TaxTMI 
TaxTMI 
2024 (10) TMI 743
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..... 144B of the Act on 28-09-2021. 1.2 The registry has noted delay of 141 days in the appeal, the condonation of which has been sought by Ld. CIT-DR. The Ld. AR did not raise any serious objection against the same. Therefore, the delay is condoned and the appeal is admitted for adjudication on merits. 1.3 The grounds raised by the revenue read as under: - 1. The order of the learned CIT(A) is contrary to law, facts and circumstances of the case. 2. The learned CIT(A) erred in holding that the appellant furnished the details of source of fund towards payments made for purchase of property whereas the assessee has furnished merely the address, PAN, ITR Acknowledgment of the loan Schedules etc., required for proving the credit worthiness ....
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....rnished details of payment made during the year along with the sources of investments along with copies of relevant bank statements. It was stated that the payments were sourced out of unsecured loan and amounts received from the partners. To substantiate the same, the assessee furnished confirmation of ledger statements, Income Tax Return copies and bank statements of respective parties / lenders / loan creditors duly highlighting the transactions. All the loans were stated to be received through banking channels. By furnishing the same, the assessee submitted that it had duly established the identity, creditworthiness and genuineness of the loan creditors. The assessee obtained loans of Rs. 1309.59 Lacs from various parties, the details w....
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....that it has duly filed date-wise details of payments along with the source of funds on that date. Further, names and full address of the parties from whom the funds were received were also furnished along with statement of confirmation and their respective Income Tax Returns (ITR-V) as well as relevant bank statements highlighting the transactions. The quantum of investment made by the assessee during this year was tabulated as under: - Total value of transaction entered by the assessee as stated by your good self on page no. 16 of the show-cause notice Rs.14,97,69,500 Less: Transaction relating to agreement to sale and which were subsequently cancelled. Rs.7,39,65,000 Value of sale deed executed Rs.7,58,04,500 Value of amount paid b....
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....e entered into various agreements with Mr. Rose through his Power of Attorney holder Mr. Prem Kumar. However, only part amount was paid as Token Advance. During the year, the assessee paid amount of Rs. 325 Lacs towards purchase of property and also paid advance of Rs. 544.97 Lacs towards purchase of property to be registered during next AY 2017-18. The total amount thus paid during this AY was Rs. 869.97 Lacs only. The assessee already submitted date-wise details of payments. The properly transaction with Mr. Rose and Mr. Prem Kumar took place over a period of three years from F.Y. 2014-15 to F.Y. 2016-17. All the payments except for an amount of Rs. 18.75 Lacs were paid through banking channels only. During the course of assessment procee....
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.... finding of Ld. CIT(A) that the assessee has made aggregate investments of Rs. 869.97 Lacs only. 5. We find that the aforesaid investments have been sourced by the assessee out of various loan creditors. The complete details such as name, address, PAN of these loan creditors was furnished by the assessee during the course of assessment proceedings. To substantiate the same, the assessee also furnished the confirmation of accounts along with copies of Income Tax Returns (ITR-V) and bank statements of all the loan creditors. Under these circumstances, it could very well be said that the assessee had duly discharged the onus as casted under law i.e., to establish identity of the lender, their creditworthiness and the genuineness of the transa....