Court :
ITAT Mumbai
Brief :
Aforesaid cross appeals for Assessment Year (AY) 2010-11 arises out of the order of learned Commissioner of Income-Tax (Appeals)-12, Mumbai [CIT(A)] dated 27/03/2019.
Citation :
I.T.A. No.4910/Mum/2019
IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI
BEFORE HON’BLE SHRI SAKTIJIT DEY, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM
I.T.A. No.4910/Mum/2019
FSK Builders & Developers Pvt. Ltd. 12, Naik Nagar, LBS Marg, Sion (W), Mumbai-400 022
vs
ITO – 6(2)(3), Mumbai – 400 020
Assessee by:Shri Mandar Vaidya, Ld. AR
Revenue by:Shri S. N. Kabra, Ld. Sr. DR
Date of Hearing: 25/10/2021
Date of Pronouncement: 01/11/2021
O R D E R
Aforesaid cross appeals for Assessment Year (AY) 2010-11 arises out of the order of learned Commissioner of Income-Tax (Appeals)-12, Mumbai [CIT(A)] dated 27/03/2019.
2. The material facts are that the assessee being resident corporate assessee stated to be engaged in construction activities was assessed on best judgment basis u/s 144 in view of the fact that it failed to furnish any details / information to Ld. AO.
3. The remaining loans of Rs.131.47 Lacs were received from 7 parties. Majority of the lenders were directors as well as group entities of the assessee. The assessee filed their respective confirmations, income Tax Returns, PAN and other details in support of the loans. It was noted by Ld. CIT(A) that all these persons / group entities were regular tax payers and their financials were available on record.
4 The revenue’s appeal stand dismissed whereas the assessee’s appeal stand allowed for statistical purposes. Order pronounced on 01st November 2021.
Please find attached the enclosed file for the full judgement
CAclubindia
