2019 (3) TMI 291

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..... 2. The grounds of appeal filed by the Revenue read as under: 1. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) is justified in deleting the addition made u/s. 68 of the I.T. Act of Rs. 13,48,00,000/- received by the assesse from M/s. Prakruti Infrastructure Pvt. Ltd. 2. The Ld. CIT(A) erred in holding that there is no requirement for assesse to prove the source of funds in the hands of M/s. Prakruti Infrastructure Pvt. Ltd., because this was a case of repayment of loan given in the financial year 2007-08 by the assesse. 3. The Ld. CIT(A) failed to see that loan money given earlier was not lying dormant in bank account of M/s. Prakrutt Infrastructure Pvt. Ltd., to be "retu....

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....m M/s New Park Sun Gardens is amount received as unsecured loan. However, Amount received from M/s Prakruti Infrastructure Pvt. Ltd. is current liability in subsequent years and the said liability of M/s Prakruti Infrastructure Pvt. Ltd. is repaid. Amount received from Mr. Dharmendra Bhanushali & Tulsi Bhanushali is towards booking of flat No. 501 & 502 and the abovesaid amount is shown in the balance sheet as an advances received towards flat." However, the AO was not convinced with the above explanation of the assessee for the reason that the identity, genuineness and creditworthiness of the Director and the related parties were not proved along with any supporting documentary evidence. Therefore, the AO made an....

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....eipt of sum of Rs. 50,00,000/- from Shri Dhamendra Bhanushali and receipt of sum of Rs. 20,00,000/- from Ms. Tulsiben Bhanushali is concerned, the appellant has filed copies of cheques issued by these parties, confirmation letters from these parties as well as the registered agreement of sale of flats with these parties. Accordingly, the additions made under section 68 of the IT act in respect of sums received from these parties are liable to be deleted. However, the copies of confirmation and the copies of the cheques issued by these parties were not available before the AO, though the relevant registered agreements of sale were made available to the AO. Therefore, the appellant is directed to file a copy of these documents before the AO w....