The Commissioner Of Income Tax – 3, Mumbai v. Suresh P. Makhija

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1658 OF 2010 The Commissioner of Income Tax – 3, Mumbai ..Appellant. Versus Suresh P. Makhija..Respondent. Mr.Vimal Gupta for the appellant.Mr.Subhash S. Shetty for the respondent. CORAM : J.P. Devadhar & Smt.R.P. Sondurbaldota, JJ. DATE : 8[th] June, 2011. P.C. : 1.Whether the Income Tax Appellate Tribunal was justified in deleting the addition of Rs.99,13,179/- made by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals) being unexplained loans received by the assessee in the block period is the question raised in this appeal. The additions were made based on a fact that the confirmation of letters were not furnished by the assessee. 2.The Income Tax Appellate Tribunal in para 16 of its order has recorded a finding of fact that the loans are part of regular books of account maintained by the assessee and that during the proceedings before the Income Tax Appellate Tribunal the assessee has furnished the confirmation letters from the persons from whom the loans were taken. Neither before the Tribunal nor before this Court, it is shown that the confirmation letters furnished by the assessee are not genuine. 3.In these circumstances, decision of the Tribunal based on the confirmation letters that the loan transactions are genuine, cannot be faulted. In this view of the matter, we see no merit in the appeal and the same is hereby dismissed with no order as to costs. (Smt.R.P. Sondurbaldota, J.) (J.P. Devadhar, J.)