TaxTMI 
TaxTMI 
2024 (6) TMI 1208
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....We have heard the rival submissions and perused the material available on record. In this case, a search and seizure operation u/s 132 of the Act was conducted on 28.06.2018 along with Sh. Harish Bajaj & Others Group of cases. The order u/s 127 of the Act assigning jurisdiction over this case to the DCIT CC- Ghaziabad, was passed by Ld. PCIT Ghaziabad on 02.08.2019. Notice u/s 153A of the Act was issued on 28.09.2020 and duly served upon the assessee. In compliance to the same, the assessee filed return of income on 11.11.2020 declaring total loss of Rs. 2,99,869/-. Notice u/s 143(2) of the Act was issued on 25.11.2020 and duly served upon the assessee. Later on, notices u/s 142(1) of the Act alongwith questionnaire were also issued and the ld. AO completed the assessment by making addition of Rs. 6,16,730/-being LTCG on the sale of property and further addition of Rs. 87,02,837/- u/s 68 of the Act on account of unexplained unsecured loans taken from M/s. AK Beverages (Rs. 58,26,565/-), M/s. Bajaj Prime Fuels, prop. concern of Sh. UK Bajaj (Rs. 1,76,871/-). M/s. Bajaj Prime Lubes, prop concern of Sh. U K Bajaj HUF (Rs. 7,32,000/-) & Sh Karanvir Bajaj (Rs. 19,67,401/-). 4. Before t....
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....on. Pvt. Ltd. 2 50,000/- 16/05/2005 Through cash Arihant Build dated Con. Pvt. Ltd. 3 1,50,000/- 05/10/2005 Through Cheque No. 112508 dated 29/09/2005 Arihant Build dated Con. Pvt, Ltd. 4 7,81,125/- 09/11/2005 Through Cheque No. I 114315 dated i 09/11/2005 Arihant Build dated Con. Pvt. Ltd. 5 50,000/- 07/11/2005 [ 114313 dated 1 07/11/2005 Arihant Build dated Con. Pvt. Ltd. 6. 1,50,000 24/07/2005 114313 dated 21/11/2005 Arihant Build dated Con. Pvt. Ltd. Ld. AO states that from the perusal of additional evidences it has been noticed that the appellant had made payments to Arihant Buildcon Pvt Ltd., New Delhi for purchasing flat no. 509 as above. Ld. AO further states that the assessee had made payment of Rs. 31,81,125/- during FY 2005-06, out of which Rs. 50,000/- was deposited through cash In the assessment order, Ld. AO has considered payment of only Rs. 31,31,125/- and has not considered the cash payment of Rs. 50,000/-. In the sale deed, the sale consideration is mentioned as Rs. 31,31,125/-. Therefore based on the evidences, the purchase consideration is considered as Rs. 31,31,125/- and not as Rs. 31,81,125/-. Further based....
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..... ACIT reported in 96 taxmman.com 486 (Mad). Hence, we do not find any infirmity in the order of the ld CIT(A) granting relief to the assessee qua the assessee under first issue. 6. With regard to second issue, we find that the ld CIT(A) had granted relief to the assessee by observing as under:- 5.10 Looking to the facts and circumstances of the case, the LTCG computed by Ld. AO as Rs. 6,16,730/- is hereby deleted and it is considered that the appellant deserves claim of LTCL of Rs. 1,22,569/- as against claimed LTCL of Rs. 2,99,869/-. All the related grounds of appeal are adjudicated accordingly. ) 5.11 In the grounds of appeal no (iii), (iii)a) & (iii)b), the appellant submits that Ld. AO has made addition u/s 68 of Act of Rs. 87,02,837/- on account of unsecured loans taken from M/s. AK Beverages (Rs 58,26,565/-), M/s. Bajaj Prime Fuels, prop. concern of Sh. UK Bajaj (Rs. 1,76,871/-), M/s. Bajaj Prime Lubes, prop concern of Sh. U K Bajaj HUF (Rs. 7,32,000/-) & Sh. Karanvir Bajaj (Rs. 19,67,401/-). The appellant submits that sufficient opportunity was not provided to furnish all the details to prove identity, genuineness of transaction and creditworthiness of the creditors. ....
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.... credit balance of Rs. 10,00,747/- and during the year under consideration, assessee had received unsecured loan totaling to Rs. 1,76,871/- from M/s Bajaj Prime Fuels (Prop. Sh. UK Bajaj) through banking channels and amount was credited in the bank account no 862406 with HDFC Bank. Ld. AO states that the submission of the appellant was verified and having gone through the additional submission as submitted by the assessee as well as examination of additional evidences, the contention of the assessee seems to be acceptable. In the matter of Unsecured loan taken from M/s Bajaj Prime Lubes Prop. Sh. U. K. Bajaj (HUF), Ld. AO states that from the perusal of the additional evidences which were not submitted during the course of assessment proceedings i.e. Confirmed copy of account in the books of Bajaj Prime Lubes, PAN, ITR, bank statement of Bajaj Prime Lubes and bank statement of assessee, it is found that there was opening credit balance of Rs. 55,000/ and during the year under consideration, assessee had received loan totaling to Rs. 1,70,000/- through banking channels and amount was credited in the bank account no. 862406 with HDFC Bank. Further, it was found that the assessee a....