2014 (6) TMI 249

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.... Per J. Sudhakar Reddy, Accountant Member This is an appeal filed by the revenue directed against the order of the Ld.CIT(Appeals)-V, New Delhi dt. 22.01.2013 pertaining to the Assessment Year 2007-08 on the following grounds. "1. Whether the Ld.CIT(Appeals) has erred on facts and in law in deleting the addition of Rs.9,77,000/- u/s 68 of the Act ignoring the fact that: a) The assessee has rec....

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.... 4. An amount of Rs.9,77,000/- consists of Rs.3,77,000/- being unsecured loan from Mr.Piyush Kanthilal Kadiwar and an amount of Rs.6 lakhs being share application money also from Mr.Piyush Kanthilal Kadiwar. We first take up the issue of unsecured loan of Rs.3,77,.000/- which was added u/s 68 of the Act by the Assessing Officer, but was deleted by the Ld.CIT(Appeals). The amount received from Mr.....

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....g Officer Mr.Piyush Kanthilal Kadiwar has confirmed the fact that an amount has been advanced for booking a plot at Rajiv Gandhi IT-Habitat, Donee-Paula on behalf of the assessee from him and this was repaid by the assessee company. In view of the above evidences, we uphold the finding of the First Appellate Authority deleting the addition of Rs.3,77,000/- as cash credit u/s 68 of the Act. 6. On ....