Shweta Khandelwal Jaipur v. Ito Jaipur

Vk Dj Vihyh Vf Kdj K T Iqj U K Ihb T Iqj In The Income Tax Appellate Tribunal Jaipur Benche S Jaipur Jh Dqy Hkkjr U Kf D Lnl Oa Jh Foe Flag Kno Ys Kk Lnl Ds Le K Before Shri Kul Bharat Jm Shri Vikram Singh Yad Av Am Vk Dj Vihy La Ita No 60 Jp 2017 Fu Kzkj K Ok Z Assessment Year 2013 14 Shweta Khandelwal 203 Tikkarmal Ka Rasta Kishanpole Bazar Jaipur Raj 302001 Cuke Vs Ito Ward 1 4 Jaipur Raj Lfkk H Ys Kk La Thvkbzvkj La Pan No Antpk 5196 K Vihykfkhz Appellant Izr Fkhz Respondent Fu Kzkfjrh Dh Vksj Ls Assessee By Shri Mukesh Khandelwal C A Jktlo Dh Vksj Ls Revenue By Shri Prem Prakash Meena Jcit Lquokbz Dh Rkjh K Date Of Hearing 18 12 2017 Kksk Kk Dh Rkjh K Date Of Pronouncement 19 12 2017 Vknsk Order Per Shri Kul Bharat Jm This Appeal By The Assessee Is Filed Against The O Rder Of Ld Cit A I Jaipur Dated 11 11 2016 Pertaining To Assessment Year 2013 14 The Assessee Has Raised The Following Grounds Of Ap Peal 1 That Under The Facts And Circumstances Of The C Ase The Ld Cit A Has Erred Seriously On The Facts And In Law In Sustaini Ng Addition Of Rs 72 83 617 Being Loans Taken From 3 Concerns Alleg Ed To Be Controlled By Shri Bhanwar Lal Jain Of Mumbai 2 That The Assessee Craves Leave To Add Amend Al Ter And Delete Any Of The Grounds Of Appeal Before The Hearing 2 Ita No 60 Jp 2017 Smt Shweta Khandelwal Jaipur 2 Briefly Stated The Facts Are That The Case Of Th E Assessee Was Picked Up For Scrutiny Assessment And The Assessment Under Sectio N 143 3 Of The Income Tax Act 1961 Hereinafter Referred To As The Act Was Framed Vide Order Dated 17 03 2016 While Framing The Assessment The Ao O Bserved That The Assessee Has Obtained Loans From Three Parties Namely Ankita Exp Orts Pankaj Exports And Navkar Diamond Of Rs 15 08 384 Rs 22 57 808 And Rs 35 17 425 Respectively During The Year The Assessing Officer Was Of The View Tha T This Loan Has Been Obtained Through The Accommodation Entry Provider Operated B Y Shri Bhanwarlal Jain And Hence Made Addition Of Rs 72 83 617 Against Th Is The Assessee Preferred And Appeal Before Ld Cit A Who After Considering The Submissions Sustained The Addition Now The Assessee Is In Appeal Against T He Confirmation Of Addition 3 Only Effective Ground In This Appeal Is Against Sustaining The Addition Of Rs 72 83 617 Being The Loans Taken From 3 Concerns 3 1 Ld Counsel For The Assessee Vehemently Argued And Reiterated The Submissions As Made In The Written Brief He Cont Ended That The Assessee Had Discharged His Onus With Regard To The Loan By Furn Ishing The Requisite Details He Submitted That Loan Is Taken Through Banking Channe L The Lender Parties Have Sufficient Funds In Their Respected Account And Hug E Turnover Of Business And Have Confirmed The Same The Ld Counsel For The Assess Ee Relied Upon The Various Case Laws In Para 6 Of The Written Submissions Which Ar E Reproduced As Under 1 Cit Vs Jai Kumar Bakliwal 2014 366 Itr 217 101 D Tr 37 2 Kanhaialal Jangid Vs Acit 217 Ctr 354 3 Cit Vs Ajay Kumar Sharma 259 Itr 240 3 Ita No 60 Jp 2017 Smt Shweta Khandelwal Jaipur 4 Cit Vs Heera Lal Chagan Lal 257 Itr 281 5 Cit Vs H S Builders P Ltd 78 Dtr 169 6 Aravali Trading Co Vs Ito 187 Taxman 338 7 Cit V S Arl Infratech Ltd 394 Itr 383 Ld Counsel Submitted That In View Of These Decisio Ns There Was No Justification To Make Addition Of The Impugned Order 3 2 Per Contra Ld D R Strongly Supported The Order Of The Authorities Below He Drew Our Attention To The Statement Of Shri Bhanwar Lal M Jain Enclosed At Pages 36 To 59 Of The Paper Book Ld D R Drew Our Atten Tion To The Question No 24 And Answers Thereto Which Includes The Parties From Who M Assessee Has Taken Loan 3 3 We Have Heard The Rival Contentions Perused Th E Material Available On Record And Gone Through The Order Of The Authorities Below We Find That The Assessing Officer Made Addition On The Basis That The Assesse E Obtained Loan Through Accommodation Entry Provider Ld Cit A Affirmed The View Of The Assessing Officer We Have Considered The Material Available On Record The Ld Counsel For The Assessee Has Taken Us Through Banks Statement Of The Parties Which Is Enclosed At Paper Book Pages 3 4 8 9 10 14 15 16 21 22 23 24 25 Etc The Assessee Has Also Filed Itr And Their Profit And Loss Accounts From T Hese Evidences It Is Evident That Those Parties Were Having Sufficient Balance In The Ir Bank Account For Giving Loan To The Assessee The Assessing Officer Has Not Made A Ny Enquiry Independent Of These Evidences Furnished By The Assessee Except That The Information Furnished By The Investigation Wing Of The Revenue In The Form Of Th E Statement Of Shri Bhanwar Lal Jain Under These Facts We Are Of The View That T He Assessing Officer Ought To Have 4 Ita No 60 Jp 2017 Smt Shweta Khandelwal Jaipur Made Enquiries From These Concerns Therefore We Herby Set Aside The Impugned Assessment Order And Direct The Assessing Officer T O Frame Denovo Assessment By Making Enquires Through Commission Or By Issuing Su Mmons To The Concerned Parties For Collecting The Evidence Thus The Gro Und Raised In This Appeal Is Allowed For Statistical Purpose 4 In The Result Appeal Of The Assessee Is Allowed For Statistical Purpose Order Pronounced In The Open Court On Tuesday The 19 Th Day Of December 2017 Sd Sd Foe Flag Kno Dqy Hkkjr Vikram Singh Yadav Kul Bharat Ys Kk Lnl Accountant Member U Kf D Lnl Judicial Member Jaipur Dated 19 12 2017 Pooja Vknsk Dh Izfrfyfi Vxzsfkr Copy Of The Order Forwarded To 1 The Appellant Smt Shweta Khandelwal Jaipur 2 The Respondent The Ito Ward 1 4 Jaipur 3 The Cit A 4 The Cit 5 The Dr Itat Jaipur 6 Guard File Ita No 60 Jp 2017 Vknskkuqlkj By Order Lgk D Iathdkj Assistant Registrar 5 Ita No 60 Jp 2017 Smt Shweta Khandelwal Jaipur