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14-01-2020, Adarsh Agrawal, Section 132, 147, 148, Tribunal Delhi

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1 week 6 days ago #12053 by amit
Section - 132, 147, 148, 153A
Order Date - 14-01-2020
Favouring - Assessee
Court - Tribunal Delhi
Appellant - Adarsh Agrawal
Respondent - ITO
Justice - BHAVNESH SAINI JM & N.K. BILLAIYA AM
Citation - 120Taxpundit118
Appeal No. - ITA.No.777/Del./2019
Asstt. Year - 2010-2011

Order

PER : BHAVNESH SAINI, J.M.

This appeal by Assessee has been directed against the Order of the Ld. CIT(A)-27, New Delhi, Dated 20.11.2018 for the A.Y. 2010-2011.

2. Briefly the facts of the case are that in this case information has been received from Central Circle, Jammu, Dated 09.04.2014 that during the course of search under section 132 of the I.T. Act, 1961 on 07.04.2011 in the case of Shri Naresh Sabharwal of New Delhi, loan agreement was found. As per the loan agreement assessee has given cash loan of Rs.1 crore to Shri Naresh Sabharwal on 17.02.2009 @ 24% interest per annum. Both the assessee as well as Shri Naresh Sabharwal has claimed that this loan was never advanced. However, as per the agreement it was clearly mentioned that loan has been given. Both the parties have denied the transaction as the same was not accounted for in the books of account. The A.O. on that basis reopened the assessment in the case of the assessee and questionnaire was issued seeking explanation of assessee. Assessee was directed to file return of income under section 147/148 of the I.T. Act. The assessee submitted that earlier return filed originally may be treated as return having been filed in response to notice under section 148 of the I.T. Act. The assessee at the re-assessment stage denied to have given any cash loan to Shri Naresh Sabharwal. It was explained that assessee had agreed to arrange the loan for him through the Financer which was not materialised, therefore, original agreement was scrapped. It may be possible that photocopy have been retained by the said party. The A.O, however, did not accept the contention of assessee and made addition of Rs.1 crore on account of cash loan given to Shri Naresh Sabharwal as well as made addition on account of interest of Rs.6,96,774/-.

3. The assessee challenged the reopening of the assessment as well as addi ion on merit before the Ld. CIT(A). The detailed written submissions of the assessee is reproduced in the appellate order. The Ld. CIT(A), however, dismissed the appeal of assessee.

4. The assessee in the present appeal has challenged the reopening of the assessment as well as both the additions on merit.

5. We have heard the Learned Representatives of both the parties and perused the material on record.

6. Learned Counsel for the Assessee reiterated the submissions made before the authorities below and referred to PB-8 which is original return of income filed on 09.12.2010. PB-1 is notice under section 148 Dated 12.02.2015. PB-9 is letter of the A.O. extracting the reasons for notice under section 148. PB-10 is reply of the assessee denying giving any loan to Shri Naresh Sabharwal supported by the affidavit which was filed during the assessment proceedings in the case of Shri Naresh Sabharwal. PB-25 is copy of the loan agreement provided by the Department. PB-27 is assessment order in the case of Shri Naresh Sabharwal under section 153A r.w.s. 143(3) Dated 21.03.2014 PB-32 is reasons for reopening of the assessment. Learned Counsel for the Assessee submitted that since Shri Naresh Sabharwal as well as assessee have denied giving of any cash loan and that no evidence have been found giving loan by assessee to Shri Naresh Sabharwal, therefore, reopening of the assessment is bad in law. Further the loan agreement was found during the course of search in the case of Shri Naresh Sabharwal and

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