2025 (3) TMI 1993

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..... CIT DR ORDER PER PRADIP KUMAR CHOUBEY, JM: This is an appeal preferred by the revenue against the order of the Ld. Commissioner of Income Tax (Appeals)-27, Kolkata (hereinafter referred to as the "Ld. CIT(A)"] dated 13.08.2024 for the AY 2017-18. 2. Brief facts of the case of the assessee are that the assessee filed its return of income for AY 2017-18 declaring total income of Rs. 9,....

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....d directed the AO to delete the addition of Rs. 8,00,070./-. Being aggrieved and dissatisfied the revenue has preferred an appeal before us. 4. The ld. D.R challenges the impugned thereby submitting that the Ld. CIT(A) has erred in deleting the disallowed bogus unsecured loan amounting to Rs. 8,00,070/- taken from a shell company namely M/s Gopalpriya Commercial Pvt. Ltd. had used the syndic....

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.... there is no illegality in the impugned order. 6. Upon hearing the submission of the counsel of the respective parties, we have perused the record of the assessee as well as the order passed by the Ld. CIT(A). As per the assessment order, the assessee has used the syndicate of paper /shell companies of Banka Group. The AO has held that the assessee has failed to prove the identity, creditworthi....

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....e said loan of Rs. 4,00,000/- was wrongly taken twice for assessment purpose. It is evident from the submission of the assessee, that the assessee had only received Rs. 4,00,000/-from M/s GPCPL on 26.07.2016 through banking channel and due to certain discord happened between the assessee and the lending party, the same was returned immediately to M/s GPCPL on 03.08.2016 within 8 days only. In supp....