TaxTMI 
TaxTMI 
2025 (3) TMI 292
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....ion of Rs. 32,11,00,000/- were made as against returned loss of Rs. 20,238/- declared by the assessee in its return filed on 11.09.2013. The assessee has received loans from 4 companies totaling to Rs. 32,11,00,000/- and the amounts which received were invested in purchase of land at Diplomatic Enclave, New Delhi. During the course of assessment proceedings, the ld. AO in order to examine the genuineness and creditworthiness of the loan creditors have asked the assessee to file the necessary details. In response the assessee has filed confirmation and copies of that portion of bank statements reflecting the date on which the loans were given to the assessee. Thus, notice u/s 133(6) were issued to the respective parties. They have filed repl....
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....as erred in deleting the addition u/s 68 of the Act amounting to Rs. 32,11,00,000/- being unexplained unsecured loans received during the F.Y. 2012-13 without appreciating the fact that the assessee has failed to establish the genuineness and creditworthiness of the parties. 2. On the facts and in the circumstances of the case, in Ld. CIT(A) made the additions without calling for a remand report from the Assessing Officer and deleted the addition.. 3 The appellant craves, leave or reserves the right to amend modify, alter, add or forego any ground(s) of appeal at any time before or during the hearing of this appeal." 4. Revenue submits that the revised grounds of appeal may please be considered for decision in the insta....
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....ra the ld AR of the assessee vehemently supported the order of the ld CIT(A) and submitted that the assessee has discharged its burden by filing all the relevant details in order to establish the creditworthiness of the parties. Since, the companies are group companies and regularly assessed to tax and the transactions made through the banking channel which is not doubted therefore, their identity as well as genuineness of the transaction are established. He further submit that the ld AO has ignored all the vital facts before reaching to the conclusion that the assessee has failed to establish the creditworthiness of the parties whereas all the creditors have accepted the transactions and filed their Balance Sheet to support their capacity ....
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....s 133(6) of the Act vide filed the confirmed copy of account, balance sheet and bank statement. Likewise Planet Earth Estates Pvt. Ltd vide letter dated 04.03.2016 filed on 11.03.2016 filed confirmed copy of account only. M/s. Revati Infrastructure vide letter 04.03.2016 filed on 11.03.2016 had filed confirmation, ITR and balance sheet. Finally assessee vide letter dated 23.03.2016 filed the copy of bank statement, in respect of Artemisia Buildwell Pvt. Ltd. All these papers were available in the Paper Book filed by the assessee. Besides these, in the paper book the assessee has also filed the copies of the assessment orders and other documents such as the balance sheet in respect of Artemisia Buildwell Pvt. Ltd. It is relevant to state tha....