TaxTMI 
TaxTMI 
TaxTMI 
2025 (10) TMI 35
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.... assessee explaining the brief factual matrix, submitted that the assessee had obtained fresh unsecured loans of even amount. Admittedly, the assessee could not provide the Ld.AO requisite details in respect of said unsecured loans, as a result of which the Ld.AO proceeded to make an addition of Rs. 32,47,77,750/- u/s 68 of the Act. Before the Ld.CIT(A) the assessee requested for admission of additional evidences. The Ld.CIT(A) requested the Ld.AO to submit a remand report after examining the issue of veracity of impugned unsecured loans. The Ld.Counsel informed that the Ld.AO conducted his enquiries into the said unsecured loans. The Ld.AO did not convey any infirmity in the loans per se u/s 68 but objected to admission of additional evidences on the premise that the assessee did not possess sufficient justified grounds to have filed the evidences before the Ld.AO during the assessment proceedings. The Ld.CIT(A) after considering the remand report of the Ld.AO proceeded to delete the impugned addition. 3. It is the case of the assessee that no infirmity was found by the Ld.AO in assessee's procurement of unsecured loans and therefore the Ld.CIT(A) has rightly deleted the additi....
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....d under sub-rule (1) unless the 11[11a[Joint Commissioner] (Appeals)] 12[or, as the case may be, the Commissioner (Appeals)] records in writing the reasons for its admission. ^13(3) The ^14[^14a[Joint Commissioner] (Appeals)] 15[or, as the case may be, the Commissioner (Appeals)] shall not take into account any evidence produced under sub-rule (1) unless the 16[Assessing Officer] has been allowed a reasonable opportunity- (a) to examine the evidence or document or to cross-examine the witness produced by the appellant, or (b) to produce any evidence or document or any witness in rebuttal of the additional evidence produced by the appellant. (4) Nothing contained in this rule shall affect the power of the 17[17a[Joint Commissioner] (Appeals)] 18[or, as the case may be, the Commissioner (Appeals)] to direct the production of any document, or the examination of any witness, to enable him to dispose of the appeal, or for any other substantial cause including the enhancement of the assessment or penalty (whether on his own motion or on the request of the 19[Assessing Officer]) under clause (a) of sub-section (1) of section 251 or the imposition of pen....
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....,494/ and now the confirmation and other requisite details are obtained and filed and the same may be treated as additional evidence as per rule 46A of Income Tax Rules, 1962. That the Notice U/s 133(6) were sent to all the parties from whom assessee company had received Loans during the year and the requisite replies were received and the same were taken on records. That all the parties have confirmed the payment of unsecured loans to the assessee company and submitted the confirmations, Ack of ITR and Bank Statements. However, although the confirmations have been filed by the persons from whom assessee company had taken unsecured loans but the assessee company should have filed the same before the AO during the assessment proceedings and the plea of the assessee that the parties were-net co-operative at the time of assessment proceedings were also not on records. That during the assessment proceedings, assessee company could not even file the name & addresses of the parties, so that the verification of the same can be made by the AO, if the parties are not co-operative with the assessee company in these circumstances, assessee company had not sufficient grounds ....
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....rdingly, we are of the considered view that the order of the Ld.CIT(A) is based upon correct understanding and interpretation of the facts of the case. The grounds of appeal nos. 1 & 2 raised by the Revenue is therefore dismissed. 10. Ground of appeal no.3 raised by the Revenue is regarding addition of Rs. 3,02,494/- on account of unexplained expenditure. Briefly put the Ld.AO noted that the assessee had claimed expenses of Rs 3,24,554/- on account allied heads like salary, travelling, rent,bank charges and commission, auditors fees etc. The assessee was asked to submit a detailed note business activities since incorporation which could not be provided. The Ld.AO therefore proceeded to add Rs. 3,02,494/ after giving benefit of auditors fees of Rs 22,060/-. 11. The assessee informed the first appellate authority that the assessee is in a business of sale / purchase of immovable property and also to develop the sites and sale the property after construction. For the year under consideration the assessee had purchased a plot of land from Delhi Development Authority for construction of business complex. During the year under consideration the assessee had incurred Capital and Rev....