2022 (9) TMI 1717

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....njay Pal, Addl. CIT ORDER Per Shri Rajesh Kumar, AM: This is an appeal preferred by the assessee against the order of the Commissioner of Income Tax(Appeals)-4, Kolkata [hereinafter referred to as 'Ld. CIT(A)'] dated 29.03.2021 for the assessment year 2014-15. 2. The issue raised in ground no. 1 is against the deletion of addition of Rs. 150,20,00,000/- by the Ld. CIT(A) as made by the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....llowed the appeal of the assessee on the legal issue of assessment being on non-existent entity thereby quashing the assessment order and also allowed the appeal of the assessee on merit by holding that the lender company Indian Cable Net Company Ltd. was having creditworthiness to advance money with whom the assessee ultimately amalgamated and therefore the transaction of loan entry gets squared ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....shed by the First Appellate Authority on the ground that the assessee has been amalgamated with the Indian Cable Net Company Ltd. pursuant to the scheme of amalgamation u/s 391 to 394 of the Companies Act, 1956 w.e.f 31.03.2014 as approved by the Hon'ble Calcutta High Court vide order dated 08.05.2014. We note that the assessee filed its return of income on 07.11.2014 which was processed u/s 143(1....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....amalgamated w.e.f. 31.03.2014 was having sufficient sources and there was no reason to doubt identity, creditworthiness of the lender and genuineness of the transaction. Similarly, the loan taken from Dreamline Manpower Solutions Pvt. Ltd. which has advanced Rs. 20,00,000/- is the holding company of the assessee company and was having sufficient creditworthiness, genuineness of the loan can not be....