2020 (9) TMI 239

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....n appeal for the A.Y 2015- 16. 2. For the A.Y 2014-15, brief facts of the case are that the assessee filed return of income declaring the total income of Rs. "Nil" on 29.11.2014. The case was selected for scrutiny and the assessment was completed u/s 143(3) of the Act, on total income of Rs. 16,98,38,110/-. In the assessment made u/s 143(3) of the Act, the AO made the addition of Rs. 9,48,38,105/- u/s 68 of the Act representing unsecured loans received by the assessee from various companies/persons as under: S.No Name of entity Amount of unsecured loan (Rs.) 1 Monopoly Infrastructure P Ltd 4,00,000 2 Vijayapath Infra Pvt Ltd 10,00,000 3 Kingfisher Properties P Ltd 1,50,00,000 4 Rivergrow Finance ....

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.... the balance amount of Rs. 3,40,00,000/- the learned AR submitted that all the unsecured creditors are the local parties being assessed to Income Tax and in some cases with the same AO. Therefore, submitted that all parties are having creditworthiness and are genuine. Even though entire information was placed before the learned Ld.CIT (A), the same was not verified Hence, requested to remit the matter back to the file of the AO in the interest of justice. 6. With regard to the share application money, the learned AR relied on the orders of the CIT (A). 7. On the other hand, the learned DR submitted that the AO has given sufficient opportunities to the assessee, but the assessee failed to submit the details and establish the genuinenes....

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....ed the opportunity is given to the assessee. It is also submitted by the assessee that some of the creditors are assessed in Hyderabad and filing the returns regularly. Though the entire facts were placed before the CIT (A), it seems that the learned CIT (A) did not consider the evidences placed before him. Therefore, we are of the considered view that the issues needs to be verified by the AO with regard to the genuineness and the creditworthiness of the creditors as well as the share applicants/share applications money received by the assessee. Hence, we remit back the matter to the file of the AO to redo the assessment de nova taking into consideration of all the evidences placed before him by the assessee. However, we direct the AO t....