TaxTMI 
TaxTMI 
2016 (10) TMI 851
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....525/2014 dated 11/03/2015 in the case of CIT Vs. Jansampark Advertising and Marketing Pvt. Ltd. and also Bombay High Court (231 ITR 1). 2. The Ld. CIT{A) has erred in deleting the addition of Rs. 22,54,338/- as the Ld.CIT{A) did give any direction to AO to conduct any specific enquiry while seeking remand report and the assessee filed not give any direction to AO to conduct any specific enquiry while seeking remand report and the assessee failed to discharge his onus on the identity, creditworthiness and genuineness of transactions even in the remand report. 3. The Ld.ClT{A) erred in observing that mere non-compliance of summons cannot be the basis to made addition in para 4.12 and para 4.16 of its order whereas the AO is right in issui....
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....ssee filed appeal before the Ld.CIT(A) who vide his impugned order dated 12.1.2011 deleted the additions thereby allowing the appeal of the assessee. 5. Against the order of the Learned CIT(A) the Revenue is in appeal before the Tribunal. 6. Ld. DR relied upon the order of the AO and reiterated the contentions raised in the grounds of appeal. 7. On the contrary, the Ld. Counsel of the Assessee relied upon the order of the Ld. CIT(A) and stated that the Ld. CIT(A) has passed a well reasoned order which does not need any interference on my part, therefore, the Appeal of the Revenue may be dismissed. 8. I have heard both the parties and perused records, especially the orders of the lower authorities. With regard to effective ground no. 2 r....
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....sing the finding of the Ld. CIT(A), I find that during the course of assessment proceedings, the assessee filed Confirmation, ITR, Computation of income, Bank statement, and Balance Sheet as on 31.03.2008 of the lender and the payment were made through the loan was also repaid back before the initiation of banking channels. The loan was also repaid back before the initiation of assessment proceedings. It was noted that the AO did not make any specific enquiries in the assessment proceedings as well as in the remand proceedings to discredit the documents produced by the aforesaid aspects and no efforts were made to pursue the lender to determine their credit worthiness. Moreover, there was no adverse material in the hands of AO which casts a....
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....his fact has been further supported by the Sh. Anup Joshi by submitting loan confirmation certificates during the course of the assessment proceedings and Additional evidences submitted herewith. The additional evidences were also forwarded to the Ld. AO during the course of appellate proceedings but he did not bring on record an adverse finding with regard to the validity of the documents. I have also gone through the case laws relied upon by the Ld. AR and AO and have come to the conclusion that since the amount advanced was in the nature of loan which was repayable in future and hence the provision of section 56(2)(vi) of the Income Tax Act cannot be invoked against the appellant and therefore the assessing officer is directed to delete ....