Case Law Details
Sanjay Mehta Vs ACIT (ITAT Kolkata)
We find that the assessee took a loan of Rs. 4 lakhs from M/s. Attitude Merchants Pvt. Ltd in preceding year. A perusal of confirmation of accounts placed at page 33 of the P.B dt. 23-11-20 for the F.Y 201314 relevant to A.Y 2014-15 shows that there was an opening credit balance of Rs. 7 lakhs as on 1-4-2013. The assessee took a loan of Rs. 4 lakhs on 1-1-2014. Interest was paid and TDS was deducted and the closing balance was at Rs. 11,00,000/-. Further, during the year under appeal i.e F.Y 2014-15 from perusal of paper book at page-34, we find that in confirmation of accounts there is no transaction during the year and interest has been charged on the opening balance. Other documentary evidence in the form of bank statement has also been filed to prove that the alleged fund was not received during the assessment year under consideration. This fact remains undisputed at the end of the ld. DR also. We, therefore, under the facts and circumstances of the case, are of the considered view that since the alleged sum of Rs. 4 lakhs was not received during the A.Y under consideration, the addition made u/s. 68 of the Act is not called for during the A.Y under consideration.
FULL TEXT OF THE ORDER OF ITAT KOLKATA
This appeal filed by the assessee pertaining to the A.Y. 2015-16 is directed against the order of ld. Commissioner of Income-tax (Appeals)-10, Kolkata dated 5th April, 2018 vide Appeal No. 912/CIT(A)-10/C-36/2015-16/2017-18/Kol. which is arising out of the assessment order framed u/s 143(3) of the Income Tax Act dated 2812-2017 by ACIT, Circle-36, Kolkata.
2. The assessee has raised following grounds of appeals for Assessment Year 2015-16:-
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