TaxTMI 
TaxTMI 
2019 (6) TMI 1606
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....nst the order dated 29/09/2016 passed by the Ld. Commissioner of Income-Tax (Appeals)-8 hereinafter called [CIT(A)], Mumbai, relevant to the A.Y 2009-10. The revenue has raised the following grounds: - 1. "Whether on the facts and circumstance of the case and in law, the Ld. CIT(A) is justified in deleting the addition of Unexplained Cash Credit of Rs. 58,20,000/- made u/s. 68 of the I.T. Act, 1961 without appreciating the fact that the said addition was made on account of failure of assessee in substantiating the creditworthiness in respect of the loans shown from M/s. Basant Marketing Pvt. Ltd. In the balance sheet. 2. "The appellant prays that the order of CIT(A) on the above ground be set aside and that of the Asses....
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....e beneficiaries who had taken accommodation entry from M/s. Basant Marketing (P.) Ltd., and inform the respective Assessing Officers for necessary action. It was further stated in the same letter, that the names of beneficiaries would appear in the list of Sundry Debtors (where entries have been given in the form of alleged sales, Loans and Advances (where entries have been given in the form of alleged loans) & investments (where entries have been given in the form of shre capital). The assessee's name appears as beneficiary in the list of loans and advances (given in the form of alleged loan), sundry debtors, investment of M/s. Basant Mrketing (P) Ltd. (dummy company) amounting to Rs. 1,14,85,500/- for AY 2009-10. As the assesee's name app....
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....d the unexplained loan in sum of Rs. 58,20,000/- u/s 68 of the I.T. Act, 1961, therefore, the finding of the CIT(A) is not justifiable hence is liable to be set aside in the interest of the justice. However, on the other hand the Ld. Representative of the assessee has strongly relied upon the order passed by the CIT(A) in question. Ld. Representative of the assessee has also relied upon the decision of Hon'ble ITAT in ITA No. 6449/Mum/2017 for A.Y. 2010-11, dated 09.11.2018, ITA.No. 146/Mum/2016 for A.Y. 2006-07, dated 28.02.2018 and ITA.No. 1498 to 1501/Mum/2017, dated 21.12.2018 in which the transactions from M/s Basant Marketing Pvt.Ltd. has been treated as genuine. Before going on further we deem it necessary to advert the finding of th....
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.... dated 09.11.2018, ITA.No. 146/Mum/2016 for A.Y. 2006-07, dated 28.02.2018 and ITA.No. 1498 to 1501/Mum/2017, dated 21.12.2018. We find that the identity, credit worthiness and genuineness of the BMPL is not in dispute. Sufficient evidence has been given in these cases to prove the identity, genuineness and creditworthiness of the M/s Basant Marketing Pvt.Ltd. The CIT(A) has specifically pointed out this fact that no evidence is on record to which identity, creditworthiness and genuineness of the claim of the loan can be doubted. Taking into account was all these facts and circumstances, we are of the view that CIT(A) has decided the matter of the controversy judiciously in correctly which is not liable to be interfere with at this appellat....
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....mbai stating that as per specific information received from the CBI, ACB, Mumbai, the assessee was involved in entering into bogus transaction with M/s Basant Marketing Private Limited? 4. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) was right in deleting the addition of Rs. 2,63,000/- relying on the decision of the Hon'ble 1TAT in assessee's case for AY 2008-09 without appreciating that the decision of the Hon'ble IT AT was not accepted by' the Re venue, but appeal was not filed following CBDT Instructions applicable at that time due to low tax effect? 5. The appellant prays that the order of C1T(A) on the above grounds be set aside and that of Assessing Officer be r....