Sweta Anand vs ITO Ward 5(2)(4), Noida

PER MADHUMITA ROY, JUDICIAL MEMBER:

The instant appeal filed by the assessee is directed against the order dated 19.03.2026 passed by the Ld. Commissioner of Income-tax (Appeals)-1, Jaipur Act, 1961 (hereinafter referred to as ‘the Act’) arising out of the Assessment Order dated 26.12.2019 passed by the ITO, Ward-5(3)(2), Gautam Budh Nagar (hereinafter referred to as ‘the ld. AO’) under Section 143(3) of the Act for Assessment Year 2012-13.

None appeared at the time of hearing on behalf of the assesseee.

Heard the Ld. DR and perused the record. Having regard to the facts of the case, I find that since the assesseee has not been able to justify the source of purchase of property by obtaining loan from the bank in the absence of bank statements and merely on the basis of sanction letter, the said source was not accepted by the Ld. AO, the appeal filed by the assessee was rejected by the Ld. CIT(A), confirming the addition made by the Ld. AO.

It is relevant that the assessee has not been able to clarify the source of purchase of property, had the same been placed the assessment could have been otherwise. Thus, the appeal is remitted to the file of the Ld.CIT(A) to consider the issue afresh upon giving an opportunity to the assessee to adduce evidence. The assessee is also directed to produce the bank statement showing disbursement of loan by the bank which has been claimed to be the source of purchase of the property by him. In the event such document is produced before the Ld. AO, the Ld. AO will be at liberty to finalise the issue in accordance with the law.

In the result, the appeal filed by the Assessee is allowed for statistical purpose.