TaxTMI 
TaxTMI 
2016 (1) TMI 1020
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....wance of Rs. 26,42,500/- representing unsecured loans and interest paid thereon of Rs. 75,000/- under section 68 of the Act. 2. The appeal of the assessee is barred by limitation of thirty one days. The assessee filed a an affidavit explaining the reason for the delay in filing of appeal that the original appellate order of Commissioner of Income Tax (Appeals) was mixed up with other files and was irretrievably lost. It was traced only on 22.7.2015 when all cupboard were cleared and sorted out. The appeal papers was immediately prepared and filed. This resulted in delay of filing of appeal by 31 days. Therefore the delay is not deliberate or wanton and prays for condonation of delay. We have perused the reasons and are satisfied that there....
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.... cheques and the amounts were received to make payments towards TDS to the government account. The creditors are identifiable and transactions are genuine and therefore, no addition can be made under section 68 of the Act. 5. Departmental Representative vehemently supports the orders of the lower authorities in making addition treating the loan creditors as not genuine in the absence of proper explanation by the assessee in proving the identity and genuineness of the transactions. 6. Heard both sides. Perused orders of lower authorities. Before us, the assessee submits in brief as under:- "Addition under Sec.68 of Rs. 26,42,500/- + Int. Paid ofRs.75.000/- I) Mr.P.Sundara Paripoornam: Rs. 15.40,000/- 1.He is not related to the compan....
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....acs was from the sale of films which we had made to M/s.CPT Holdings (Sony Tv- Sundry Debtor). II) Mr. AKILAN : Rs.l0.27.000/- 1. He is not related to the company in any way. 2. He is known through our ex-auditor Mr.P.Murugesan 3. We had borrowed Rs. 10 lacs on 29/9/2009 via cheque nO.24206 through Indian Overseas bank 4. We had taken this loan to make TDS payment of Rs. 50 lacs on 29/9 /2009 via cheque no.543994 5. This amount of Rs. 10 lacs was returned to Mr.Akilan on 7th August 2010 via cheque no.901260, Oriental Bank of Commerce. 6. We do not know his PAN Num. 7. The source to make the loan re- payment was by the payment which we received from CPT Holdings (Sony Tv) through the sale of films. Our Sundry Debtor. ....