2025 (8) TMI 138

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s condoned and the appeal is admitted and disposed off accordingly. 3. The only issue raised by the revenue is against the deleting the addition of Rs. 15.05 crores by the ld. CIT(A) as made by the AO u/s. 68 of the Act in respect of unsecured loan received by the assessee during the year. 4. The facts in brief are that the assessee filed its return of income on 10.10.2006 declaring total income at Rs. 75,43,880/- The case of the assessee in the first round was completed u/s. 147/143(3) of the Act assessing total income at Rs. 75,63,780/- vide order dated 31.12.2019. Thereafter the AO reopened the assessment after an information received from DDIT(Inv.) Unit-1(2), Kolkata that the assessee had received Rs. 15.05 crores from shell comp....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the Act. The remand report further states that now the assessee has filed the confirmation along with bank account statement during the course of remand proceedings and it was found that the assessee has received only Rs. 7.05 crores instead of Rs. 15.05 crores. It was further mentioned in the remand report that Rs. 1.05 crores was repaid during the current assessment year i.e. A.Y.2016-2017 and balance of Rs. 6 crores was paid in the assessment year 2017-2018. The rejoinder of the assessee was extracted at page 17 of the appellate order. Ld.CIT(A) also discussed the observations of the AO and thereafter negated each and every observation of the AO to be wrong and against the facts on record. The ld. CIT(A) while allowing the appeal dealt ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....artly in the financial year 2015-2016 and partly in the financial year 2016-2017. We also note that the said loan was advanced by the lender out of the maturity from the FDRs as apparent from the copy of the bank statements filed before us in the paper book, which is also extracted by the ld. CIT(A) in the appellate order. Therefore, we do not find any anomaly or infirmity in the order of the ld.CIT(A). 7. The argument presented by the ld. CIT-DR is devoid of merit that the loan was received from shell company which is not having any purchase and sales or the fixed assets. We have examined the audited accounts filed before us of M/s Juhi Advisory Pvt. Ltd. and find that the assessee is an operational company and having fixed assets inclu....