2020 (10) TMI 357

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....tax Act, 1961 (hereinafter also called 'the Act'). 3. Briefly stated, the facts of the case are that the AO, on verification of the unsecured loans, observed that the assessee had taken loan from a company, Tricon Infra Buildtech Pvt. Ltd. (TIBPL) amounting to Rs. 52,11,04,689/-, wherein he was a Director, having 50% shareholding. On perusal of the company's Balance Sheet, the AO observed that it had surplus funds at Rs. 40,51,045/-. When confronted as to why provisions of section 2(22)(e) be not applied, the assessee submitted that through oversight the assessee included this amount in details of unsecured loans, whereas actually no loan was taken from the said company but certain temporary accommodation loans were given from time to ti....

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.... Out of 43 transactions on page 1, the credit balance in the account of TIBPL is only once. Similarly on page 2 with almost equal number of transactions, throughout there has been net debit balance. Page 3 also with almost equal number of transactions, has throughout debit balance. On page 4, credit balance is only thrice as against debit balance on roughly 40 occasions. Similarly on page 5, credit balance is only on 6 occasions with roughly 35 occasions having debit balance. On page 6, credit balance is only twice as against debit balance on roughly 40 occasions. On page 7, credit balance is only once as against the debit balance on the remaining roughly 40 occasions. Similarly on last page, credit balance is only on 6 occasions with debit....