AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2025 (1) TMI 1631
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....8.10.2018 declaring income of Rs. 59,290/-. The case was selected for complete scrutiny under CASS. The assessee was engaged in the business of Real Estate activities and was following Percentage Completion Method of Accounting. In the course of assessment, the AO required the assessee to establish the identity, creditworthiness and genuineness of loan transactions of Rs. 35,20,34,524/- taken from 49 parties. The AO was not satisfied about the creditworthiness and genuineness of 17 loans creditors from whom total loan of Rs. 11,20,95,800/- was taken. Therefore, the AO disallowed the loan taken from those 17 parties and completed the assessment u/s.143(3) r.w.s. 144B of the Income Tax Act, 1961 (in short 'the Act') on 20.09.2021 at t....
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.... accepted by the AO in the remand proceeding. Therefore, there was no dispute in respect of loan amount of Rs. 10,34,95,800/- as deleted by the Ld. CIT(A). In the remand proceeding, the AO had not accepted the creditworthiness of 17 lenders in respect of total loan to the extent of Rs. 86 Lakhs and the grievance of the Revenue was confined to that extent only. The Ld. Sr. DR strongly supported the order and remand report of the AO in this respect. He submitted that the creditworthiness and genuineness of transactions to the extent of loan of Rs. 86 lakhs was not established and, therefore, the ld. CIT(A) was not correct in deleting the same. The Ld. Sr. DR further submitted that the Ld. CIT(A) had admitted certain additional evidence for al....
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....t the appellant has filed documentary evidence in respect of all the lenders. It is also observed that the AO had issued notice u/s. 133(6) to all the lenders in the remand report proceedings and all the lenders have made compliance of the notice by furnishing the details called for. Thus, it can be concluded that the appellant has discharged his onus u/s. 68 in respect of unsecured loan by furnishing the details of all the lenders. It is also an undisputed facts that provisions regarding the obligation of the appellant to justify the source of source in case of unsecured loan is applicable from 01.04.2023 Thus, it is not mandatory for the appellant to justify the source of the source for the year under consideration It is also important to....
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....ments and found that there was no cash deposit except cash deposit of Rs. 2 Lakhs each in the case of 2 lenders, which was much less than the total amount of loan advanced by them. It was also found that the loan of Rs. 86 Lakhs taken from these persons was also repaid back either in the same year or in the next year. In view of these facts, we do not find anything wrong with the order of the Ld. CIT(A). The Revenue has been unable to controvert the findings as recorded by the Ld. CIT(A). He has rightly relied upon the decision of Jurisdictional High Court in the case of CIT, Rajkot vs. Ayachi Chandrashekhar Narsangji, reported in [2014] 42 taxmann.com 251 (Guj.), wherein it was held that where the loan amount was repaid by the assessee in ....
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....ry) Nisnit Trading. confirmation and copy of extract of bank statement Same furnished Dineshkumar â‚ Shah 16.50,000/- Copy of ledger Copy of confirmation, copy acknowledgement. IT return. bank statement- semand. report extract-of- bank statement citing-transactip Yogendings copy of ledous forel thejAO account Manpuri Trading Co (Prop. Puriben Gohel) 15.00,000/- Copy ledger confirmation, copy of IT return. extract bank statement Copy of acknowledgement. bank statement citing transaction, copy of ledger account Almost same as furnished remand repon proceedings Before the AD Pooja ditesh Sharma 16.00.000/- Copy of leciger confirmation, copy of IT return. extract bank statemen....