TaxTMI 
TaxTMI 
2025 (9) TMI 1652
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.... short 'the Act') which in turn is arising out of Assessment Order dated 30.06.2021 passed u/s.143(3) r.w.s.144B of the Act. 2. Assessee has raised following grounds of appeal : "1. On the facts and in the circumstances of the Appellant's case the learned CIT(Appeals) was not justified in dismissing the Appellant's appeal and confirming the huge addition of Rs. 7,71,74,960/- made by the A.O. in the appellant's Returned income u/s.68 of the Income Tax Act, 1961 by treating the Appellant's genuine loans as unexplained income. 2. The Assessment made by the A.O. was contrary to the provisions of law as well as it was contrary to the records submitted by the Appellant and available with the A.O. The assessmen....
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.... on 07.11.2017 declaring Nil income. The case selected for scrutiny on account of two reasons; i.e. (1) Unsecured loans and (2) Transactions with Company whose Registration has been cancelled by MCA. Various details are called for to which compliance was made to the partial satisfaction of the AO. Ld. AO majorly focused on the issue of unsecured loans and asked the assessee to explain the nature and source of the unsecured loans in light of the provisions of section 68 of the Act. Assessee provided the details of Identity, Credit worthiness and genuineness of the loan transactions. On the basis of these details, ld. AO was partly satisfied and out of the total unsecured loans of Rs. 8,89,24,960/- accepted the claim of unsecured loans of Rs.....
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.... remaining unsecured loans are concerned, ld. Counsel for the assessee referred to the details in the paper book stating that all the creditors are having PAN, filing Income-tax returns regularly and details of the addresses have been provided. He further stated that the loans are genuine and have been utilized for the business and the documentary evidences are sufficient enough to prove the Identity, Creditworthiness and genuineness of the transactions and none of the details have been rebutted by the Revenue authorities at any stage. He also submitted that the ld. AO while concluding the assessment proceedings has mentioned the returned income as Nil whereas the assessee has declared the loss of Rs. 36,07,579.71/- in the audited profit an....
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....umar Jain is Rs. 4.00 lakh and not Rs. 4.00 crore. This being an apparent mistake needs to be corrected. Therefore, out of the total addition of Rs. 7,71,74,960/- Rs. 3.96 crore deserves to be deleted on account of wrong figure adopted by the AO. We hold and order accordingly. 10. For the remaining addition of Rs. 3,75,74,960/-, even though the assessee has furnished the details of Identity, Creditworthiness and genuineness of the transactions entered into with loan creditors, however it is not discernible from the impugned orders and assessment order as to whether all these were placed before the lower authorities or not. Prima-facie, the assessee has a good case on merits but since these details needs to be verified at the end of the l....