TaxTMI 
TaxTMI 
2023 (11) TMI 847
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.... "1. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making aggregate addition of Rs. 25,00,000/- on account of unsecured loan received from M/s Blush Equity (P) Ltd. and M/s Glaxo Buildcon (P) Ltd. and that too by recording incorrect facts and findings and in violation of principles of natural justice. 2. That in any case and in any view of the matter, action of Ld. CIT(A) in confirming the action of Ld. AO in making aggregate addition of Rs. 25,00,000/- on account of unsecured loan, is bad in law and against the facts and circumstances of the case. 3. That having regard to the facts and circumstances of the case, Ld. CIT(A) ha....
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....er, the assessee preferred an Appeal before the CIT(A), the Ld. CIT(A) vide order dated 26/03/2019 confirmed the addition of Rs. 25,00,000/- made by the A.O. on account of unsecured loans received from M/s Blush Equity (P) Ltd. and M/S Glaxo Buildcon Pvt. Ltd., confirmed the addition of Rs. 26,13,060/- made on account of Sundry Creditor, confirmed the disallowance of Rs. 58,000/- claimed on account of salary payable and also restricted the disallowance of Rs. 1,56,325/- (i.e. 1/10^th of Rs. 15,63,245/-) on account of various expenses. Aggrieved by the order of the CIT(A), the assessee preferred the present Appeal on the grounds mentioned above. 4. Ground No. 1 and 2 are relating to aggregate addition of Rs. 25,00,000/- on account of unse....
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....es to doubt the lenders, creditworthiness and genuineness of the transaction and the identity of the lenders. Therefore, the above addition of Rs. 25,00,000/- made by the A.O. which was confirmed by the CIT(A) is hereby deleted. 7. Ground No. 3 & 4 relating to addition of Rs. 26,13,060/- being the amount of unexplained Sundry creditors which has been confirmed by the CIT(A). 8. The Ld. Assessee's Representative submitted that the CIT(A) committed an error in law and on facts in confirming the Action of the A.O. in making addition of Rs. 26,13,060/- on account of Sundry Creditors and that to by recording in correct facts and findings and in violation of principals of natural justice without considering the submission of the assesse....
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....any details with regard to the day to day transactions between the appellant and creditors. The appellant also did not furnish these details in-spite of being specifically asked by me to file the same. It is also seen that no payments has been made by the appellant to any of the creditors except one during the year under consideration. It is highly improbable that a small town trader could survive after allowing credit for almost 2-3 years without asking for payment. On Further enquiry it was noted that all the payments were claimed to have been made in cash over the years. Copies of the year wise accounts of the creditors showing payments made by the appellant are enclosed as Annexure-I to this order. It is seen that the repayments are eit....
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....Ground No. 3 & 4 to the file of the A.O. with a direction to consider all the documents and the submissions made by the assessee and decide the issue afresh. 13. Ground No. 5 is related to disallowance of Rs. 58,000/- which was claimed being the amount of salary and the same has been confirmed by the CIT(A). The Ld. Assessee's Representative submitted that the assessee produced Adhar Card of the employees before the A.O., for proving identity of the employees to whom the salary were paid and also submitted the details of salary paid to the employees showing the name, post, amount and their signature on the receipts together with confirmation from the employees confirming the facts of receipt of the salary, but the same has been ignor....