TaxTMI 
TaxTMI 
2025 (11) TMI 989
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.... 250 of the Income Tax Act, 1961 (hereinafter referred to as the "Act") and relates to Assessment Year (A.Y.) 2018-19. 2. The Ground No.1 of appeal raised by the Revenue as under: "(a) The Ld. CIT(A) has erred in law and on facts in deleting the addition of Rs. 2,23,10,021/- made by AO on account of unsecured loan received from various lenders treating as unexplained u/s. 68 of the IT Act, without appreciating that the assessee has not furnish complete details called for by the AO to prove the genuineness and creditworthiness of the lenders." 3. The grievance of the Revenue raised in the above ground relates to its deletion of addition made by the AO u/s.68 of the Act on account of unsecured loans amounting to Rs. 2,23,10,021....
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....r noted that the assessee, in the course of his business had to take part in various auctions and for which unsecured loans were needed. In the preceding year also, he noted, the assessee had huge balance of unsecured loans to the tune of Rs. 2.78 Crores as against total turnover of his business of Rs. 9.50 Crores. Whereas, in the impugned year he noted the total turnover of the business had increased to Rs. 21.62 Crores and the unsecured loans, accordingly, increased by 2.23 Crores. Finding, thus, the assessee to have submitted all documents evidencing the genuineness of the transactions of unsecured loan and also finding the purpose for taking loans to have been explained by the assesse, the Ld. CIT(A) deleted the addition made in the han....
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....nfirmation of the loan creditors, their return of income and also their bank statements. This fact has remained uncontroverted by the Ld. DR. The Ld.CIT(A) has also noted that the AO did not find anything adverse in the documents filed by the assessee and, therefore, deleted the addition made in the hands of the assessee. We see no reason to disagree with the Ld.CIT(A). In view of uncontroverted fact that the assessee filed all documentary evidences proving the identity, genuineness and also the creditworthiness of the cash creditors and the AO found no infirmity in the same, we agree with the Ld.CIT(A) that the assessee had sufficiently discharged its onus of proving the genuineness of the loan creditors. With nothing adverse found in the ....
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....cumentary evidences regarding housing loan re-payment and which, he noted, the AO ignored completely. He, therefore, directed the AO to delete the addition made u/s.24 of the Act of Rs. 2 Lakhs. 14. The order of the Ld. CIT(A) reveals the assessee to have submitted that she had taken loan from Reliance Home Finance Ltd. of Rs. 1.28 Crores and paid interest on the same. The said loan was stated to have been activated on 27.02.2017. The assessee had furnished the sanction letter of Reliance Home Finance Ltd. which contained the loan re-payment schedule therein, bifurcation of interest and capital re-payment. 15. The fact that the assessee had furnished documents evidencing the re-payment of loan alongwith the interest remained uncontrov....