2024 (8) TMI 420

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.... Deputy Commissioner of Income-tax, Circle 7(2)(1), Mumbai (in short, 'the A.O.') passed under section 143(3)of the Act date of order 24/03/2015. 2. The assessee has taken the following grounds of appeal:- "Ground No. 1. AGAINST ADDITION OF Rs. 7,93,74,917/- AS UNPROVED LOANS (a) The Commissioner of Income-tax (Appeals), National Faceless Appeal Centre, Delhi [hereinafter referred to as "((A)"] has erred in confirming addition in respect of Unsecured Loans outstanding as on 31 March 2012, which included those loans which were not taken during the year under appeal also, without considering all the facts available on the record in proper perspective. (b) The appellant respectfully submits that all the p....

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....ured loans from different banks. On the other hand, the assessee had also taken unsecured loan amount of Rs. 7,93,74,917/- as the balance stood during the impugned assessment year. The assessment order was passed by the addition of the loan amount of Rs. 7,93,74,917/- and also the interest disallowed amount of Rs. 56,08,404/- for rejection of the interest of secured loan from the bank. Being aggrieved, the assessee filed an appeal before the ld. CIT(A) along with all the facts. But the Ld.CIT(A) without considering the same dismissed the appeal of the assessee. Being aggrieved, the assessee filed an appeal before us. 4. The assessee himself appeared and first explained about his distress and suffering in business during this impugned ass....

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.... 25,00,000 11 One Up Advisory Pvt Ltd (Stake)   10,00,000 - 10,00,000 12 Pranamghar India Pvt Ltd 1,25,14,417 2,92,00,000 35,10,000 3,82,04,417 13 Metal Tube Pvt Ltd   25,00,000   25,00,000 14 Neelkanth Iyer   75,000   75,000 15 Guatam Shah   3,00,000   3,00,000 16 Guniben Shah - 3,00,000 - 3,00,000     2,15,64,417 6,13,20,500 35,10,000 7,93,74,917 5. The ld. DR fully relied on the order of the revenue authorities. 6. We heard the rival submission and considered the documents available in record. The assessee argued that related to serial numbers 1 to 3 of the abo....

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.... of evidence before the authorities below. But the verification is pending before the revenue authority related to the loan mentioned below: - S. No Lender Balance 1. Integral Technologies Pvt Ltd 29,00,000 2. Kishor G Sheth 9,00,000 3. Laxmi Manak Finance 5,00,000 4. Pankit Mehta 15,00,000 5. NIXXON ELECTRICALS PVT LTD 96,45,500 6. PEL Limited 25,00,000 7. One Up Advisory Pvt Ltd (Stake) 10,00,000 8. Pranamghar India Pvt Ltd 3,82,04,417 9. Metal Tube Pvt Ltd 25,00,000 10. Neelkanth Iyer 75,000 11. Guatam Shah 3,00,000 12. Guniben Shah 3,00,000 We consider the submission of the assessee and remand the matter back to the fi....