TaxTMI 
TaxTMI 
2022 (8) TMI 1014
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the AY 2001-02. 2. The Revenue in this appeal has taken the following grounds of appeal: "(i) That on the facts and in the circumstances of the case Ld. CIT(A) has erred in deleting the addition on unsecured loan as unexplained cash credit u/s 68, partially by Rs.1,23,68,883/-. (ii) That on the facts and in the circumstances of the case Ld. CIT(A) erred in disallowing the interest @ 18% P.a. by accepting pro-rata basis. (iii) That on the facts and in the circumstances of the case Ld. CIT(A) has erred in deleting the entire disallowance of business loss of Rs.5,00,00,000/- when the Ld. CIT(A) was well aware about the facts of the case that the assessee failed to submit any Books of Accounts and documents. Witho....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... produce the books of account and other details since the office of the assessee was under police seal. The assessee was declared as the defaulter by the Calcutta Stock Exchange. Since the assessee could not furnish the required details, the Ld. AO proceeded to frame the assessment u/s 144 of the Act on the basis of information available on record. 4.1. The Ld. AO, from the available record, found that the assessee during the year had taken fresh loan to the extent of Rs. 4,46,42,611/- and since the assessee could not verify the aforesaid loan transactions, therefore, the Ld. AO added the aforesaid loan amount as unexplained cash credit u/s 68 of the Act. 5. Being aggrieved by the above order of the Ld. AO, the assessee preferred appe....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Sons 8,13,829 Yes Yes Confirmed, and, amount matches. 0 2 M/s Narayan Kumar Dhanuka (HUF) 3,00,000 Yes Yes Confirmed, and, amount matches. 0 3 M/s R G Sales Pvt Ltd 50,00,000 Yes Yes No reply 50,00,000 4 M/s Rohan Trading Co Pvt Ltd 2,50,000 Yes Yes Confirmed, and, amount matches. 0 5 M/s Binod Kumar Bhartia 6,50,000 Yes Yes Confirmed, but amount is at 4,50,000. Difference accepted by appellant. 2,00,000 6 M/s. Dadi Ma Steels India Pvt. Ltd. 2,50,000 Yes Yes No reply 2,50,000 7 M/s. Anan....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nfirmed, and, amount matches. 0 24 Mnnju Lakkar 5,00,000 Yes No Confirmed, and, amount matches. 0 25 Sabita Lakkar 2,00,000 Yes No Confirmed, and, amount matches. 0 26 Kamal Kant Lakkar 14,80,000 Yes No Confirmed, and, amount matches. 0 27 Aravali Sales Pvt. Ltd. 2,50,000 Yes No No reply 2,50,000 28 Prasad Trading Co. Pvt. Ltd. 9,00,000 Yes No Confirmed, and, amount matches. 0 29 Pushpa Devi Poddar 2,25,000 Yes No Confirmed, and, amount matches. 0 30 PoddarStock Proking Pvt. Ltd. 3,47,087 Yes No No reply 3,47,087 31 Manoj Kumar Agarwal 2,00,000 Yes No No reply 2,00,000 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 15,64,820 46 Banwari Lai Gangwal 20,00,000 No No - 20,00,000 47 Jugal kishore Bahete(HUF) 4,00,000 No No - 4,00,000 48 Chandrakala Baheti 3,00,000 No No - 3,00,000 49 Dhanpat Singh Lodha(HUF) 4,00,000 No No - 4,00,000 50 Rajendra Kumar Dalmia 10,00,000 No No - 10,00,000 51 Shiv Shankar Agarwal 2,50,000 No No - 2,50,000 52 K.G. Silk 20,00,000 No No - 20,00,000 53 Chidimar& Associates 21,00,000 No No - 21,00,000 54 Dibya Jyoti Ltd. 8,50,000 No No - 8,50,000 55 Rama Tibrewal 10,00,000 No No - 10,00,000 56 Savoy Enterprises ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Ld. CIT(A) in deleting the disallowance out of interest expenditure, made by the Ld. AO on the aforesaid loan amount. The Ld. CIT(A) has deleted the proportionate interest up to the extent the addition on account of the loan amount has been deleted. The Ld. CIT(A) has recomputed the interest on the addition confirmed at Rs. 3,22,73,728/- in respect of loan amount and accordingly restricted addition on account of interest to Rs. 5,69,693/-. There is no infirmity in the order of Ld. CIT(A) in this respect also. Ground No. 3: 7. Vide ground no. 3, the Revenue has agitated the action of the Ld. CIT(A) in deleting the ad hoc disallowance made by the Ld. AO out of the business loss claim to by the assessee. Ld. CIT(A) in the impugned order....