TaxTMI 
TaxTMI 
2025 (3) TMI 1674
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....ls), Kanpur-4 [CIT(A)] dated 03- 01-2024 in the matter of an assessment framed by Ld. AO u/s 143(3) r.w.s. 153A of the Act on 31-12-2019. The sole grievance of the revenue is deletion of additions of Rs. 360 Lacs and Rs. 115 Lacs as made by Ld. AO invoking the provisions of Sec.68. Having heard vehement arguments of both the sides, the appeal is disposed-off as under. Assessment Proceedings 2.1 During assessment proceedings, pursuant to search action in the case of BNR group on 26-09-2017, notice u/s 153A was issued to the assessee. It transpired that the assessee raised unsecured loan of Rs. 360 Lacs from an entity by the name M/s Sun Moon Vision Infra- Developers Pvt. Ltd. (SVIPL). Accordingly, the assessee was required to satisfy t....
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....e assessee had filed various documents with respect to SVIPL to establish the primary ingredients of Sec.68. These documents were - (a) Confirmation duly signed by the Director of lender entity for AY 2017-18 confirming the Loan transaction; (b) Acknowledgement of Income Tax Return of that entity for AY 2017-18; (c) Copy of Bank Statement of lender for AY 2017-18 confirming transfer of impugned amounts to the assessee on various dates; (iv)Audited Balance Sheet for the year ended 31.03.2017 of SVIPL. 3.3 The Ld. CIT(A), in para 7.22, observed that this entity was a body corporate and it was marked as an 'active company' on MCA portal. This entity was regularly assessed to Income Tax as well as registered with GST authorities. No efforts ....
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....s. 360 Lacs. 3.4 With respect to loan as obtained from M/s Maa Bhagwati Enterprises, the assessee's submissions were subjected to remand proceedings. The Ld. CIT(A) noted that this entity preferred settlement before Hon'ble Interim Board of Settlement-VII, Chennai (IBS) u/s 245D(4) of the Act and an order was passed therein on 26/27-09-2023 wherein Hon'ble IBS considered the genuineness of existence of that entity and accepted that this entity was doing trading of edible oils for which purchases were made from M/s BN Agritech Ltd. and M/s BN Enterprises. The funds so received by the assessee were originated from M/s BN Agritech Pvt. Ltd. Therefore, in terms of order of Hon'ble IBS, the impugned addition was deleted against which the reve....
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....ion of Ld. CIT(A) so far as the addition with respect to SVIPL is concerned. 5. We find that the adjudication of loan as obtained from M/s Maa Bhagwati Enterprises is based on the order of Hon'ble IBS wherein it has been accepted that this entity was engaged in trading of edible oils for which purchases were made from M/s BN Agritech Ltd. and M/s BN Enterprises. The funds so received by the assessee were originated from M/s BN Agritech Pvt. Ltd. Therefore, as rightly held, the same could not be added in the hands of the assessee u/s 68. The adjudication of Ld. CIT(A) could not be faulted with. The corresponding ground as well as the revenue's appeal stand dismissed. Assessment Year 2018-19 6. In AY 2018-19, Ld. AO made addition of ....
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.... the assessee had duly discharge the primary burden of Sec.68. The loans to the assessee were preceded by credits through banking channels. Therefore, this addition was also deleted against which the revenue is in further appeal before us. 9. We find that Ld. CIT(A) has rendered pertinent factual findings in its order with respect to M/s Gryfon Commodities. These findings remain uncontroverted before us. We find that with respect to this lender, the assessee had furnished sufficient documentary evidences to satisfy the primary ingredients of Sec.68. In our considered opinion, by furnishing these documents, the primary onus of the assessee stood discharged and it was the onus of Ld. AO to controvert the same. However, except for mere alle....