IN THE ITAT SURAT BENCH
PAWAN SINGH, J.M. & ARJUN LAL SAINI, A.M.
Kuruvilla P Keru v. DCIT
ITA No. 719/Srt/2023
22 February, 2024
Assessee by: Rajesh. C. Shah, C.A.
Department by: S.M. Keshkamat, Commissioner-Departmental Representative
Order under section 254(1) of Income Tax Act
Pawan Singh, J.M.
This appeal by the assessee is directed against the order of National Faceless Appeal Centre (NFAC)/learned Commissioner of Income Tax (Appeals) (in short, the learned Commissioner (Appeals) dated 6-10-2023 for the assessment year (AY) 2020-21. The assessee has raised following grounds of appeal:
1. The learned Commissioner (Appeals) has erred in confirming the addition made by learned assessing officer under section 68 of the Act for Rs. 7,83,00,173.
2. The learned Commissioner (Appeals) has erred in confirming the addition made by learned assessing officer for Rs. 7,83,00,173 for creditworthiness of depositors, particularly when the assessee has submitted all the required details as per section 68 of the Act such as confirmation of accounts, bank statement, ITR and not only source of loan but source of sources of loan.
3. The learned Commissioner (Appeals) has further, erred in confirming the addition of Rs. 7,83,00,173 whereas the assessee has received just total loan of Rs. 2,16,29,000 during the year under consideration from 11 parties mentioned the assessment order. The learned Commissioner has ignored the submission of the assessee on this issue.
4. The learned Commissioner (Appeals) has erred in confirming the addition of Rs. 7,83,00,173 for which 11 parties has been mentioned in the assessment order and there are no transaction worth of Rs. 7,83,00,173. The assessee has submitted that how the figure of addition is work out but not considered by the learned Commissioner (Appeals). The total transaction with all the 11 parties are as under: