9911796707
TMI Blog2024 (7) TMI 1270X X X X Extracts X X X X X X X X Extracts X X X X ..... , J.M. This Revenue's appeal, for assessment year 2018-2019, arises against the National Faceless Appeal Centre [in short the "NFAC"] Delhi's Din and Order No. ITBA/NFAC/S/250/2023- 24/1061283797(1) dated 21.02.2024, in proceedings u/s.147 r.w.s.144 of the Income Tax Act, 1961 (in short "the Act"). Heard both the parties. Case file perused. 2. The Revenue pleads the following twin substa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty is not allowable expense". 3. The appellant craves leave to amend or alter or add a new ground which may be necessary." 3. We advert to the first and foremost issue of sec.68 unsecured loans addition of Rs.99 lakhs made in assessee's hands in course of assessment as deleted in the CIT(A)-NFAC's order. The Revenue's case is that the assessee had not discharged it's onus of proving ident ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ole creditor as it is evident from the Assessing Officer's findings. Mrs. Nair invited our attention to the assessee's rejoinder against the said remand report filed on 24.01.2024 [pages 244-247] that he had in fact filed additional details of bank statements etc., which allegedly indicated the concerned party Smt. Safiabai Rampurawala to have received various sums from her son Shri Mustaq Ahmed F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Assessing Officer's end. We accordingly deem it appropriate in these facts and circumstances to restore the Revenue's instant former substantive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y for the purpose of redevelopment of project since the payments were made to the already existing tenants for their temporary transit alternative accommodation. We thus quote Smt. B. Jayalaxmi vs. ACIT [2018] 96 taxmann.com 486 (Mad.) and CIT vs. DN Purnesh426 ITR 169 (Kar.) that the Revenue could hardly be held as an aggrieved party once the assessing authority submits a favourable remand report ..... X X X X Extracts X X X X X X X X Extracts X X X X
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