TaxTMI 
TaxTMI 
2025 (2) TMI 1740
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....impugned order was emanated from the order of the Ld. Assistant Commissioner of Income-tax, Central Circle 4, Thane[for brevity the "Ld. AO], order passed under section 143(3) of the Act, date of order 29/09/2021. 2. The assessee has taken the following grounds:- "1. BECAUSE, the CIT(A) has erred in law and on facts in confirming the unsecured loan from Bestway Consultants Pvt. Ltd. amounting to Rs. 1,00,00,000/- as accommodation entry ignoring the reply filed by the lender company alongwith ledger extract and bank statement filed by the lender company in response to notice dated 11.08.2023 u/s 133(6) of Act and statement of director of the lender company recorded on 27.02.2024 u/s 131 of the Act accepting the genuineness of the....
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....d as accommodation entry and the addition was confirmed. During the assessment and appeal proceedings, the assessee submitted all the relevant documents as evidence of transaction, identity of the party and creditworthiness. The documents are also annexed in the paper book which are filed before the Bench. The list of the documents is reproduced as below: - Sr. No. Exh Nature of Document Page No. 1. A (1) Return of Income 1 (2) Computation of Income 2-4 (3) Audited Balance Sheet as at 31.03.2018 5 (4) Audited Profit and Loss Account for the year ended 31.03.2018 6-14 (5) Audit Report for AY 20....
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....s disbursed to the assessee through banking channels. Regarding the statement of Shri Pravin Kumar Agarwal, the director refuted its contents, asserting that he had no knowledge of Shri Pravin Kumar Agarwal. Furthermore, the Ld. AR submitted that the loan was duly repaid in subsequent financial years. The relevant bank statements and confirmations of loan repayment are annexed in the APB on pages 76-79. The Ld. AR also relied on the decision of the co-ordinate bench of the ITAT, Mumbai-G Bench, in the case of JCIT (OSD)-CC 7(4) vs. M/s Shalimar Housing & Finance Ltd., ITA No. 4079/Mum/2019, pronounced on 1/06/2021. In this case, the Bench acknowledged the loan creditors and duly considered the loan repayment. The relevant portion from pa....
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.... the revenue authorities, but unable to bring any contrary judgment against the submission of the Ld.AR. 6. We heard the rival contention and considered the materials available on the record. We note that when the assessee has discharged its initial onus cast u/s 68 of the Act by submitting evidence, then additions u/s 68 cannot be made. It was submitted that the onus shifts from assessee to the Ld. AO. Here assessee has completely discharged its onus. Further remand proceeding was initiated, and the director of loan creditor was summoned to the notice U/s 131 of the Act. In the statement the said director accepted the transaction of loan paid to assessee. The statement of Shri Pradeep Kumar Agarwal was duly negated by the director of al....