2025 (8) TMI 1521

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.... ORDER PER RAJESH KUMAR, AM: This is an appeal preferred by the Revenue against the order of the Commissioner of Income-tax (Appeals) Kolkata-27 (hereinafter referred to as the "Ld. CIT(A)"] dated 27.11.2024 for the AY 2016-17. 02. The issue raised in ground no.1 is against the deletion of addition by the ld. CIT (A) of Rs.2,35,00,000/- as made by the ld. AO in respect of unexplained c....

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....by way of unsecured loans comprising of Rs.50,00,000/- from Gagan Suppliers Pvt. Ltd., Rs.60,00,000/- from Nitin Hire Purchase Pvt. Ltd., Rs.1,25,00,000/- from Nusharwar Merchants Pvt. ltd. The first loan was not repaid, whereas the second and third loan were repaid during the impugned year itself. The ld. AO after discussing the modus operandi of the shell companies noted that the assessee has no....

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....d along with interest through banking channels after deduction of TDS at source. The ld. CIT (A) noted that the assessee is not beneficiary of the said money and therefore, the addition u/s 68 of the Act cannot be sustained. The ld. CIT (A) further observed that the loans were taken from three parties which were fully disclosed in the tax audited report and repaid in the subsequent years along wit....

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....e ld. Commissioner of Income-tax (Appeals). However, the ld. AO has not done any enquiry or pointed out any defects or deficiency in the evidences filed. The ld. CIT (A) correctly appreciated the facts and deleted the addition by recording finding that these loans were taken in the normal course of business and repaid also in the current and subsequent years. We note that the ld. CIT (A) has passe....