2018 (10) TMI 924

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nged the deletion of addition of Rs. 1,34,45,398/- made u/s 69A on account of unexplained unsecured loans. 2. The facts in brief are that the assessee is engaged in the business of manufacturing and trading of stainless steel and steel utensils in the name and style of M/s. Ashish International. During the year under consideration the assessee has accepted and repaid unsecured loan from various parties, details of which are as under: -       Addition during the year     S. No. Name Opening Balance Total Addition During the year Net Cheque cleared during the year Amount under Reconciliation Repayment during the year Balance 1. Ajay Goel (HUF) - 220,000 - 220,000 - 220,000 2. Ankur Jain 20,00....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ring the year. 4. Before the Ld. CIT(A) the assessee submitted that, out of the addition of Rs. 1,34,45,398/- made on account of ten parties, sums amounting to Rs. 89,42,500/-were by the loans where cheques were not realised during the year under consideration and were received only on 31.3.2010 and have been returned back to the lenders uncleared in subsequent financial year. The remaining addition of Rs. 45,02,898/- was relating to purchases made from M/s. Raj Overseas which has wrongly been treated as unsecured loans. It was submitted these facts were duly explained before the AO vide letter dated 26.3.2013, however, there was no rebuttal on this point by the AO. Ld. CIT(A) after considering the entire facts and material on record and t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....family members and associated persons who have provided their bank statements, income tax details and were regular income tax assessee and transactions were through banking channels, therefore, he held assessee has discharged his onus and there is no material to prove contrary and accordingly deleted the addition. 5. After hearing both the parties and on perusal of the relevant finding given in the impugned orders, we find that AO has made the addition of Rs. 1,34,45,398/- as unexplained credit in the form of unsecured loan received from ten parties. However, there is a material on record and finding of fact by the Ld. CIT(A) which has not been rebutted by the department that out of the said amount added by the AO, sums aggregating to Rs. ....