2026 (2) TMI 1175

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....to as the "Act"), dated 16.12.2017 for Assessment Year 2011-12. 2. Grounds taken by the assessee are reproduced as under: 1. The Ld. CIT(A) has erred in law and in facts in confirming the order of the Ld. AO passed u/s 143(3) r.w.s. 147 of the Act which is invalid and bad in the eyes of law. 2. The Ld. CIT(A) has erred in law and in fact in confirming the reopening of assessment u/s 147 of the Act which is invalid and bad in the eyes of law. 3. The Ld. CIT(A) has erred in law and in facts in confirming the disallowance of interest expenditure of Rs. 3,00,000/-. 3. Brief facts of the case are that assessee filed its return of income on 30.09.2011 reporting total income at Nil. On the basis of findings during ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... to the assessee and are from their regular source. Assessee had also filed confirmations from the other parties. The documentary evidences placed by the assessee in the course of assessment proceedings included the following: i. Income Tax Return Acknowledgement of the parties, ii. Confirmation from parties iii. Affidavit of the parties iv. Relevant extract of bank statement of the parties v. Relevant extract of bank statement of the assessee vi. Ledger account of the said party in the books of the appellant for various years showing loans taken in earlier years and repaid in subsequent years 4.1. For the onus casted on the assessee u/s. 68 to establish identity and credit worthiness....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he transaction carried out by the appellant are genuine and no contrary fact have been placed on record by the Assessing Officer in his assessment order to prove otherwise. 27. Thus, it is submitted that the appellant had proved identity and capacity of the parties and genuineness of the transaction and therefore the appellant had fulfilled it's burden of explaining the loan transaction as genuine transaction." 4.2. Assessee further submitted that the loans taken by the assessee from the six parties are old loans taken much prior to the period under consideration and the conduct of search. These loans on which interest has been paid do not pertain to the year under consideration. The year in which these loans were taken are ....