TaxTMI 
TaxTMI 
2025 (12) TMI 280
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....e assessee has raised the following grounds of appeal: "1. The reopening of the assessment and the assessment so completed are illegal, invalid and deserves to be quashed as per law and in the interest of justice. 2. The Ld. CIT(A) has erred both in law and in facts of the case in not allowing sufficient opportunity to the appellant to represent its case before himself to adjudicate on all ground of appeal. 3. On facts and circumstances of the case, the authorities below have erred in upholding the reassessment proceedings ignoring the fact that impugned assessment is invalid and without jurisdiction as the said assessment is completed without complying with legal requirements of the provisions of section 147/148 ....
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.... that addition made by the Ld. Assessing Officer may kindly be deleted. 8. The CIT Appeal Faceless has erred in law and on facts in upholding addition of Rs. 50,00,000/- u/s. 68 and holding that assessee failed to discharge onus to prove cash credit in as much as that the full details explaining cash credit have been furnished but not considered and the assessee has discharged the onus cast on it. 9. On the facts and circumstances of the case and in law, the AO grossly erred in making and the CIT(A) grossly erred in confirming the addition of treating the Unsecured Loan taken from Listed NBFC as unexplained and making the addition under section 68 of the Act. As lender is a NBFC engaged in lending business controlled and R....
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....s of information received from JCIT (Central) regarding bogus loan entry taken by the assessee company from M/s. Aneri Fincap Ltd. Earlier, a search u/s. 132 was carried out in the case of One World group on 06.11.2019 during which it was discovered that the group entities had taken bogus entries of sales and purchases from the entities controlled and managed by one Shri Rajesh G. Mehta, which include M/s. Aneri Fincap Ltd. Since the assessee was found to be a beneficiary of the accommodation entry of Rs. 50,00,000/- from M/s. Aneri Fincap Ltd., a notice u/s. 148 was issued on 22.07.2022, after following the prescribed procedure. The assessee filed a return in response to this notice, declaring total income of Rs. 20,72,470/-, same as in....
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....of the entities controlled and managed by him, and M/s. Aneri Fincap Ltd. is one of the entities controlled and managed by him. It is pertinent to mention here that no such business loan from Aneri Fincap limited (PAN: AAACF4897R) was declared before the AO by the appellant. The appellant has not submitted anything regarding why in the Form-3CA-3CD for A.Y. 2017-18, no such loan from Aneri Fincap limited (PAN: AAACF4897R) has been declared. Appellant has been silent on this issue. Further just because the company is registered with ROC, having active status, filing return of income, having PANs do not establish their credit worthiness. The source of transaction is non genuine though the funds have moved through banking channel. The appellan....
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....ed in the audited accounts of the assessee. As such, even during the course of original assessment proceedings, it remained undetected and unverified. Subsequently, on receipt of information after the search action on the lender company, the impugned transaction came to the notice of the ld. AO. After giving due opportunity to the assessee, ld. AO held that no explanation regarding non-disclosure of the loan in the audited balance sheet has been furnished. This fact, coupled with the finding of the department that the lender is a paper entity, led the ld. AO to treat the same as an accommodation entry on the ground that the transaction is not genuine. It is seen that the while the identity of the lender is established, it creditworthiness a....