2020 (2) TMI 651

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.... ORDER PER PRASHANT MAHARISHI, A. M. 1. This appeal is filed by the assessee against the order of the ld CIT(A), Muzaffarnagar dated 20.06.2018 for the Assessment Year 2015-16. 2. The assessee has raised the following grounds of appeal:- "1. That the Ld AO has grossly erred in law and facts of the case to make an addition of Rs. 216500/- U/s 68 on account of unsecured loans fro....

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....before the Ld A.O 4. That there was absolutely no jurisdiction before the ld C1T(A) to uphold the order of Ld AO as the identity genuineness and creditworthiness of both the depositors has been proved by the appellant and both the deposits are routed through banking channel and depositors have sufficient cash in hand as source of deposits in Bank before giving loan to Appellant. ....

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....persons. The assessee received Rs. 128500/- from Smt Neha Handa and Rs. 88,000/- from Neeraj Handa. The company was taken loan through account payee cheque and all the persons are stated to be family members and directors of the company. The ld AO noted that before giving loan to the assessee company, in the account of these persons there were bank account transfer and deposits in cash. With respe....

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....e issue is decided on the merits of the case. 6. The ld DR relied upon the order of the lower authorities. 7. We have carefully considered the contentions of the ld DR and the facts emerging out of the orders. This is apparent that assessee has taken unsecured loan of Rs. 128500/- and Rs. 88000/- from Smt Neha Handa and Neeraj Handa. The cash was deposited in the bank account of those person....