2018 (10) TMI 924

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....the grounds of appeal the revenue has challenged 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.....

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.... summoned the parties u/s 131, but as observed by him, again none of them furnished any reliable evidences like bank pass book to substantiate their claim. Accordingly, he held that unsecured loan aggregating to Rs. 1,34,45,398/- us 69A as not genuine and is bogus shown as liability during 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....

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....Lal Goyal (HUF); f. Promila Jain; g. Santosh Jain; h. Sonu Jain; and i. Yogesh Jain HUF; The Ld. CIT(A) noted that cheques aggregating to Rs. 89,42,500/- was not even encashed during the year and the balance amount of Rs. 45,02,898/-relates to purchases made from other concern. Even otherwise also, he held that all these persons are 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 r....