TaxTMI 
TaxTMI 
TaxTMI 
2025 (10) TMI 931
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.... 3,00,000/- which are illegal and against the facts on without providing any opportunity to the assessee before making the addition and the Ld. CIT(A) NFAC has erred in sustaining the same . 2. The Ld. Assessing officer has erred in law as well as on the facts and circumstances of the case in disallowing a sum of Rs. 4,00,000/- being capital introduced by the partners of the firm without providing opportunity to the assessee more so when the assessee is having every source of introduction of such capital, which was withdrawn by the partners from the firm in the earlier year and the necessary evidences were submitted before the AO during the course of assessment proceedings and the Ld. CIT(A) NFAC has erred in sustaining the same . 3. The assessee reserves its right to addition, alter, modify, delete or amend all or any of the grounds of appeal before or at the time of hearing of appeal. 3. Succinctly, the fact as culled out from the record is that the assessee filed the return of income on 19.09.2011 declaring total income of Rs. 10,66,290/-. After that the case of the assessee was selected for scrutiny and the assessment u/s 143(3) of the Act was made on a tot....
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....additions". In view of the above observations & remand reports, the additions made under the heads of unsecured loans & to partners' capital account is hereby confirmed in absence of any rebuttal/evidence from appellant side 6. In result, the appeal is PARTLY ALLOWED." 5. Feeling dissatisfied with the finding on the sustained additions, the assessee preferred present appeal before this tribunal. The ld. AR of the assessee in support of the grounds raised, filed the following written submission; Ground no.1 The Ld. Assessing officer has erred in law as well as on the facts and circumstances of the case in making a disallowance of unsecured loan received from M/s Har Dayal & Company, Khairthal of Rs. 7,00,000/- and from Shri Lokmanya son of Badri Prasad, Khairthal Rs. 3,00,000/- which are illegal and against the facts on without providing any opportunity to the assessee before making the addition and the Ld. CIT(A) NFAC has erred in sustaining the same . Facts and Submission: - 1. The assessee is engaged in the business of manufacturing and trading of oil and oil cake. The original assessment was completed u/s 143(3) at total inc....
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....y, genuineness and creditworthiness of Lokmanya Gupta was filed and therefore the addition made by AO and confirmed by CIT(A) be deleted. Ground No.2 The Ld. Assessing officer has erred in law as well as on the facts and circumstances of the case in disallowing a sum of Rs. 4,00,000/- being capital introduced by the partners of the firm without providing opportunity to the assessee more so when the assessee is having every source of introduction of such capital, which was withdrawn by the partners from the firm in the earlier year and the necessary evidences were submitted before the AO during the course of assessment proceedings and the Ld. CIT(A) NFAC has erred in sustaining the same . Facts and Submission: - 1. During the year under consideration the following four partners of the assessee introduced capital of Rs. 1,00,000/- each for which the source was explained as under - Name of Partner Capital introduced Explanation Smt. Rukmani Devi 1,00,000 Introduced on 26.06.2010 out of drawing of Rs. 1,00,000 made on 22.03.2010 Smt. Vijay Laxmi 1,00,000 Introduced on 07.04.2010 out of drawing of Rs. 1,00,000 made on 18.12.2009 ....
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....0 for withdrawal made by partners of the firm 12 Both 8 Copy of relevant extract of cash book of assessee for the month of April 2010 and June 2010 for deposit made by partners of the firm 13-14 Both 9. Copy of ITR along with computation of income and capital account of Jagdish Prasad Gupta in the books of the assessee 15-19 Both 10. Copy of ITR along with computation of income and capital account of Trilok Chand in the books of the assessee 20-23 Both 11. Copy of ITR and capital account of Vijaya Laxmi in the books of the assessce 24-26 Both 12. Copy of ITR along with computation of income and capital account of Rukmani Devi in the books of the assessee 27-31 Both 13. Copy of ITAT order dt.02.01.2017 in assessce's own case for AY 2011- 12 against the order passed by PCIT Alwar u/s 263 of the Act 32-53 Both 7. The ld. AR of the assessee in addition to the above written submission so filed vehemently argued that the finding of the ld. AO are itself contradictory. To support this, he referred to page 9 of the ld. AO wherein the following table is given [reproduced for sake of convenience ] S.No. ....
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....n of unsecured loan received from M/s Har Dayal & Company, Khairthal of Rs. 7,00,000/- and from Shri Lokmanya son of Badri Prasad, Khairthal Rs. 3,00,000/- . The ld. CIT(A) noted that the assessee has not rebutted the finding of the ld. AO. Therefore, he has confirmed the addition. The bench noted from the order of the assessing officer vide which at page no. 9 he noted that in case of the disputed unsecured loan creditors the assessee has submitted the following details; ..... S.No. Name of the cash creditor Confirmation submitted ITR submitted Bank statement submitted 1.0 Smt. Saroj Gupta Yes Yes Yes 2.0 Smt. Anita Gupta Yes Yes Yes 3.0 M/S Hardayal & Company Yes Yes 4.0 Gupta & Company Yes Yes Yes 5.0 Vinod Kumar Gupta Yes Yes Yes 6.0 Om Prakash Agarwal Yes Yes Yes 7.0 Murari Lal Gupta Yes Yes Yes 8.0 Lokmanya Yes Yes 9.0 Isirwar Dutt Gupta Yes Yes Yes 10.0 Ashok Gupta Yes Yes Yes 11.0 Sheela Devi Yes Yes Yes The fact recorded in the order of the assessment has not been controverted....
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....ent proceedings and the Ld. CIT(A) NFAC has erred in sustaining the same. On this issue, the bench noted from the order of the assessment that the assessee has for the impugned addition has furnished the following details [ page 11 of the assessment order ]; S No Partner name Capital introduce Explanation 1. Smt. Rukmani Devi 1,00,000 Rs. 1,00,000/- on 26-6-2010 has been deposited in the firm out of the drawing of Rs. 1,00,000/- made on 22-3-2010. 2 Mr. Rajnesh Kumar Data 5,81,000 Amount of Rs. 5,80,000/- has been deposited on 11-3-2011 out of the drawings of Rs. 6,00,000/- made on 23-2-2011. The same is verifiable from the bank pass book enclosed herewith. 3 Mr. Sarvesh Kumar Gupta 1,50,000 Amount of Rs. 1,50,000/- has been deposited on 07-10-2010 out of the drawings of Rs. 1,50,000/- made on 22-7-2010. The same is verifiable from the bank pass book enclosed herewith. 4. Smt. Vijay Laxmi 1,00,000 Amount of Rs. 1,00,000/- has been deposited on 07-04-2010 out of the drawings of Rs. 1,00,000/- made on 18-12-2009. 5 Mr. Trilok Chand Gupta 1,00,000 Amount of Rs. 1,00,000/- has been deposited on 26-06-2010 out of....