2016 (5) TMI 766

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tely by ITO-10(3)(4), Mumbai u/s. 143(3) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") for AY 2009-10 vide his orders dated 01.11.2011 and 16.11.2011. 2. The only common issues in these two appeals of different assessee's, i.e., in the case of Shri Bobbie Phillips (in ITA No. 1749/Mum/2012) and Shri Bennie Phillips (in ITA No. 1750/Mum/2012), is as regards to the order of CIT(A) confirming the action of the Assessing Officer (A.O.) in making the addition of unsecured loan received by the assessee from his minor daughter and son u/s. 68 of the Act. For this, the assessee in ITA No. 1749/Mum/2012 has raised following two grounds: '1. The Learned Commissioner of Income-tax (Appeals)-22, Mumbai, has erred in confirmin....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... from son Rohan Phillips and a sum of Rs. 1.35 lacs from daughter Annika Phillips. In both the cases, the A.O. has passed the assessment orders exactly identically worded. The AO made these additions of above unsecured loans are that the assessee is unable to file the details to prove the creditworthiness and genuineness of the transaction of the above loans. Accordingly, he made addition of the above loans by invoking the provision of section 68 of the Act in both the cases. Aggrieved, both the assessee preferred an appeal before the CIT(A). 4. The ld. CIT(A) also passed identical worded grounds except the amount and name of lenders. For the sake of clarity, we are reproducing the order of CIT(A) in ITA No. 1749/Mum/2012: '2.3 I have....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nt has made an effort to file the evidences in the form of RBI Bonds, VDIS Certificate, etc. to support the initial source. However, these documents were not filed before A.O. and hence are additional evidences. The appellant has not assigned any reason narrating the circumstances as to what was the reasonable cause for which this could not be filed before A.O. despite several opportunities made available to, the appellant. Further, in the bank account of lenders, there are deposits relating to the R.D. matured, which has not been substantiated by the appellant. In view of these facts I find no reason to deviate with the findings of the A.O. made in the assessment order and accordingly the addition made u/s.68 is upheld.' Similar is the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Phillips. Similar statement is also enclosed at pg. 2 of the assessee's paper book, wherein RBI matured bond amounting to Rs. 40,000/- is disclosed and the same bank summary of saving bank account no. 22521 maintained with Bank of India, Turner Road Branch is enclosed. The assessee has enclosed the complete bank statement from where it is clear that minor daughter Annica Phillips has advanced a sum of Rs. 1,35,000/- out of RBI Bond maturity and RBI Bond interest and also other deposits made. The assessee has also enclosed copies of RBI certificate issuing RBI bonds in the name of Rohan, minor son and Annica Phillips, minor daughter with repayment of 6.5% Saving Bonds 2003 and repayment of 7% Saving Bank Schemes 2002. These documents clearly....