2025 (11) TMI 456

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.... on the loan taken by him from M/s MM Organic Fertilizers Pvt. Ltd. as per the written agreement between mortgagor and mortgagee. 2. The Ld. CIT(A) has erred in allowing the appeal of the assessee by observing that during the course of assessment proceedings assessee failed to prove the creditworthiness of M/s MM Organic Fertilizers Pvt. Ltd. from whom he has taken loan on Rs. 2,01,00,000/- by mortgaging property in the name of his mother. 3. The Ld. CIT(A) has erred in allowing the appeal of the assessee by ignoring the fact that the property mortgaged was belong to the mother of the assessee. 2. Briefly stated, the facts of the case are that the capital of the Assessee as on 31.03.2015 was Rs. 2 Crores. To explain the....

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.... submitted the following documents relating to the loan of Rs. 2 Crores from M/s M M Organic Fertilizers Pvt. Ltd. : i. Copy of the saving bank account of Tarun Dhawan (Partner) ii. Copy of the balance sheet and Profit & Loss account of Tarun Dhawan. iii. Copy of agreement of mortgage iv. Copy of the bank statement and audited balance sheet and profit & loss account of M/s M M Organic Fertilizers Pvt. Ltd. v. Copy of mutation document and municipal tax receipts of the property owned by Mrs. Kamini Dhawan, M/o Tarun Dhawan The Assessing Officer has added Rs. 2 Crores on account of introduction of capital in the firm by the partner. Against the same, Assessee preferred appeal before the Ld. CIT(....