Mr. Ashok Khetshi Shah v/s Income Tax Officer - 20(1)(1)

Parties Involved

Facts Summary

The present appeal has been filed by the assessee, Mr. Ashok Khetshi Shah, challenging the order dated 12/06/2024 passed by the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, for the assessment year 2017-18. The assessee has raised several grounds of appeal, primarily challenging the additions made by the National Faceless Appeal Centre under various sections of the Income Tax Act, 1961. The appeal was heard on 16/09/2024, and the order was pronounced on 20/09/2024.…

Legal Issues

• 1. The National Faceless Appeal Centre has erred in law, facts and circumstances of the case by confirming the addition of Rs. 2,35,48,310/- u/s 69A of the Income Tax Act, 1961.
• 2. The National Faceless Appeal Centre has erred in law, facts and circumstances of the case by confirming the addition of Rs. 2,35,48,310/- u/s 69 of the Act on the ground that the loan given to Jeaneration Clothing Private Limited is Rs. 2,35,48,310/- in spite of the fact that the loan given to Jeaneration Clothing Private Limited during the year under consideration is Rs. 1,89,00,000/- only.
• 3. The National Faceless Appeal Centre has erred in law, facts and circumstances of the case by confirming the addition of Rs. 2,35,48,310/- u/s 69 of the Act in spite of the fact that the Appellant has borrowed the money through bank.
• 4. The National Faceless Appeal Centre has erred in law, facts and circumstances of the case by confirming the addition of Rs. 2,35,48,310/- u/s 69 of the Act in spite of the fact that the details of loan taken from the parties were submitted during the course of Assessment Proceedings to explain the source of the loan given to Jeaneration Clothing Private Limited.
• 5. The National Faceless Appeal Centre has erred in law, facts and circumstances of the case by confirming the addition of Rs. 34,34,870/- u/s 69A of the Income Tax Act on the ground that the source of funds has not been furnished for purchase of immovable property.
• 6. The National Faceless Appeal Centre has erred in law, facts and circumstances of the case by confirming the addition of Rs. 13,11,750/- u/s 56(2)(vii)(b) of the Income Tax Act on the ground that the immovable property is purchased for a consideration which is less than Stamp duty value and ignoring the fact that the date of booking is different from date of registration.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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