2023 (7) TMI 507

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... For the Appellant(s) No. 1 : Mrs Kalpanak Raval(1046)   For the Opponent(s) No. 1 ORAL ORDER (PER : HONOURABLE MR. JUSTICE DEVAN M. DESAI) 1. Heard learned advocate Mr. Karan Sanghani with Ms. Kalpanak Raval for the appellant. 2. This appeal is filed u/s 260A of the Income Tax Act and the same is arising out of the order passed by the Income Tax Appellate Tribunal, Rajkot o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sued on 22.8.2013. Thereafter, notice under section 142(1) came to be issued. The assessee, however, did not produce books of accounts, according to the department. Therefore, the assessment order was passed on 17.3.2015 under section 143(3) read with section 144 of the Act. The assessment order was passed on 17.3.2015 declaring total income at Rs. 23,01,11,530/-. 4.1 The assessee preferred app....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ate Tribunal is justified in upholding the order of the appellate Commissioner in deleting the addition made on account of unsecured loan of Rs. 11,69,50,000/- under section 68 of the Act. 5.1 In para 14.1 of the order, the appellate Commissioner considered that the Assessing Officer had confirmed in his report dated 14.3.2017 about the group entries appearing in the balance-sheet as also in th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e appellate Commissioner to notice that there were evidences and material to establish the creditworthiness, genuineness and identities of lenders in the transactions. After detailed discussion, the Tribunal recorded its own finding thus, "We find that during the remand proceedings, the details such copy PAN, ledger account and confirmation and other details such as bank statement, audite....