TaxTMI 
TaxTMI 
2014 (8) TMI 564
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....appeal under Section 260-A of the Income Tax Act, 1961 by the revenue is from a decision of the Income Tax Appellate Tribunal dated 4 October 2013. The assessment year to which the appeal relates is A.Y. 2009-10. The revenue has formulated the following questions of law. "A. Whether the ITAT erred in law in deleting the additions made u/s 68 on account of unsecured loans obtained from Companies ....
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....ed only in Jan, 2009, had not commenced any commercial activity during the year under consideration and had only received unsecured loans which were advanced to the assessee company." The assessing officer made an addition inter alia in the amount of Rs. 4,08,50,000/- on account of an unsecured loan which was received by the assessee. The assessee had taken that loan from a Company by the name An....
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....nd the genuineness of the transaction had been established. The Tribunal has affirmed these findings. On perusing the records, it appears that the finding that the assessee was rerouting its own funds was based on surmise. The CIT (A) had the benefit of considering the balance sheet of the lender as well as confirmatory certificates in respect of the advances which the lender in turn had received....