TaxTMI 
TaxTMI 
2026 (3) TMI 1098
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....Act. 2. The brief facts of the case are that the assessee had filed return of income for the A.Y. 2020-21 on 23.02.2021 declaring total income of Rs. 1,18,610/-. The case of assessee was selected for complete scrutiny under CASS. In the course of assessment, additions were made on account of unexplained unsecured loan and unexplained expenditure and the assessment was completed u/s 143(3) r.w.s 144B of the Act, on 21.09.2022 at total income of Rs. 9,45,52,979/-. 3. Aggrieved with the order of the AO the assessee had filed an appeal before the first appellate authority, which was decided by the Ld. CIT(A) vide the impugned order and the appeal of the assessee was allowed. 4. Now the Revenue is in appeal before us. The following grou....
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....d remanded the matter to the AO with a direction to verify the contention of the assessee that the unsecured loans were only on account of opening balance and that no new loan was taken during the year. The Ld. CIT-DR explained that the AO had verified this fact and informed the Ld. CIT(A) in his remand report that new loans taken during the year were to the extent of Rs. 3,63,73,694/- and the balance amount represented opening balances. However, Ld. CIT(A) had deleted the entire addition of Rs. 9,06,53,423/-. The Ld. CIT-DR submitted that the assessee did not establish the genuineness and credit worthiness of the new loans of Rs. 3,63,73,694/- taken during the year and, therefore, addition to this extent was required to be sustained. 6.....
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....assessment year. You are directed to verify these claim by conducting necessary inquiry and submit remand report... 8. The AO had accordingly verified the contention of the assessee and sent a remand report to the Ld. CIT(A) with the finding that loan of Rs. 3,63,73,694/- was fresh loan taken during the year from 12 persons and the balance amount represented opening balances. The Ld. CIT(A) after considering the remand report of the AO had deleted the entire addition of Rs. 9,06,53,423/-. The finding of the Ld. CIT(A) is found to be as under: 6. I have perused the assessment order, written submission filed by the appellant and the remand reports submitted by the AO. In the assessment order, the AO added entire unsecured loans of....
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.... not found correct. The AO had merely reported that the assessee had filed confirmation of 12 lenders from whom fresh loan of Rs. 3,63,73,694/- was taken during the year and that the copy of ITR of 6 lenders was also filed. Apart from this fact no further submission was made by the AO in his remand report on the credit-worthiness of the lenders and the genuineness of the transactions. From the direction as given by the Ld. CIT(A) to the AO while forwarding the additional evidences, as reproduced earlier, it is evident that the AO was only directed to verify the opening balances and no specific direction was given to examine to creditworthiness and genuineness of the fresh loans taken during the year. Under the circumstances the AO could not....