TaxTMI 
TaxTMI 
2025 (9) TMI 559
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....s under : "1. The learned CIT(A) has erred in making the addition of loans taken amounting to Rs. 1,13,17,466/- u/s 68 of the Income Tax Act, 1961. 2. The learned CIT(A) has failed to note that the assessee has income from salaries, house property and other sources during the year and therefore he is not required to maintain books of accounts, yet the additions have been made u/s 68 of the I.T.Act, 1961. 3. As the assessee does not maintain books of accounts, the provisions of section 68 of the I.T.Act, 1961 are not applicable to the assessee. 4. The learned CIT(A) who has passed the order on the grounds that no response was received by the assessee, has yet passed the order u/s 143(3) and not u/s 144 of ....
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....ction 68 of the Act, totaling Rs. 1,13,17,466/- to the assessee's income for taxation. Accordingly, Assessing Officer completed the assessment u/s 143(3) of the Act and passed assessment order on 24.08.2019. 4. Aggrieved with such assessment order, the assessee has filed the appeal, before the LD.CIT(A), who granted part relief to the assessee. 5. Aggrieved with the order of LD.CIT(A), the assessee is now in appeal before us. 6. Before us, ld.AR has submitted that during the appellate proceedings, the Ld.CIT(A) has called for a remand report from the Assessing Officer on the documents filed by the assessee. In the remand report, the Assessing Officer acknowledged that the assessee submitted various documents, including PAN, ban....
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....its under section 68 of the Income Tax Act. At the assessment stage, the assessee failed to provide satisfactory explanations and supporting documents regarding the loans, leading to the Assessing Officer making an addition of Rs. 1,13,17,466/- to the assessee's income. During the appellate proceedings, the Ld. CIT(A) called for a remand report from the Assessing Officer, who acknowledged the submission of several documents, such as PAN, bank statements, and ITRs, but still raised concerns about the creditworthiness of the creditors. Before us, the ld.AR contended that although the assessee had provided adequate evidence to establish the identity, genuineness, and creditworthiness of the creditors, the LD.CIT(A) upheld the addition made....
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....posit of Rs. 8,00,000 Thus, the source of loan creditor creditworthiness is beyond doubt. 5 Seema Ahuja 15,00,000 As could be seen from the bank account of Andhra Bank, A/c NO.020510025002453, the assessee received RTGS from Shilpa Jain the same transferred to Mr. Sanjay Kumar Agarwal. Expect this entry, no further entries were found in the said bank account. Therefore, the credit worthiness of Ms Seema Ahjua is beyond doubt 6 Shermik Golcha 15,00,000 As could be seen from the bank account of Shemik Golcha an amount of Rs. 15,00,000 was transferred to Mr Sanjay Kumar agarwal. But no bank account copy was produced by the said loan creditor Thus the credit worthiness of Shernik Glocha is beyond doubt 7 Yashoda In....