TaxTMI 
TaxTMI 
2023 (8) TMI 1461
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....red as 'the Act') by the ITO, Ward-1(3), Gurgaon (hereinafter referred as the Ld. AO). 2. The facts in brief are that the Ld. AO had questioned the unsecured loans amounting to Rs. 4,56,50,000/- and finding the evidence given by assessee to the insufficient made the addition which has been deleted by ld. CIT(A). The Revenue is in appeal raising following grounds ; "1. Ld. CIT(A) has erred in deleting the addition of Rs. 4,56,50,000/- made by the Assessing Officer on account of unsecured loan taken by the assessee and Ld.CIT(A) has passed the order by not appreciating the remand report submitted by the Assessing Officer. (2) That the appellant craves for the permission to add, delete or amend grounds of appeal before or at the time of ....
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....nd genuineness of the transaction were forwarded to Ld. AO whose report has been reproduced by Ld. CIT(A) in its order. It also comes up that Ld. CIT(A) discusses the remand report particularly in context to each lender individually and pointing out that how ld. AO had failed to appreciate the evidence in the right context. 6. After giving thoughtful consideration to the findings of Ld. CIT(A) it comes up that Ld. CIT(A) had appreciated following facts individually for the four suspected parties; a) Mangal Sain Mittal; The issue was of unsecured loan of Rs 10 lacs. Ld. CIT(A) relied confirmation of lender, copy of ITR; copy of bank account of lender, explanation regarding source of loan of Rs 10 lacs) factum of confirmation of loan in st....
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....duly examined by Ld. CIT(A) and there is no dispute with regard to identity of the parties, the amounts were paid by them through banking channels. They themselves did not receive any amount cash in the immediate vicinity of the transactions. 7.2 The 2022 amendment in Section 68 of the Act takes effect from 1st April, 2023 and will accordingly apply in relation to the assessment year 2023-24 and subsequent assessment years. The amendment is the illustration of application of 'Mischief Rule' in interpretation of statutes. Memorandum explaining the amendment makes it crystal clear that amendment is proposed to remove doubts created by certain judicial rulings about the onus of proof of source of source. The principle may have been there in c....