TaxTMI 
TaxTMI 
2021 (4) TMI 385
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....sclosed sources. 2. The ld. CIT(A) has erred in accepting the claim off the assessee regarding genuineness and creditworthiness of the companies M/s. Patkin Tracom Pvt. Ltd. and M/s. Coorg Vincom Pvt. Ltd. without going into the details as the same claim was rejected by the AO on various grounds while making addition. 3. The ld. CIT(A) has erred in not considering the facts and circumstances off the said companies as the same has been stipulated by the AO in assessment order specially regarding the preponderance of probabilities and genuineness of transactions. 4. The ld. CIT(A) has erred in deleting the addition even without considering the facts that the advance giver has no such assets/advances for which a huge....
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....im to the Assessing Officer and called for remand report. The details forwarded to the Assessing Officer are as under: "(A) M/s. Patkin Tracom Pvt. Ltd. (Loan amount Rs. 1,00,00,000) a. Copy of account of the appellant in the books of the party for the period 01/04/2010 to 31/03/2015 b. Copy of bank account of the party highlighting the transactions of loans taken and its repayment in the subsequent years. c. Copy of accounts of the party in the books of the appellant for the period 01/04/2010 to 31/03/2015. d. Copy of bank account of the appellant highlighting the transactions of loan taken and its repayment in the subsequent period. e. Confirmation from the party explaining the source ....
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....ies of TDS certificate showing that the TDS has been duly deducted by the assessee on the interest paid on such loans. g) Proof of these companies being registered as Non Banking Financial Corporations. h) Copies of FORM 3CD PART II Annexure A showing that these parties have earned substantial interest income from advancing loans which includes interest earned from the appellant. The figures of earning of interest declared by these parties in the above said report are given as under. NAME 31.03.2010 31.03.2011 M/s Coorg Vincom Pvt. Ltd. 117240 6102383 M/S Pat kin Tracorn Pvt. Ltd. 4948267 9483754 i) Copies of documents filed with ROC by these companies. 8. No reply has been received b....
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....yet. Once again, you are requested to submit your report, after doing needful enquiries/verification in this case, on or before 15.06.2015. 3. Please submit your report in this office in this case on or before 15.06.2015." 10. The ld. CIT(A) has given seven reminders and having handicapped by cavalier attitude of the Assessing Officer has passed the order deleting the additions. The relevant part of the order of the ld. CIT(A) is as under: "There is only one issue involved in all the grounds of appeal which relates to contention of the appellant against addition of Rs. 2,50,00,000/- made by the AO u/s. 68 of the IT Act. The fact of the case is that during the year under consideration, the appellant had shown unsecured l....
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....rcumstances of the case and submission of the appellant, I find merit in the argument of the appellant that to prove any loan transaction to be genuine, the appellant has filed all the relevant details by which the identity, credit worthiness and genuineness of the transaction was proved. The AO was given sufficient time to inquire/verify/investigate about the genuineness of the relevant companies and the loan transactions shown with them, however, even after giving seven reminders to the AO, so far, no outcome of the investigation was reported. Under these circumstances, after careful consideration of the facts and details/documents filed by the appellant, I am of the considered view that the appellant has proved the identity, credit worth....