2025 (3) TMI 2049

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....se arch in the case of M/s. Evergreen enterprises wherein the employees and Mr. Nilesh Bharani who is one of the partners of M/s Evergreen enterprises have admitted on oath u/s 132(4) of the Act to have been indulged in providing cash loans to various beneficiaries including Mr. ABBAS ISMAIL CONTRACTOR which clearly falls under the provisions of section 115 of the India Evidence Act and hence, the case is certainly hit by provision of section 115 of the Indian Evidence Act." 2. "Whether on the facts and in the circumstances of the case and in law, in consequence to the question of law, the Ld. CIT(A) was justified in not upholding the addition made by the AO amounting to Rs. 1,84,00,000/- u/s 69A on account of cash loan taken?" ....

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.... no explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered by him is not, in the opinion of the Income-tax Officer, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for such financial year." 4. The Ld. AR has argued that section 69A of the Act is not applicable to him for the following reasons :- a) The Department is making an allegation that the appellant took cash loans from Mr. Nilesh Bharani and others. If it is a loan, the same cannot be added under section 69A of the Act because it is explained source. b) If it is a cash loan, as alleged by t....