2022 (7) TMI 902

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....ATE WITH KARAN SANGHANI FOR M R BHATT & CO. (5953) FOR THE APPELLANT(S) NO. 1 ORDER PER : HONOURABLE MR. JUSTICE N. V. ANJARIA Heard learned senior advocate Mr. Manish Bhatt with learned advocate Mr. Karan Sanghani for M.R. Bhatt & Co. for the appellant. 2. The revenue seeks to raise grievance about deletion on part of the Appellate Tribunal of addition of Rs.32,20,00,000/- made under Section....

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....received by respondent assessee from one M/s. J.A Infracon Private Limited and M/s. Satya Retail Private Limited were treated by assessing officer to be sham in the sense that the creditworthiness etc. of the giver of the loan were not established. Accordingly, the assessing officer made addition under Section 68 of the Act. 3.1 While the assessing officer dealt with unexplained cash credit from ....

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....upplied by assessee was duly noticed by appellate authority and facts in that regard were recorded also to arrive at a finding that the unsecured loans to the aforesaid parties have been paid by account payee cheques from the bank account of the assessee which was not in dispute, muchless in doubt. The accounts were finally settled with the repayment of the loan to the lender companies. 3.4 When ....

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.... to unacceptable conclusion that the impugned transaction was a business transaction between the assessee and the loan parties and that they could not be doubted for their genuineness. 3.5 While the revenue has tried to put up a case that the transactions were in the nature of accommodation entries, this case has only presumptive and assumptive value not supported by any factual data. On the cont....