2021 (4) TMI 204

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....n of Rs. 10,49,000/- made by the Assessing Officer treating the unsecured loan as unexplained cash credit. 3. The fact in brief is that return of income declaring loss of Rs. (-) 97,46,138/- filed on 30th Sep, 2012. The case was subject to scrutiny assessment and notice u/s. 143(2) of the act was issued on 12th August, 2013. During the course of assessment on verification of the aforesaid and other detail the Assessing Officer noticed that assessee has shown unsecured loan of Rs. 1,21,42,605/- out of which an amount of Rs. 10,49,000/- was received from Shri Romi P. Patel during the year under consideration. To verify the genuineness and creditworthiness of this loan amount, the Assessing Officer has called the detail. In response, the ass....

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.... following information before the ld. CIT(A). "1. Ledger Account of Romi P Patel ( In the books of Creative Fibre Products Pvt. Ltd.) 2. Bank statement of Romi P Patel (Prop-Creative Fibre Products) showing the amount of loans given to Creative Fibre Products Pvt. Ltd. 3. Balance confirmation of the corresponding party i.e. A M Enterprises & Patel Manilal Prabhudas & Sons in turn who had given loan to Romi P Patel (Prop. Creative Fibre Products) through account payee cheque." The same has been admitted as additional evidences and remand report was called from the Assessing Officer. The Assessing Officer reported that Shri Romi P. Patel has not made compliance with the summon issued during the course of remand proceedings. Vide letter....