9911796707
TMI Blog2024 (6) TMI 1430X X X X Extracts X X X X X X X X Extracts X X X X ..... ing total income of Rs. 8,63,440/. In the course of the assessment, the Assessing Officer (AO) noticed that the assessee had obtained unsecured loan of Rs. 2,47,69,244/- from various persons. The assessee was required to produce evidences to establish the identity, genuineness and creditworthiness of the loan creditors. The loan was taken from 20 creditors out of which the assessee could submit evidences in the form of confirmation, PAN, Aadhar, bank statement and income tax return in respect of four persons only; from whom aggregate unsecured loan of Rs. 85,49,244/- was obtained. In case of the remaining 16 creditors, no evidence was brought on record. Therefore the Assessing Officer treated the unsecured loan of Rs. 1,62,20,000/- obtained ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer, the revenue was precluded from filling further appeal before the Tribunal. 5. We have carefully considered the rival submission. It is found from the assessment order that addition of Rs. 1,62,20,000/- on account of unsecured loan was made only for the reason that assessee was unable to produce any evidence in respect of this loan from 16 creditors. In the course of the first appeal, the assessee had filed additional evidences in respect of unsecured loan taken from those 16 parties which was forwarded by the ld. CIT(A) to the Assessing Officer for his comments. The ld. CIT(A) has reproduced the Assessing Officer's remand report as well as JCIT's comments on the remand report in his order which is found to be as under:- "I have go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing in view Rule 46A The admissibility regarding additional evidences submitted by the assessee before the Ld. C.LT (Appeals)-7, Ahmedabad, the same may be allowed keeping in view to Rule-46A, if applicable to the assessee as per Income-tax Rules. The copy of the JCIT's letter forwarding AO's remand report is as under- Kindly find enclosed herewith the above referred letter in the mentioned case submitted by ITO Wd 7(2) (1), Abad through this office. 2. Vide this letter the AO has objected to the admissibility of the additional evidences stating that sufficient opportunities were given to the assessee of being heard during the assessment proceedings However, the assessee was unable to submit the additional evidences as it w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e by the Assessing Officer for the reason that the details and documents in respect of interest expenses was not submitted in the course of the assessment proceedings. The assessee had filed the relevant details before the ld. CIT(A) which was forwarded to the Assessing Officer for his comments. The Assessing Officer in his remand report had categorically admitted that the interest expenses was allowable except an amount of Rs. 43,466/- on account of interest for late payment TDS and VAT. Accordingly, the ld. CIT(A) had restricted the addition to Rs. 43,466/- as recommended by the Assessing Officer. The decision of ld. CIT(A) on this issue is, therefore, also upheld. 7. It is thus found that the relief was granted by the ld. CIT(A) on both ..... X X X X Extracts X X X X X X X X Extracts X X X X
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