2025 (5) TMI 2204

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....i Shobit Mishra, A/Rs For the Revenue : Shri Govindrao J. Ninawe, Sr. D/R ORDER PER NARENDRA KUMAR BILLAIYA, AM: This appeal by the revenue is preferred against the order of the ld. CIT(A)-51, Mumbai dated 10/06/2024 [hereinafter "the ld. CIT(A)"] pertaining to AY 2011-12. 1.1. At the outset, the application made under Rule 27, is not accepted. 2. The sum and substance of the gri....

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....ed in issuing bogus unsecured loan which was routed to beneficiaries through hawala transactions by these bogus unsecured loan and assessee is one of the beneficiaries who has taken bogus unsecured loans of Rs. 75,00,000/- and Rs. 25,00,000/- from M/s. Josh Trading Company Pvt. Ltd. and M/s. Nakshatra Business Pvt. Ltd. (Hema Trading Company Pvt. Ltd.) respectively. 4. On the basis of search an....

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...."7.13 Now coming to the facts of the case, it is observed that the appellant has submitted the confirmations, ITRs, audited financial statements of the lenders and relevant bank statements to support the loan transactions. It is observed that the identity of the lenders is proved by the ITRs. Further, the genuineness of the transaction can also be safely concluded from the confirmations filed and ....