and prove all the relevant facts in consequential proceedings, within three effective opportunities of hearing. The Rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and in law, the Ld. CIT(A) erred in deleting the addition of Rs.99,00,000/- made in respect of unsecured loans despite the fact that the assessee failed to prove the creditworthiness of the creditor ie. Mrs.Safiabai Rampurawala and the creditor had never filed return of income including that for the year under consideration and hence huge amount of loan given by the creditor is unexplained cash credit u/s 68 of the Income tax Act . 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the addition of Rs.32,13,464/- which was paid in form of penalty to the owners by the assessee, for not complying with agreed conditions made with them and any form of penalty is not allowable expense . 3. The appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... various sums from her son Shri Mustaq Ahmed Fazli Hussain [settled in Dubai]. Mr. Joshi drew strong support from the CIT(A)-NFAC findings that the impugned addition has rightly been deleted in light of the said material. 5.1. All these assessee s arguments fail to evoke our concurrence. This is for the precise reason that it had filed it s rejoinder containing additional details/evidence before the CIT(A)- NFAC which had nowhere been put to factual verification at the Assessing Officer s end during remand proceedings. The assessee is found to have very well missed the bus by not filing all the relevant details before the Assessing Officer in remand proceedings. Mr. Joshi at this stage drew strong parallels between the impugned loan entry vi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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