TaxTMI 
TaxTMI 
TaxTMI 
2020 (11) TMI 223
X X X X Extracts X X X X
X X X X Extracts X X X X
....,72,311/- being the unsecured loan received by the appellant from the directors of the appellant company because: i. Unsecured loan of Rs. 24,00,000/- from Smt. Manju Sahu and Rs. 44,72,371/- from Shri. Sanjay Sahu has been received and both the aforesaid persons were directors of the appellant company and has duly confirmed the factum of grant of loan to the appellant company; ii. Unsecured loan has been granted to the appellant from the credit balance lying in the bank account of the respective directors; iii. Appellant has filed the confirmation, copy of PAN, bank statement and ledger accounts to discharge its burden u/s 68 of the Act thus identity of creditor having not been disputed, and both the directors have confirmed the f....
X X X X Extracts X X X X
X X X X Extracts X X X X
...., submitted that addition sustained of Rs. 68,72,311/- by the learned CIT(A) being not in accordance with law, it is prayed that the addition so made along-with interest levied be kindly deleted and appeal of the appellant be kindly allowed." 3. The assessee is engaged in the business of manufacturing unsaturated Polymers raising. The assessee filed return declaring loss of Rs. 1,65,250/- on 30/09/2012 which was subsequently revised on 16/10/2012. The Assessing Officer completed the assessment on 27/3/2015 thereby arising the income of Rs. 67,07,061/- as against return loss of Rs. 1,65,250/- by making addition of Rs. 44,74,311/- on account of unsecured loan received from the two Directors of assessee company namely Smt. Manju Sahu & Sh. S....
X X X X Extracts X X X X
X X X X Extracts X X X X
....hence the addition made is unsustainable in law. The assessee relied upon the decision of the Hon'ble Delhi High Court in case of CIT(A) Vs. Value Capital Services Pvt. Ltd. 307 ITR 334 and also the decision of the Hon'ble Delhi High Court in case of CIT(A) Vs. Real Time Marketing Pvt. Ltd. 306 ITR 55. The Ld. AR also relied upon the decision of the Hon'ble Gujrat High Court in case of DCIT Vs. Rohini Builders 256 ITR 316 thereby following the judgment of Hon'ble Apex Court in case of Orissa Corporations 159 ITR 78. The Ld. AR further submitted that during the course of assessment proceedings copy of confirmation of account along with copy of bank statement of Smt. Manju Sahu and Sh. Sanjay Sahu thereby depicting transfer of account from th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....hu. The genuineness and creditworthiness of the creditors as well as the transactions have been crude beyond reasonable doubt by providing documentary evidences relating to the transactions and the Directors. However, the Assessing Officer not being satisfied regarding the sum added the said amounts to the income of the assessee company. The additional evidence were filed before the CIT(A) and the same was accepted. However, despite filing of the required detailed documents by way of ITR of Smt. Manju Sahu and Sh. Sanjay Sahu. These documents were not considered while arriving at the final decision by the CIT(A). The Ld. AR further submitted that the remand report also has not highlighted as to why the additional evidence should not be admi....