2021 (10) TMI 90

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.... 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 declaring total income of Rs. 1,16,891/-. The case was....

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....ease 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 loans was same as that of the assessee. AO noted that a....

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....de 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. He accordingly deleted the addition. Aggrieved by the or....