2022 (5) TMI 1151

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....red, however, in view of the decision of the Hon'ble Supreme Court in the case of Miscellaneous Application No. 665 of 2021 in SMW(C ) No. 3 of 2020, the period of filing appeal during the COVID-19 pandemic is to be excluded for the purpose of counting the limitation period. In view of this, the appeal is treated as filed within the limitation period. 3. The issue raised in ground no. 1 & 2 are general in nature and need no specific adjudication. 4. The issue raised in ground no. 3 is not pressed. Therefore the ground is dismissed as not pressed. 5. The issue raised in ground nos. 4 & 5 are against the order of Ld. CIT(A) confirming the addition of Rs. 76,27,649/- as made by the AO on account of unexplained cash credit u/s 68 of th....

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.... companies the details whereof is given in the audited balance sheet . Similarly the AO made disallowance of Rs. 25,26,552/- as unexplained cash credit in respect of increase in cash credit limit from Bank of India. After examining the records before us, we have failed to understand as to how the loans from NBFCs borrowed on long term and short term basis were treated as unexplained cash credit. We also note that all these evidences and records comprising loan confirmations, audited financial accounts, statement of interest paid and also the submissions made before AO as well as Ld. CIT(A) were before the authorities below but these authorizes have failed to appreciate the facts correctly. We find that the assessee has borrowed long term fu....

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....the delay. 10. Having heard rival parties and perused the material on record, we find that the AO, on the basis of details filed during the assessment proceedings, noted that there is an increase in other current liability to the tune of Rs. 12,72,925/- as on 31.03.2015 vis-à-vis the corresponding amount under the head other current liability as on 31.03.2014. The AO simply added the difference i.e. increase in other current liability as unexplained without pointing out any mistake or the fact that liability has ceased justifying the addition u/s 41 of the Act. We note from the details filed before us that the assessee has filed all the details before the authorities below from page no. 98 to 100 but instead of finding anything wr....