2025 (2) TMI 1453

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....submits that the assessee has taken unsecured loans from various parties. During the course of assessment proceedings, the assessee could not substantiate creditworthiness and genuineness of loans in respect of following two parties: Name Loan Amount Bhushan Power & Steel Ltd. 2,10,00,000/- Flash Broadcasting TV Pvt. Ltd. 3,24,00,000/- Hence, the Assessing Officer (AO) made addition of unproved unsecured loans u/s. 68 of the Income Tax Act, 1961(hereinafter referred to as 'the Act'). The CIT(A) deleted unsecured loan from Bhushan Power & Steel Ltd. holding that since the assessee has repaid loan during relevant period, therefore, no addition could be made u/s. 68 of the Act. The addition of Rs. 3,24,00,000/- in respect ....

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....nnel and had furnished various documents to prove genuineness of loan transaction and the creditworthiness of lender, the CIT(A) deleted the addition. 3.1. In respect of ad-hoc disallowance made by AO on account of conveyance, traveling expenses and sale expenditure, the ld. Counsel for the assessee submitted that the AO without pointing any defect in the books of assessee made ad-hoc disallowance without any valid reason. 4. Both sides heard, orders of the authorities below examined. The Revenue in appeal has raised three grounds assailing deleting of addition made u/s. 68 of the Act on account undisclosed income and challenging findings of the CIT(A) in deleting ad-hoc disallowance of Rs. 7,83,749/- in respect of conveyance, travel ....