TaxTMI 
TaxTMI 
TaxTMI 
2025 (9) TMI 631
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Noida, has erred no appreciating the fact that creditworthiness of the lenders of the unsecured loans amounting to Rs. 50,00,000/- has not been established properly for want of TR, complete bank accounts and other details during the course of assessment proceedings. 3. Whether on the facts and circumstances of the case and in law, the Ld. CIT(A)-3, Noida has erred deleting the addition of Rs. 44,50,000/- made by the AO u/s 68 of the Income Tax Act, 1961 on account of unexplained unsecured loans, without appreciating the for brought on record during the course of assessment proceedings. 4. Whether on the facts and circumstances of the case and in law, the Ld. CIT(A)-3, Noida has erred in not appreciating the fact that discrepancy with regard to the difference in unsecured loans as shown in the not worth statement and in the details of unsecured loans amounting to Rs. 44,50,000/- has not been explained by the assessee during the course of assessment proceedings. 5. Whether on the facts and circumstances of the case and in law, the Ld. CIT(A)-3 Noida is justified in pronouncing its decision only based upon the judgements in favor of the appellant by not considering the decis....
X X X X Extracts X X X X
X X X X Extracts X X X X
....icer submitted that the assessee in support of loan transaction has filed loan confirmation, copy of leader account, copy of their ITR with application under Rule-46A of the I.T. Rules. The Assessing Officer did not make any adverse comment on the said details filed by the assessee. The relevant extract of the remand report of the Assessing Officer is reproduced as under:- III. "The honorable AO is erred in completing the assessment u/s 153A by making an addition of Rs. 50,00,000/- u/s 68 of the Income Tax Act, 1961, without verification and further enquiry of the details and confirmation filed at the time of assessment proceedings. Thus, consequent order passed u/s 153A of the Income Tax Act, 1961, deserves to be quashed". In her submission before your honor, the assessee has filed absolutely new evidences which were not produced during the course of assessment proceedings and requested your honor to consider these evidences in view of the rule 46A. The assessee during the course of assessment proceedings, had submitted that the unsecured loan was taken from M/s Sunder Singh HUF However. no other documentary evidence proving the identity, genuineness and credit worthiness of ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....the said two figures, the Assessing Officer noted that there was a difference of Rs. 44,50,000/- and according to the Assessing Officer the assessee failed to offer any satisfactory explanation and therefore he added a sum of Rs. 44,50,000/- u/s 68 of the Act. 5.1. Aggrieved with the said order, the assessee filed an appeal before the ld. CIT(A). The ld. CIT(A) deleted the addition on the ground that the matter was remanded to the Assessing Officer and the Assessing Officer in her remand report dated 05.10.2023 did not make any adverse comments. The relevant extract of the assessment order is reproduced as under:- "The honorable AO is erred in completing the assessment u/s 153A by making an addition of Rs. 44,50,000/- u/s 68 of the Income Tax Act, 1961, whereas all details in this regard submitted at the time of assessment proceedings. Thus, consequent order passed u/s 153A of the Income Tax Act, 1961, deserves to be quashed". In this ground of appeal, the appellant has challenged the addition of Rs. 44,50,000/- holding that the total of unsecured loan as per the details of unsecured loans as on 31.03.2017 has been shown at Rs. 7,09,61,679/- while unsecured loan for the asses....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y the Assessing Officer being the Short Term Capital Gain. The Assessing Officer noted during the course of assessment proceedings that the assessee had purchased agricultural land of area 2.341 heactare having B-Code 1008 at Village Tigri, Tehsil Dhanora, Distt. Amroha for a consideration of Rs. 15,00,000/- for which sale deed was executed on 15.08.2013. The Assessing Officer noted that no details were filed by the assessee and no capital gain was declared by the assessee, but on perusal of the statement of affairs, it came to her knowledge that the assessee has declared profit on sale of Tigri Agricultural Land at Rs. 11,87,656/-. The Assessing Officer asked the assessee to furnish the details but since no details were submitted by the assessee, the Assessing Officer treated the amount of Rs. 11,87,656/- as "Short Term Capital Gain". 6.2. Against the above order, the assessee filed an appeal before the Ld. CIT(A). In the appellate proceedings, the ld. AR submitted before the ld. CIT(A) that the said land is not capital asset and it is agricultural in nature which has been held accordingly by the Ld. CIT(A), Kanpur, in Appeal No.4/10344/2019-20 vide his order dated 05.03.2024 for....