2025 (4) TMI 873

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....sed u/s. 147 r.w.s.143(3) of the Act. 2. The assessee has raised the legal issue challenging the validity of reassessment proceedings u/s. 147 r.w.s.143(3) of the Act in Grounds of appeal No.1, 2 and 3 that there is no independent application of mind and no independent enquiry by the AO and that no proper approval u/s. 151 of the Act was obtained. However, ld. Counsel for the assessee failed to place credible evidence to support his legal ground. I therefore dismiss the legal grounds raised by the assessee. Accordingly, Grounds of appeal No.1 to 3 are dismissed. 3. Ground of appeal No.6 being general in nature required no adjudication and the said ground is dismissed as such. 4. Remaining are Grounds of appeal 4 and 5 which require....

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....ents with respect to each of the cash creditor and also made reference to the written submissions placed at pages 76 to 91 of the paper book. Reliance was placed on the decision of Hon'ble supreme Court in the case of CIT Vs. Orissa Corporation (P) Ltd. 159 ITR 78, decision of Coordinate Bench of Tribunal in the case of ITO Vs. M/s. Cygnus Developers (P) Ltd. in ITA No.282/Kol/2012, dated 02.03.2016, CIT Vs. Metachem Industries 245 ITR 160, (MP), Dy.CIT Vs. Rohini Builders 256 ITR 360 (Guj.). 8. On the other hand, ld. Departmental Representative supported the orders of the lower authorities. 9. I have heard the rival contentions and perused the record placed before me. In the instant case, section 68 of the Act has been invoked with r....

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....atement, source of alleged sum available in respect of all the three cash creditors. It is also not in dispute that all the three cash creditors named above have replied to the notices issued u/s. 133(6) of the Act. So the identity is not in dispute as all the cash loan creditors are Private Limited Companies and provided their identity details. So far as the creditworthiness of the loan creditors are concerned, I have perused the balance sheet of the three companies invoices that they have sufficient funds available with them. M/s. Arrowlink Vintrade Pvt. Ltd. was having net worth of Rs. 21.13 crore as on 31.03.2014 as against the loan of Rs. 10.00 lakh given to the assessee. Similarly, M/s. Santakaram Sales Pvt. Ltd. was having net worth ....