TaxTMI 
TaxTMI 
2024 (7) TMI 1014
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....ead with Section 144B of the Act dated 29.03.2022. 2. The brief facts of the case are that the assessee being an individual filed his return of income for the relevant assessment year on 30.03.2017 at a returned income of Rs. 2,40,896/-. Return was processed, case was reopened u/s 147 of the Act and a notice u/s 148 of the Act was issued to the assessee. The case was reopened on the allegation that unsecured loan received from the loan creditor M/s. Fast Speed Realcon Pvt. Ltd. having PAN No. AABCF9388E by the assessee was the bogus on the basis of the statement given by one Mukesh Banka. The case of the assessee is that the assessee filed submission before the AO by submitting the copy of the loan confirmation, audited balance sheet, ITR ....
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....ons of the Counsels of the respective parties, the only points for determination in this appeal are that whether the assessee could be able to disclose the source of fund amounting to Rs. 15 Lakh which is declared by the AO and ld. CIT(A) as unexplained. The case of the appellant as it also reveals from the order of the ld. CIT(A) is that for the AY 2016-17 the appellant filed income tax return showing the total income of Rs. 2,36,640/-. The assessment was reopened for the reasons that information received from the Investigation Wing, Kolkata that the appellant has received Rs. 15,00,063/- as the beneficiary during FY 2015-16 from the companies managed and controlled by Sh. Mukesh Banka. It is a definite case of the assessee and he has rep....
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....y the appellant. But he discarded the same by mere assumption and surmises thereby saying that these documents are mere masks to hide the real nature of the transaction. It is surprising to note that what was the basis of ld. CIT(A) to discard those documents without verification and genuineness of the documents and he doubted the same. 5.2. We further notice that the ld. CIT(A) has rejected the above documents by saying that finding of the AO was based on strong surrounding circumstances and preponderance of the probability and human conduct. It is important to mention here that above findings cannot be basis of rejection of a document which was filed by the assessee. The documents clearly go to show that the transaction made being a genu....
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....the identity and creditworthiness of the investor and to prove the genuineness of the transaction. The present case in hand reveals that the assessee has discharged initial onus by furnishing the name, address, copy of PAN, copy of ITR, copy of bank statement and confirmation of the creditor. 5.4. It is further noticed that loan taken was duly repaid by account payee cheque. No transaction was entered with Sh. Mukesh Banka and Banka Group. Genuine loan was taken from M/s. Fast Speed Realcon Pvt. Ltd. and loan confirmation of M/s. Fast Speed Realcon Pvt. Ltd. has also been enclosed in the balance sheet, profit and loss account filed by the assessee. Keeping in view the above facts, the answers come in favour of the assessee that the assesse....