2025 (1) TMI 1276

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.... (Addl.CIT) - Ld. Sr. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2018-19 arises out of the order of learned Commissioner of Income Tax, National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 30-05-2024 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s. 143(3) of the Act on 15-04-2021. The grounds t....

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....untenable in law as well as on facts. 5. That CIT(A) further failed to appreciate that the impugned creditors regularly maintained their regular books of accounts, that the transactions were carried through the banking channels, that it had nothing to do with the returns of income as such and hence the addition sustained is untenable in law. 6. The CIT(A) further failed to apprec....

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....m 17 loan creditors. Notices u/s 133(6) was issued to 5 creditors. Only three parties responded. These parties reflected petty income in their respective ITRs in comparison to loans advanced by them. Accordingly, Ld. AO held that these entities lacked creditworthiness. Further, there were cash deposits in the accounts of the three parties on the same date when the loans were advanced to the assess....

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....he assessee is in further appeal before us. Our findings and Adjudication 4. Upon perusal of tabulation in the impugned order, it could be seen that in most of these 12 cases, the assessee has not filed copy of ITR. In few cases, ITRs have been filed but the income is not commensurate with the loans granted by the lenders to the assessee. Therefore, the creditworthiness of these creditors co....