TaxTMI 
TaxTMI 
2026 (7) TMI 690
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....ter referred to as 'the Act') dated 26.03.2024 by the Assessing Officer, ACIT, Central-2, Faridabad (hereinafter referred to as 'ld. AO'). 2. The revenue has raised the following grounds of appeal before us:- "(i) Whether Ld. CITG) is right in deleting the addition of Rs. 1,72,50,000/- by holding that the said amount of unsecured loan received from his wife duly reflects in the balance sheet as on 31.03.2022 of the assessee under the head sundry creditor whereas no such amount is reflecting in the balance sheet as on 31.03.2022 of the assessee under the head sundry creditor? (ii) (ii) Whether on the facts and in the circumstances of the case, the order passed by Ld. CIT(A) is not perverse as it grossly overlooked the ba....
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....hospital groups. The Assessee was in receipt of professional fees from Metro Hospitals group and Umkal Healthcare Pvt Ltd, among other clients. Accordingly, the case of the Assessee, his wife Dr Sonia Lal Gupta, his father Dr Umesh Gupta and his mother Dr Kalpana Gupta were also centralized along with Metro group cases vide order under section 127 of the Act dated 1-2-2022. 4. It is not in dispute that the assessee had received Rs 1,72,50,000 as unsecured loan from his wife Dr Sonia Lal Gupta and utilized the same for purchase of property at Q-33, Greater Kailash -1, 1st Floor, New Delhi 110048. With regard to the loan received from Dr. Sonia Lal, wife of the Assessee, the Assessee furnished confirmation from Dr. Sonia Lal Gupta. The wif....
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....-3-2022 d) Confirmation of loan from Dr Sonia Lal Gupta (Wife) e) Confirmation of loan from Umkal Hospital Pvt Ltd f) Copy of Ledger Account in the books of Umkal Hospital Pvt Ltd g) Copy of HDFC Bank A/c No. 57810 of Dr Sameer Gupta h) Computation of taxable income of Dr Sameer Gupta i) Copy of acknowledgement of Booking amount with Yamuna Expressway Industrial Development Authority j) Copy of HDFC Bank A/c No. 54131 6. The relevant observations of the Learned CIT(A) with regard to deletion of addition of Rs 1,72,50,000 are reproduced hereunder:- "Regarding the sum of Rs. 1,72,50,000/- found credited Into HDFC-23707 bank account, the appellant has furnished a letter....
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....by the Learned CIT(A). In this regard, we find that the Assessee had filed both Statement of Affairs (for personal account) as on 31-3-2022 and Balance Sheet as on 31-3-2022 (for professional account). The Learned AO had referred only to the Balance Sheet as on 31-3- 2022. Since loan received from wife is a personal account transaction, the same is reflected in the Statement of Affairs as on 31-3-2022 and included in the figure of Rs 1,81,92,658.50 representing loan from friends & relatives enclosed in Page 38 of the Paper Book. Hence the contention of the Learned AO stands proved otherwise. Accordingly we hold that the Learned CIT(A) had rightly deleted the addition of Rs 172,50,000. The assessee has to prove the three ingredients of secti....