AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2022 (7) TMI 897
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....ning of interest and also dealing in securities. Assessee filed its return of income for the A.Y. 2015-16 electronically on 29.10.2015 disclosing total loss of Rs.1,10,15,204/-. Thereafter, it filed revised return of income on 09.03.2017 disclosing total income of Rs.10,61,350/-. The case was selected for scrutiny and thereafter, assessment was framed under section 143(3) vide order dated 29.12.2017 and the total income of the assessee was determined at Rs.2,95,95,800/-. Aggrieved by the order of the A.O. the assessee carried the matter in appeal before the Ld. CIT(A) who vide order dated 19.12.2018 in Appeal No.10309/17-18 allowed the appeal of assessee. 3. Aggrieved by the order of the Ld. CIT(A), the Revenue is in appeal before the Trib....
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....ng to Rs.103,34,91,422/- from Maitri Group [details of which are listed at para 4.1 of the assessment order]. The A.O. noted that to verify the genuineness of the loans taken by the assessee, notice under section 133(6) were issued at the address provided by the assessee, but the same were returned back un-served. In support of the assessee's contention that the loans are genuine, the assessee, inter alia, submitted that assessee had taken loan from the aforesaid 03 companies viz., Maitri Realtor Construction Pvt. Ltd., Maitri Suvarnasiddhi Pvt. Ltd., and West Cast Ventures India Pvt. Ltd., and these companies are under investigation by Serious Fraud Investigation Office ["SFIO"] and their main promoters have been arrested and the offices o....
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....he money back to Maitri group. He was of the view that the amount of Rs.2,57,34,453/- retained by the assessee takes the character of commission/charge for providing the services to the Maitri Group of companies. He also noted that the SEBI in 2013 had barred the Maitri Services Pvt. Ltd., and its Director namely Varsha Madhusudhan and Shri Janardhan Parulekar from the securities market and its collective investment schemes. He was of the view that the Maitri Group has used the assessee as conduit companies to transfer its fund. He, therefore, concluded that amount of Rs. 2,57,34,453/- earned by the assessee was to provide assistance to Maitri Group for transfer of money from one group company to another group company and to camouflage the ....
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....R. supported the order of A.O. 6. The Learned Counsel for the Assessee, on the other hand, reiterated the submissions made before the authorities below and supported the order of the Ld. CIT(A). 7. We have heard the Learned Representatives of both the parties and perused the material on record. The issue in the present ground is with respect to deletion of addition of Rs.2.57 crores [rounded-off] made by the A.O. and deleted by the Ld. CIT(A). We find the Ld. CIT(A) while deciding the issue in favour of the assessee has given a finding that assessee is a registered NBFC and the assessee had borrowed money from the abovementioned 03 companies and disbursed the borrowed money which is the activity undertaken by the assessee in the normal co....
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....dence to prove the genuineness of the transaction in the matter. A.O. noted that assessee did not produce the Director or provided any contact details of the Company or the Director. He also noted that the Inspector who visited the Office has submitted his report that no such company exists at the given address. The A.O. also noted that Goldmine Buildcon Pvt. Ltd., had not filed ROC returns since last 02 years. A.O. also noted that there was no tangible assets reflected in its balance-sheet and there was no verifiable business of the company. A.O, therefore, held that by merely filing the confirmation letter and the details of Bank A/c, the genuineness of the transaction is not proved. He, accordingly held that the unsecured loans of Rs.28 ....
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....s. 143(3) vide order dated 09.02.2022 and no addition of Rs.28 lakhs was made thereunder, meaning thereby, that the loan was accepted by the Revenue to be genuine. In support of his aforesaid contentions, the Learned Counsel for the Assessee placed on record the copy of the order passed under section 147 r.w.s. 143(3) vide order dated 09.02.2022 in the paper book. He, therefore, submitted that considering the aforesaid facts, no interference is called for to the order of the Ld. CIT(A). 11. We have heard the Learned Representatives of both the parties and perused the material on record. The issue in the present ground is with respect to deletion of addition of Rs.28 lakhs made by the A.O. under section 68 of the I.T. Act, 1961. We find tha....