2025 (12) TMI 1228

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....40 lacs as made by the ld. AO in respect of bogus unsecured loan as unexplained cash credit. 2.1. The facts in brief are that the assessee filed the return of income on 24.09.2022, declaring total income of Rs.5,61,390/-. The return was selected for scrutiny and accordingly notice u/s 143(2) and 142(1) of the Act along with questionnaire were issued and duly served upon the assessee. The ld. AO during the course of assessment proceedings observed on the basis of evidences filed by the assessee that Rs.46.00 lacs were borrowed from two parties namely; Mainland finance Pvt. Ltd. of Rs.27.00 lacs and M/s Jajodia finance Ltd. of Rs.19.00 lacs. The assessment was framed u/s 143(3) of the Act vide order dated 22.03.2024, assessing the income a....

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....se of assessment proceedings, we note that the assessee furnished before the ld. AO all the evidences/documents qua the loan creditors. The ld. CIT (A) discussed the issue at length in the appellate order while deleting the addition as made by the ld. AO. We note that the AO framed the assessment dated 22.03.2024 by adding Rs.46.00 las as non-genuine loans u/s 68 of the Act. Thereafter, the assessee challenged the order before the Hon'ble Kolkata High Court and Hon'ble Kolkata High Court has remanded the matter back to the file of the ld. AO to pass a fresh order. The ld. AO accordingly issued the assessee necessary notices and thereafter again made the addition of Rs.46.00 lacs in the assessment framed u/s 143(3) / 260 of the Act v....

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....e of assessee is squarely covered by the decisions of the Hon'ble Calcutta High court in number of cases namely PCIT-2, Kolkata Vs. Rahul Premier India Agency Private Limited in ITAT/133/2025, IA No.GA/2/2025 vide order dated 05.08.2025, PCIT Vs. M/s Narayan Tradecom Pvt. ltd. in ITAT/76/2025, IA No. GA/1/2025 dated 10.06.2025, PCIT Vs. Alom Extrusions Ltd. ITAT/268/2024, IA no. GA/1/2024, GA/2/2024 dated 17.12.2024, PCIT Vs. M/s Edmond Finvest Pvt. ltd., in ITAT/28/2024, GA/2/2024 dated 26.02.2024, PCIT Vs. Parwati Lakh Udyong, ITAT/2/2024, IA No.GA/1/2024 dated 19.02.2024. In all the above decisions the Hon'ble court has held that where the assessee has filed all the evidences qua the loan creditors before the ld. AO and loans are als....

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....carried out the independent inquiries u/s. 133(6) of the I.T. Act and in compliance thereto both the companies have submitted the requisite information." 3.3 The information supplied by assessee was duly noticed by appellate authority and facts in that regard were recorded also to arrive at a finding that the unsecured loans to the aforesaid parties have been paid by account payee cheques from the bank account of the assessee which was not in dispute, muchless in doubt. The accounts were finally settled with the repayment of the loan to the lender companies. 3.4 When the revenue preferred appeal before the Appellate Tribunal, the Tribunal confirmed the findings recorded by the Appellate Authority. The Tribunal referred to ....