Case Law Details
Plutus Industries Pvt. Ltd. Vs ITO (ITAT Delhi)
We find the Assessing Officer in the instant case made addition of Rs.1,36,39,191/- u/s 68 of the Act in respect of unsecured loan obtained by the assessee from three directors on the ground that the assessee failed to substantiate with evidences to his satisfaction regarding creditworthiness of the three directors and the genuineness of the transactions. We find the learned CIT(A) sustained the addition made by the Assessing Officer, since, the assessee did not appear before her to substantiate the creditworthiness of the directors and the genuineness of the transactions. It is the submission of the learned counsel for the that adequate opportunity was not granted by the learned CIT(A) and given an opportunity, the assessee is in a position to substantiate with evidences to the satisfaction of the learned CIT(A) regarding the creditworthiness of the Directors and the genuineness of the transactions. It is the submission of the learned DR that despite five opportunities granted by the learned CIT(A), the assessee did not appear before her and file the requisite details to substantiate the creditworthiness of the loan creditors and the genuineness of the transactions and therefore, the order of the learned CIT(A) should be upheld.
Considering the totality of the facts of the case and in the interest of justice, we deem it proper to restore this issue to the file of the learned CIT(A) with a direction to grant one final opportunity to the assessee to substantiate its case and decide the issue as per fact and law. The assessee is also hereby directed to appear before the learned CIT(A) to substantiate its case without seeking any adjournment under any pretext failing which, the learned CIT(A) shall be at liberty to pass appropriate order as per law.
FULL TEXT OF THE ORDER OF ITAT DELHI
This appeal filed by the assessee is directed against the order dated 25.04.2017 of the learned CIT(A)-36, New Delhi, relating to Assessment Year-2012-13.
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