TaxTMI 
TaxTMI 
2025 (10) TMI 285
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....e Commissioner of Income Tax (Appeals)-III, Lucknow [hereinafter referred to as "ld. CIT(A)", in short] in Appeal No. 6/293/ACIT/CC/MBD/CIT(A)-III/Lko/17 dated 25.07.2019 against the order of assessment passed u/s 153A r.w.s. 143(3) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") dated 31.12.2017 by the Assessing Officer, DCIT, Central Circle, Moradabad (hereinafter referred to as "ld. AO"). 2. At the outset, we find that there is a delay in filing of appeal by the assessee by 381 days. Considering the reasons adduced in the delay condonation petition, we find that assessee was having sufficient cause and accordingly in the interest of substantial justice, we are inclined to condone the delay and admit the appeal of th....
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....ection 153A read with section 143(3) of the Act dated 31-12-2017, the Learned AO proceeded to make an addition of Rs 4 crores treating the loans received by the assessee from 4 parties as unexplained cash credit under section 68 of the Act and determined the total income at Rs 20,94,26,450/-. The Learned CITA observed in respect of loans received by the assessee from Bahubali Properties Ltd and Shagun Commercial Pvt Ltd, the loan creditors had duly confirmed the fact of having advanced loan to the assessee and they had furnished the ledger account, copy of income tax return, audit report, bank statements and explained the source of funds for the loan advanced to the assessee thereby proving all the three ingredients of section 68 of the Act....
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....No. 44/Del/2021 dated 26-11-2024 where similar addition pursuant to same search was made. Hence, since the assessment year 2013-14 being an unabated / completed assessment, the earlier assessment though framed under section 143(1) of the Act could not be disturbed by the learned AO while framing the search assessment under section 153A of the Act as admittedly there is no incriminating material found during the course of search, qua the unsecured loans received from four parties. This issue is no longer res integra in view of the decision of Hon'ble Supreme Court in the case of Abhisar Buildwell Private Limited reported in 454 ITR 212 (SC). Respectfully following the same, we hereby delete the entire addition of Rs 4 crores made by the lear....
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.... section 131(1)(d) of the Act was issued to DDIT Investigation Unit 4(2), Kolkata. The Investigation Unit Kolkata in their inquiry report dated 27-05-2016 stated that summons was issued to the parties through speed post which was returned unserved with the remark "party not found or left" by the postal department. An Inspector was deputed for doing the field inquiries and inspector found that parties were not existent at the given address. Accordingly, based on this report, the learned AO concluded that even identity of the lenders could not be established by the assessee. Since no details were filed, the learned AO concluded that assessee was not able to prove the genuineness of the transaction and credit worthiness of the lenders. The lea....
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....otices under section 133(6) of the Act were issued on 29-1-2019. Both the parties had duly responded to the notice under section 133(6) of the Act by furnishing the requisite documents directly before the Learned AO. The Learned AO also submitted that the parties had duly confirmed the loan transactions with the assessee and had furnished their ledger account, income tax returns, audit reports and bank statements. The Learned CITA took cognizance of the remand report and also observed that Bahubali Properties Limited had gross revenue from operations at Rs 115,38,85,925/- during the year under consideration which is evident from the copy of audited accounts submitted by them. Similarly, the Learned CITA observed that Shagun Commercials Pvt.....