2021 (9) TMI 31

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....T(A)-6 Ahmedabad in confirming the action of Assessing Officer of making an addition of loan of Rs. 1,13,90,000/- u/s. 68 of the Act. 3. The fact in brief is that return of income declaring total income of Rs. 2,19,690/- was filed on 8th March, 2015. The case was subject to scrutiny assessment and notice u/s. 143(2) of the Act was issued on 24th Sep, 2014. 3.1 During the course of assessment, the Assessing Officer noticed that assessee has obtained loan amounting to Rs. 75,19,740/- and Rs. 38,70,260/- from M/s. Poineer Mercantile Ltd. and Lakshya Securities Credit holding Ltd. The assessee was asked to explain the source of loan in accordance with the provision of section 68 of the Act. The Assessing Officer stated that assessee has m....

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....gned loan aggregating to Rs. 1,13,90,000 was treated as unexplained cash credit u/s. 68 of the act and added to the total income of the assessee. 4. Aggrieved assessee has filed appeal before the ld. CIT(A). Before the ld. CIT(A), the assessee has filed document from website of registrar of company in respect of these two creditors namely M/s. Poineer Mercantile Ltd. and Lakshya Securities Credit holding Ltd., the ld. CIT(A) held that these documents cannot be accepted as evidences as these were not filed before the Assessing Officer. Secondly, the assessee had not filed any application for admitting these documents as additional evidences under rule 46A of the Income Tax I.T. Rule 1962. 5. During the course of appellate proceedings b....

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....ank statement showing receipt of amount from the lenders and copies of confirmation with PAN as obtained from both the parties. However, the assessee could not submit the copy of ITR and bank statement of the lenders. Since these information were available with the lenders and assessee has categorically brought to the notice of the Assessing Officer that he was not having any access to such confidential details of the lenders. However, during the course of appellate proceedings before the ld. CIT(A) the assessee has submitted that he has obtained the requisite information from the Government Department of the Ministry of Corporate Affairs by paying the requisite fees in respect of both the lenders i.e. proof of payment of requisite fees for....