Jiten Dhiraj Furia vs. Office of the CIT(A) / Addl.-JCIT(A)-1

Parties Involved

Facts Summary

The assessee, Jiten Dhiraj Furia, filed his return of income for the assessment year 2012-13, declaring a total income of Rs. 11,51,790/-. He purchased a residential flat by obtaining loans from banks and private parties, including family members. The Assessing Officer (AO) called upon the assessee to furnish details of the loans taken, which the assessee provided. However, for five parties, the assessee could only furnish loan confirmations. The AO added Rs. 6 lakh to the assessee's income under section 69 of the Act, which the assessee appealed against. The Commissioner of Income Tax (Appeals) (CIT(A)) allowed the appeal partially, reducing the addition to Rs. 4 lakh. The assessee further appealed to the ITAT.…

Legal Issues

• 1. Whether the loans received by the appellant are genuine and explainable?
• 2. Whether the addition made by the AO under section 69 of the Act is justified?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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