2022 (7) TMI 795

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....missioner of Income Tax (Appeals) grossly erred in holding that the impugned assessment order is valid in law. 2. On the facts and in the circumstances of the case as well as in law the Ld. Commissioner of Income Tax. (Appeals) grossly erred in upholding the addition of Rs.45,00,000/- U/s 68 of the Income Tax Act, 1961 made by Ld. Assessing Officer. 3. On the facts and in the circumstances of the case as well as in law the Ld. Commissioner of Income Tax (Appeals) grossly erred in capaciously rejecting the legally tenable documentary evidences, submission and judicial precedents relied by appellant." 3. Brief facts of the case are that the assessee company is engaged in the business of transportation. Regarding unsecured....

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....me of Jain Consultancy Services. 1 enquired about the company from that office but no one could provide any whereabouts about existence of the said company. 4. The Assessing Officer also asked for information u/s 133(6) of the Act from Principal Officer of the lender vide letter dated 04.08.2016 but no reply was received. The assessee responded in its plea that documentary evidences have been submitted; hence unsecured loan should be accepted. However, the Assessing Officer rejected these submissions by stating that the lender was non-existent. After quoting certain case laws and referring to section 68 of the Act, the Assessing Officer concluded as under:- "4.8. The inspector in his report has categorically stated that the comp....