TaxTMI 
TaxTMI 
2023 (7) TMI 1577
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....ls are being heard together and disposed off, by this consolidated order. 2. The assessee has, more or less, raised common grounds of appeal for both the assessment years. Therefore, for the sake of brevity, grounds of appeal filed for the AY 2010-11, are re-produced as under: 1. For that the Order of the Learned Commissioner of Income Tax (Appeals) is contrary to law, facts and circumstances of the case 2. For that the Learned Commissioner of Income Tax (Appeals) erred in upholding the action of Assessing Officer in treating the Loan received from individuals amounting to Rs.1,12,94,904/- as bogus. For these grounds and such other grounds that may be adduced before or during the hearing of the appeal, it is prayed that the Hon'b....
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....ns, and consequent interest paid on said loans. The assessee carried the matter in appeal before the First Appellate Authority, but could not succeed. The Ld.CIT(A) for the reasons stated in their appellate order dated 01.08.2022, partly allowed the appeal filed by the assessee by observing that when the additions made towards loans and advances, includes interest paid/credited on said loans, then separate additions towards interest is not required. Thus, directed the AO to delete separate addition of Rs.2,94,904/- towards interest and sustained addition made towards unsecured loans. Aggrieved by the order of the Ld.CIT(A), the assessee is in appeal before us. 5. The Ld.Counsel for the assessee referring to the petition filed for admission....
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....mpanies, and there is a direct link between entries obtained from Kolkata Companies in the case of group companies and loans taken by the assessee. Further, although, there is no direct reference to any incriminating material, the fact remains that the assessee was rotating funds from alleged entry providers in the form of loans which constitutes incriminating material, and thus, there is no merit in additional grounds filed by the assessee and same should be rejected. He further submits that the assessee could not file any evidences in support of various unsecured loans claims to have been received from certain parties, and thus, the AO & the Ld.CIT(A) has rightly made addition and their orders should be upheld. 7. We have heard both the ....
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....as referred to modus operandi employed by the assessee and its group in taking bogus entries of unsecured loans and share capital from Kolkata Companies and same has been referred to in the order of the Ld.CIT(A). But, fact remains that in order to make any addition in the assessment framed u/s.143(3) r.w.s.153A of the Act, incriminating material for each assessment year is must if such assessment is unabated/completed on the date of search. In this case, there is no dispute with regard to fact that the assessment for AY 2010-11 is unabated/concluded on the date of search, because, the due date for issue of notice u/s.143(2) of the Act, was expired on 30.11.2011, which is much before the date of search on 26.09.2012. Therefore, we are of th....