TaxTMI 
TaxTMI 
2021 (12) TMI 437
X X X X Extracts X X X X
X X X X Extracts X X X X
....y the facts are, the assessee is a resident individual and stated to be engaged in the business of builders and developers. For the assessment year under dispute assessee filed his return of income on 29-09-2013 declaring total income of Rs. 55,33,950/-. In course of assessment proceedings, the assessing officer, while verifying the return of income and other documents available on record, noticed that the assessee has shown unsecured loans from a number of parties. He, therefore, called upon the assessee to furnish loan confirmations and income-tax return copies of lenders. As observed by the assessing officer, the assessee furnished confirmations from some of the lenders and expressed his inability to furnish their income-tax return copie....
X X X X Extracts X X X X
X X X X Extracts X X X X
....mmissioner (Appeals). He submitted, before the first appellate authority the assessee furnished confirmations of the lenders, proof of loan transaction through banking channel, bank statement, etc. for proving the genuineness of the loan transaction. He submitted, without properly verifying the additional evidences, learned Commissioner (Appeals) rejected them on technical grounds. Further, the learned counsel submitted, after disposal of the appeal the assessee on his own efforts has gathered more evidences to establish the genuineness of loan transaction, which he wants to furnish by way of additional evidence. In this context, he drew our attention to letter dated 23-08-2021 requesting for admission of additional evidence alongwith the e....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... creditworthiness of the lenders and genuineness of the transaction. However, he submitted, since the assessee has furnished additional evidences before learned Commissioner (Appeals) and the Tribunal, which have never been examined, the issue may be restored to the assessing officer for verifying the documentary evidences and deciding the issue after enquiry. 6. In rejoinder, learned counsel for the assessee submitted, since the additional evidences were not admitted by learned Commissioner (Appeals), the issue may be restored back to his file for verifying them and deciding the issue on merit. 7. We have considered rival submissions and perused materials on record. Undisputedly, the assessee has availed loan of Rs. 1 crore from Rajneesh....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Smt. Yamini Bhat are being filed for the first time before this Tribunal as additional evidence. 9. Though, prima facie, it appears that both the loan creditors are having creditworthiness and are capable of advancing the loans to the assessee; however, the additional evidences require factual verification. Considering the fact that the additional evidences sought to be furnished before us will have a crucial bearing on deciding the disputed issue, we are inclined to admit them. However, since the departmental authorities did not have an opportunity to verify them, adhering to the rules of natural justice, the departmental authorities have to be given an opportunity to verify them. It is also a fact on record that certain additional eviden....