M.A. Castel Infrastructure Co. v. Income-tax Officer- 31(2)(3), {Erstwhile ITO-24(3)(2)}, Mumbai
[Citation -2019-LL-0828-216]
| Citation | 2019-LL-0828-216 |
|---|---|
| Appellant Name | M.A. Castel Infrastructure Co. |
| Respondent Name | Income-tax Officer- 31(2)(3), {Erstwhile ITO-24(3)(2)}, Mumbai |
| Court | ITAT-Mumbai |
| Relevant Act | Income-tax |
| Date of Order | 28/08/2019 |
| Assessment Year | 2011-12 |
| Judgment | View Judgment |
| Keyword Tags | identity genuineness and creditworthiness of creditors • genuineness and creditworthiness of unsecured loan borrowed • unexplained cash credit • addition to income • absence of evidence • non-appearance • service of notice • confirmation of creditor |
| Bot Summary: | 143(3) of the Act, the Assessing Officer noticed that during the year under consideration assessee firm received unsecured loans of 2 ITA NO.6221/MUM/2017 M.A. Castel Infrastructure Co.1,10,21,700/- and required the assessee to submit the confirmations and prove the identity, creditworthiness and genuineness of the lenders. The assessee could not provide any confirmations and the details in respect of the balance unsecured loans amounting to.1,08,30,400/- and since the assessee failed to submit the loan confirmations and related documents to prove the identify, credit worthiness and genuineness of the unsecured loans the Assessing Officer treated. Before the Ld.CIT(A) the assessee could not provide any confirmations nor any details in respect of the unsecured loans. In the absence of any evidences produced by the assessee the addition made by the Assessing Officer was sustained by the Ld.CIT(A). In spite of issue of notice none appeared on behalf of assessee nor any adjournment was sought. Ld. DR submitted that the assessee could not produce any confirmations in respect of unsecured loans either before the Assessing Officer or before the Ld.CIT(A) to prove the identity, creditworthiness, and genuineness of the unsecured loans received by the assessee and therefore the Assessing Officer is rightly justified in treating the said unsecured loans as unexplained cash credits which the Ld.CIT(A) has rightly affirmed the same. Even before us assessee could not produce any evidences to prove the identify, creditworthiness and the genuineness of the creditors. |