2021 (10) TMI 90

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....dvs. ORDER Per Anil Chaturvedi , AM This appeal filed by the Revenue is directed against the order dated 23.03.2015 of the Pr. Commissioner of Income Tax (OSD) (Appeals)-8, Delhi relating to Assessment Year 2010-11. 2. The relevant facts as culled from the material on records are as under: 3. Assessee is a company who filed its return of income for A.Y. 2010-11 on 15.10.2010 declari....

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....s. 2,01,10,000/- (as on 31.03.2010) thus showing an increase of Rs. 1,60,10,000/-. Assessee was asked to explain the increase to which it was submitted that it had received loan from six parties (the list is tabulated at Page 3 of the assessment order). Assessee also filed confirmation copies to the parties. AO noticed that the address of all the six parties from whom the assessee had received the....

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....nces filed by the assessee, CIT(A) deleted the addition made by AO. While deleting the addition, CIT(A) has given a finding that AO rejected the explanation of the assessee on the basis of surmises and without making necessary enquiries required in the matter. CIT(A) further noted that merely for non-charging of interest by the loan creditors the transactions cannot be considered to be not genuine....