2023 (5) TMI 253

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....nces of the case and in law, the NFAC, has erred in confirming the action of the National e Assessment Centre, Delhi in : (i) making following additions to the returned income after invoking section 68 r.w.s 115BBE of the Act. (a) Rs. 20,00,000/- being the amount of fresh loan received from Gaurav Arora. (b) Rs. 1,08,25,000/- being the amount of loan received from Aanchal Gupta; (ii) Not deciding the ground No. 6 taken in Form 35 with regard to additions made to returned income being the assessee amount of interest paid to loan creditors." 3. The representatives of both the sides were heard at length, the case records carefully perused and relevant documentary evidence brought on record duly considered....

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....the transactions, credit worthiness of the lender party and identity of the persons and made addition of Rs. 20 lakhs by invoking provisions of section 68 r.w.s 115BBE of the Act. 9. Interest payable to Shri Gaurav Arora amounting to Rs. 7,60,411/- was also disallowed. In respect of loan from Smt. Aanchal Gupta, the Assessing Officer was of the opinion that the documents provided by the assessee was not absolute to demonstrate the genuineness of the loan transactions entered into during the year under consideration. 10. Notice u/s 133(6) of the Act was issued which was duly complied by with by Smt. Aanchal Gupta, supported by confirmation and copy of returns for A.Ys 2016-17, 2017-18 and 2018-19 alongwith copy of bank statements. 1....

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....xplained that she is the daughter in law of the assessee and therefore, she is not an unidentified person. Referring to the tax documents of Shri Gaurav Arora and Smt. Aanchal Gupta, the ld. counsel for the assessee stated that the tax documents clearly show that both the persons are Income tax assessees. 18. Per contra, the ld. DR strongly supported the findings of the Assessing Officer. 19. We have given thoughtful consideration to the orders of the authorities below. The bank statement of Smt Aanchal Gupta show that the amount of Rs. 50 lakhs was transferred through RTGS/NEFT from the account of Shri Harish Kumar, who is the father of Smt. Aanchal Gupta. Thereafter, the said amount was transferred to the account of the assessee. ....