AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2024 (12) TMI 1745
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....ions made by AO u/s 68 of the Act. In this regard Ld.AR reiterated the same arguments as were raised by him before the revenue authorities and also relied upon paper book containing loan confirmation document, bank statement and submissions made before the AO for seeking permission for cross examination and also relied upon the following decisions: 1. H R Mehta Vs. ACIT (2016) 387 ITR 561 (Bombay HC). 2. PCIT Vs. M/s. Skylark Build (ITA No. 616 of 2016) Bombay HC. 3. CIT Vs. Ambe Tradingcorp (P) Ltd (2023) 209 taxman 471 (Gujarat HC). 4. CIT Vs. Kapoor Chand Mangesh Chand (2013) 218 taxman 157. 5. M/s Savita mercantile Pvt Ltd Vs. ITO (ITA No. 168/M/2023). 3. Whereas on the contrary the Ld. DR....
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....here is no nexus between M/s. Firstline Multi Trade Pvt Ltd with Mr. Praveen Kumar Jain and had also sought permission to cross examine the said Mr. Praveen Kumar Jain vide its letter dated 14.12.2018 which is at paper book page No. 10 & 11. Moreover it has been time and again held by Higher Judicial Authorities that no addition can be made in the hands of assessee if the loan was taken and repaid through proper banking channel and in this regard supporting documents have been placed on record and proved by the assessee, for this proposition I draw reliance on the following judgments: 1. H R Mehta Vs. ACIT (2016) 387 ITR 561 (Bombay HC) 17. In our view in the light of the fact that the monies were advanced apparently by th....
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....und credited in the books of account maintained by the assessee may be taken into consideration, according to Mr. Mohanty, but that was not enough. Even the money being paid by cheques is of no consequence according to Mr. Mohanty. It may be so, but when these principles are invoked, their application would depend upon the facts and circumstances in each case. There, the Hon'ble Supreme Court endorsed the findings and dismissed the Revenue's Appeal. While relying upon paragraph 26 of this judgment in P. Mohanakala (supra) what Mr. Mohanty submits is that in that paragraph the Hon'ble Supreme Court was referring to its prior decisions. The reliance thereon was to the extent of the Revenue's submissions and to give support to ....
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.... 4. CIT Vs. Kapoor Chand Mangesh Chand (2013) 218 taxman 157. Where there was sufficient funds in lenders account and loan was taken and repaid through cheque, there was no unexplained cash credit. 5. On the contrary, the Ld. DR relied upon the decision in the case of JK Global (Supra ) & Praveen Kumar Jian & Pankaj Jain (Supra). 6. After having gone through the decisions placed on record by Ld. DR, I found that same are not applicable in the facts and circumstances of the present case, more particularly when the decision of the Coordinate Bench of ITAT in the case of M/s Savita Mercantiles Pvt Ltd (supra) P.B page No. 31 has clearly distinguished the decision referred by Ld. DR and the operative portion of the decision....
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....s. The AO nowhere bring any evidence to controvert the claim of the assessee. The AO nowhere issued the summon u/s 131 of the Act to the investor companies. The AO did not discharge his obligation to disprove the evidences adduced by assessee. The CIT(A) has relied upon the number of decisions mentioned in the appellate order while allowing the appeal of the assessee. Taking into account of all the facts and circumstances, we are of the view that the CIT(A) has decided the issue judiciously and correctly which is not liable to be interfered with at this appellate stage. 7. After having gone through the facts of the present case as well as legal proposition as discussed by me above, I found that money in the present case was advanced in t....