2025 (9) TMI 1116

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....t Year [A.Y.] 2015-16. 2. The assessee has raised following grounds of appeal: "1. Whether on the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition of Rs. 1,00,00,000/- made u/s 68 of the Income Tax Act, 1961 towards unsecured loan shown to have been received from M/s. Purvi Finvest Ltd ignoring that in consequence to the evidence gathered during the investigation conducted by the Investigation Wing, Mumbai, the non-genuine nature of the transaction clearly emerged? 2. Whether on the facts and circumstances of the case and in law, the Ld CIT(A) has erred in deleting the addition of Rs. 1,00,00,000/- made u/s 68 of the Income Tax Act, 1961 towards unsecured loan shown to ha....

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....,80,470/- on 22.09.2015. Subsequently, in view of information received from the Investigation Wing, Mumbai regarding accommodation entry of loan amounting to Rs. 1,00,00,000/- taken by the assessee from M/s. Purvi Finvest Ltd., the case was reopened. After considering the assessee's submissions, Ld. AO held that the creditworthiness of the lender and the genuineness of the transaction has not been established. He, therefore, considered the loan of Rs. 1,00,00,000/- as unexplained credit u/s 68 of the Act and added it to the total income vide order u/s 147 r.w.s. 144B on 24.05.2023. 4. Aggrieved with the order of Ld. AO, the assessee preferred an appeal before Ld. CIT(A). Vide order dated 28.09.2024, Ld. CIT(A) deleted the addition after ....

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....t account further lending credence to the assessee's submissions. He further pointed out that the addition has been made on the basis of statement of Shri Sharad Darak but the assessee has not been given copy of his statement nor an opportunity to cross-examine him, despite specific request made before Ld.AO. Ld. AR, further, argued that the Ld. CIT(A) rightly deleted the addition after examining the evidences produced before him with regard to the identity of the lender, its creditworthiness and genuineness of the transaction. 7. We have heard both the parties and perused material placed before us. It is seen that M/s. Purvi Finvest Pvt. Ltd. is a Non-Banking Finance Company (NBFC) registered with the Reserve Bank of India. It is found ....