TaxTMI 
TaxTMI 
2025 (11) TMI 625
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....an given to assessee." 3. Brief facts of the case are that, the Assessee filed return of income declaring Rs. 40,02,840/-, subsequently case of the Assessee was selected for scrutiny and notice u/s 143(2) of the Income Tax Act, 1961 ('Act' for short) was issued. An assessment order came to passed u/s 143(3) of the Act on 31/12/2018 by making total addition of Rs. 3,51,65,500/- and the details are as under:- Name Share Unsecured Loan Total Envee Infrastructure P. Ltd. - 2,50,00,000 2,50,00,000 Arvind Kumar HUF 20,34,500 10,34,000 30,68,500. Vinod Kumar HUF 9,98,500 30,000 10,28,500 Kapil Kumar HUF 10,34,500 50,34,000 60,68,500- Total 40,67,500 3,10,98,000 3,51,65,500 4. Aggrieved by the assessment order dated 31/12/2018, the Assessee preferred an Appeal before the Ld. CIT(A). The Ld. CIT(A) vide order dated 30/08/2024, deleted the addition made by the A.O. As against the order of the Ld. CIT(A) dated 30/08/2024, the Department of Revenue preferred the present Appeal on the grounds mentioned above. 5. The Ld. Departmental Representative vehemently submitted that the Ld. CIT(A) erred by dele....
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....erial available on record. It is seen from the records and submission filed by the appellant from time to time that an assessment order has been passed u/s.143(3) of the Act dated 31.12.2018 by the AO wherein the total income of the appellant is determined at Rs. 39168340/- after following additions/adjustments: Sr No. Description Amount in Rs. 40,02,840/- 1 Total income as per the I.T. return 3,51,65,500/- 2 Add: 39168340 Total Income 5.1. As regards to the grounds of appeal, ground no. 1, 2 and 7 are general in nature and does not require adjudication. 5.2. Grounds No. 3, 4 and 5 is related to addition of Rs. 3,51,65,500 u/s 68 for the unsecured loan received from 4 parties. In this regard the appellant has submitted in its reply filed on 27.08.2024 that it had received unsecured loan amounting to INR 2,50,00,000 from EnnVee Infrastructures (India) Pvt. Ltd. The Appellant had submitted all relevant documents i.e., bank statements, shareholding patterns, audit reports and ITR of EnnVee Infrastructures (India) Pvt. Ltd. to substantiate the identity, genuineness and creditworthiness of the lender. The AO has acknowl....
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....invested in shares after receiving payments from other companies and firms within the Paswara Group. Furthermore, on 31 March 2016, a fresh loan was extended by the HUFs to Paswara Papers Limited. 5.6. In its finding the AO has simply mentioned that the creditworthiness and genuineness of transactions are not satisfactory as the assessee has not submitted any strong explanation for the same. Further, the AO has mentioned that there was huge cash deposit in bank account of above HUFs. However, no inquiry in respect of source of the source has ever been carried out by the AO. Most importantly the AO in the assessment order passed for the A.Y. 2015-16 acknowledged and accepted the genuineness of the amount received from the above mentioned HUFs which is evidenced by the fact that big amounts were subsequently invested in shares after received from other companies and firms within the Paswara Group. 5.7. In view of the above facts and circumstances and also case laws relied upon by the appellant it is held that the appellant has discharged its onus to prove the identity and creditworthiness of share holders and also genuineness of transaction by way of submitting the ....
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....s are Directors of the Assessee Company. During the assessment proceedings, the Assessee produced following documents in support of its claim of all the three entities:- Details PB Share capital - Arvind Kumar HUF - Rs. 20,34,500 Unsecured loan - Arvind Kumar HUF - Rs. 10,34,000 * Balance Sheet of HUF - A.Y. 15-16 (showing loans& Advances receivable from assessee) * Sub-Ledger A/c (loan) of Arvind Kr. HUF in books of assessee * Sub-Ledger A/c (others) of Arvind Kr. HUF in books of assessee * Bank statement of Arvind Kumar HUF (showing payments) * ITR of HUF-A.Y. 16-17 * Confirmation of having Shares of assessee * Application form for applying 203450 shares of assessee * Share certificate 13 14 15 16-18 19 20 21 22 -Share capital Vinod Kumar HUF - Rs. 9,98,500 Unsecured loan Vinod Kumar HUF - Rs. 30,000 - Balance Sheet of HUF - A.Y. 15-16 (showing loans& Advances receivable from assessee) Sub-Ledger A/c (loan) of Vinod Kr. HUF in books of assessee Sub-Ledger A/c (others) of Vinod Kr. HUF in books of assessee Bank statement of Vino....