2024 (11) TMI 1522

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.....08.2024 and 30.08.2024 respectively for the A.Y. 2013-14. For the sake of convenience and brevity, they are heard together and consolidated order is being passed. 2. The brief facts of the case are that the assessee is a partnership firm and did not file any Return of Income ("ROI") for the A.Y. 2013-14. A search operation u/s.132 of the Income Tax Act, 1961 ("the Act") was conducted on Shri Nawal Kishore Jalan of Kolkata, who was engaged in providing accommodation entries to various beneficiaries through shell company. On the basis of the statement of Shri Nawal Kishore Jalan, the information was made available to the Learned Assessing Officer ("Ld. AO") that the assessee was one of the beneficiary and has availed accommodation entry o....

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....k account in which the impugned loan has taken place. Hence without providing any detail, the Ld. AO emphasised on the assessee to prove the identity, credit-worthiness and genuinity of the loan transaction of Rs.2.65 Crores. The assessee consistently submitted before the Revenue authority that during the A.Y. 2013-14, the assessee was not in existence, not having any bank account and the assessee had not taken any loan from any person. Finally, the Ld. AR prayed before the bench to delete the addition made by the Ld. AO. 5. Per contra, the Learned Department Representative ("Ld. DR") relying on the order of Revenue authorities brought our attention to para nos.4.7 and 4.8 of the order of Ld. AO and submitted that the assessee did not re....

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....uring A.Y. 2013-14. Therefore on this count we are of the considered opinion that no addition can be made with respect to any assessment year in which the assessee is not existing. Therefore the addition made by the Ld. AO for A.Y. 2013-14 is liable to be deleted on this count. 7.1 Further the Ld. AO did not provide the details of the lendor, the date of the loan transaction and the details of bank account in which the impugned loan transaction has taken place. Without providing any such details, the Ld. AO insisted on the assessee to prove the identity, creditworthiness and genuinity of the impugned loan transactions. In this regard, we are of the considered view that, it was the first obligation of the Ld. AO to provide the details of ....