2025 (7) TMI 1218

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... For The Respondent : Shri Manav Bansal (CIT) - Ld. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by revenue for Assessment Year (AY) 2017-18 arises out of an order of learned Commissioner of Income Tax (Appeals)-5, Ludhiana [CIT(A)] dated 30-03-2024 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s.143(3)of the Act on 30-12-2019. The sole ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 68 for Rs. 305 Lacs as under: - No. Name Amount of Loan Addition made 1. Shri Arun Malhotra Rs. 145 Lacs Rs. 145 Lacs 2. Smt. Neelam Malhotra Rs. 370 Lacs Rs. 160 Lacs   Total Rs. 515 Lacs Rs. 305 Lacs The addition has been made on the ground that the respective Income Tax Returns (ITRs) of the two lenders showed less income and there was hu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....es of the two lenders were duly furnished by the assessee during assessment proceedings. During appellate proceedings, the assessee further furnished the detailed source of entities from where the said credits were received by the two lenders. The assessee furnished, PAN, confirmation of accounts, copies of Income Tax Returns and Bank statements. The assessee also provided documents relating to so....