2024 (6) TMI 1603

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....(hereinafter referred to as 'the Act') relating to the Assessment Years 2011-12 & 2012-13. 1. First we take IT(SS)A No. 57/Ahd/2019 for AY 2011-2012, an appeal by the Revenue. The Revenue has raised the following grounds of appeal: 1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in admitting the additional evidence submitted by the assessee even though numerous and sufficient opportunity was provided to the assessee during the assessment proceedings and the conditions of Rule 46A are not satisfied. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in law and on facts in deleting the addition of Rs. 1,50,00,000/- u/s.68 of the Act from New ....

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....ssessee has provided financial statement. Copy of ledger of Newwave Commercial Private Limited, confirmation on the letterhead of Newwave Commercial Private Limited, Bank statement, PAN of the Newwave Commercial Private Limited, Form No. 16A and TDS challan. acknowledgment of filling income tax return, Confirmation of the assessee's letter and its status from the MCA portal. I have carefully perused the remand report and rejoinder filed by the appellant. The lender company viz. Newwave Commercial Private Limited has total share capital and reserves of Rs 43,01,00,200 which proves the creditworthiness of the lender. Moreover, the assessee has furnished Copy of ledger of Newwave Commercial Private Limited, confirmation on the letterhead o....

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....ng an "Active" status as per the status available on MCA Portal. From the copy of the company master data, it can be seen that the detail of the Directors/Signatory was updated on 02.01.2018. And therefore, it can be inferred that the company is an active one. On perusal of all the documents filed by the assessee the assessee has proved beyond the doubt about the creditworthiness and genuineness of the transaction and therefore the addition of Rs. 1,50,00,000 is deleted. As regards the unsecured loan from M/s. Meet Enterprise, the assessee furnished Copy of ledger of M/s Meet Enterprise, Form No. 16A and TDS challan PAN of Mis. Meet Enterprise and Bank Statement. These documents also prove the genuineness and creditworthiness of the transac....