2025 (8) TMI 1250

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....ed twice. None appears at the assessee's behest. It is accordingly proceeded ex parte. 2. The Revenue raises the following substantive grounds in the instant appeal: "1. "Whether under facts and circumstances of the case the Ld. Commissioner of Income Tax (Appeal) was correct in law in deleting the addition made under Section 68 of the Income Tax Act, 1961 in respect of unsecured loan shown to have been taken at Rs. 33,00,000/- from M/s Baghauli Sugar & Distillery Private Limited when the genuineness of the transaction and the creditworthiness of the said lender was not proved?" 2. "Whether under facts and circumstances of the case the Ld. Commissioner of Income Tax (Appeal) was correct in law in deleting the addition m....

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....er under facts and circumstances of the case the Ld. Commissioner of Income Tax (Appeal) was correct in law in deleting the addition made under Section 68 of the Income Tax Act, 1961 in respect of unsecured loan shown to have been taken at Rs. 2,75,80,750/- from M/s Neel Kamal Cineplex Limited when the genuineness of the transaction and the creditworthiness of the said lender was not proved?" 7. "Whether under facts and circumstances of the case the Ld. Commissioner of Income Tax (Appeal) was correct in law in deleting the addition of Rs. 34,00,589/- made on account of disallowance of depreciation when the genuineness of the documents such as Bills/vouchers relating to fixed assets were not authenticated by the assessing officer in....

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.... from para 3.0 onwards that the assessee had duly filed all the relevant evidence (s) in the form of bank account, confirmations, balance-sheet and income-tax returns of these creditors who are regularly assessed along with their respective subsequent confirmations during remand proceedings as well as it is clear on test check basis (from para 4.3 page 4 of the lower appellate discussion). We further note that the learned assessing authority's remand report had not made any adverse comments on the assessee's detailed evidences filed before him. We also invited Revenue's attention to para 3.6 of the lower appellate discussion that even creditworthiness of the concerned parties herein had been accepted in the preceding assessment years as wel....