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2019 (2) TMI 2046
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....nder section 143(3) read with section 147 of the Income Tax Act, 1961 (hereinafter 'the Act'). 2. The only issue in this appeal of assessee is against the order of CIT(A) confirming the addition made by the AO on account of loan received from Hema Trading Company Pvt. Ltd. (Now known as Nakshtra Business Pvt. Ltd.) as bogus and unexplained cash credit under section 68 of the Act. For this assessee has raised the following two grounds: - "1. On the facts and circumstances of the case, and in Law, the CIT(A) erred in confirming addition of Rs.10,00,000/- considering the Loan received from MIs Hema Trading Co. Fvt Ltd (Now known as Nakshatra Business Pvt Ltd.) as bogus and unexplained cash credit. 2. On the facts and circu....
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....007-08 from Hema Trading Company Pvt. Ltd.(now known as Nakshtra Business Pvt. Ltd). The AO noted that the assessee has taken a loan of Rs. 10 lacs from Hema Trading Company Pvt. Ltd. and in order to cross verify the transaction, notice under section 133(6) of the Act was issued to Hema Trading Company Pvt. Ltd., which was returned unserved with the remark not known. The AO also received information from Canara Bank, Khetwadi branch, Mumbai in response to AO's letter dated 09.02.2015 and from the statement of accounts of Jaykala Exports i.e. is the assessee for the period of 01.04.2006 to 31.01.2008, he noted that on 15.02.2007, the amount of Rs. 10 lac was credited into assessee's account and on the same date the same amount was withdrawn.....
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....k statement of Jaykala Exports highlighting the repayment of loan transaction. 8. Bank statement of Nakshatra Business highlighting the receipt repayment of loan transaction. 9. Affidavit from Ashok Soni stating that he is the director of Hema Trading and Pravin Jain is not related to the company and the loan transaction is genuine. 10. ROC records and Annual Return of Hema trading filed with ROC showing Pravin Jain was not a director in the said year 11. Affidavit from Pravin jain stating that the loan transaction is genuine 12. Statement records under section 131 of Praveen Jain confirming the geniuness of the transaction 13. Statement records under section 131 of Dilip saraf (partner of appellant firm)....