TaxTMI 
TaxTMI 
2024 (12) TMI 1588
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....ction 68 of the Act. For this, Revenue has raised the following Ground Nos. 1 and 2 : "1. Whether upon the facts and circumstances of the case and in law, the ld. CIT(A) erred in deleting addition of Rs.1,50,00,000/- on account of unexplained cash credit under Section 68 of the Income Tax Act ? 2. Whether upon the facts and circumstances of the case and in law, the ld. CIT(A) erred in deleting the addition of Rs.1,50,00,000/- by holding that the assessee has proved the genuineness of transaction and credit worthiness of the loaner ?" 3. The brief facts are that the assessee is a Private Limited Company and filed its return of income for the relevant assessment year 2017-18 on 31.10.2017. During the course of assessment proceedings, t....
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.... returned income. It has to be considered with respect to facts of individual case and result of enquiry. As regards, Arun Malhotra, the AR has brought material on record as well as confirmation that the money received by Sh Arun Malhotra was not a fresh money or loan received but a return of money already advanced. Further the appellant has provided sufficient evidence of source of source i.e Rs.1,50,00,000/- received by said Dimpy Malhotra from Sh. Arun Malhotra. Copy of confirmation along with ITR of said Sh. Arun Malhotra has also been submitted. Furthermore, the appellant has also provided confirmation and copy of ITR of Om Sons Marketing Pvt Ltd.(Rs.90,00,000) and Sh. Parveen Malhotra (Rs.50,00,000) from whom the funds were receive....
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....dvancing of Rs.1.50 Cr to assessee. The assessee also explained the source from where Smt. Dimpy Malhotra received this amount of Rs.1.50 Cr./ Smt. Dimpy Malhotra received this amount from following : Shri Arun Malhotra : Assessee's confirmation alongwith Income Tax Return and bank statement was submitted before the AO as well as before CIT(A). Smt. Dimpy Malhotra stated thqt this amount of Rs.1.50 Cr was received from Shri Arun Malhotra. Shri Arun Malhotra in turn received this amount of Rs.1.50 Cr from the following : i) M/s Om Sons Marketing Pvt. Ltd. = Rs.90 lacs ii) Shri Parveen Malhotra, father = Rs.50 lacs of Shri Arun Malhotra 7. The assessee filed the details of M/s Om Sons Marketing Pvt. Ltd. which includes conf....