TaxTMI 
TaxTMI 
2026 (8) TMI 1567
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....ation of Rs. 8,00,00,000/-. During the financial year 2021-22 relevant to the Assessment Year 2022-23, Shri Vinodkumar Arora paid an additional sum of Rs. 2,90,00,000/- in connection with the aforesaid transaction, which was reflected in the books of account of the assessee as an unsecured loan. During the said financial year, the assessee repaid a sum of Rs. 45,00,000/- to Shri Vinodkumar Arora and, consequently, the net amount standing to his credit in the books of account of the assessee as on 31.03.2022 was Rs. 2,45,00,000/-. 3. The Assessing Officer treated the aforesaid sum of Rs. 2,45,00,000/- as an unexplained credit under section 68 of the Act. The assessee had furnished various documents in support of the transaction, including a copy of the agreement for sale, bank statements evidencing the amounts received through banking channels, the ledger account of Shri Vinodkumar Arora in the books of account of the assessee, and the address and PAN details of the said person. 4. Notwithstanding the aforesaid details furnished by the assessee, the Assessing Officer proceeded to make the addition under section 68 primarily on the ground that the total income returned by Shri ....
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....tails of the payments aggregating to Rs. 8,00,00,000/-. He further referred to the evidence showing deposit of the entire sale consideration in the RERA account maintained with Axis Bank, the relevant bank account reflecting the transaction of Rs. 2,90,00,000/- on 06.12.2021, and the ledger account of Shri Vinodkumar Arora in the books of account of the assessee, which recorded the receipt of Rs. 2,90,00,000/-, repayment of Rs. 45,00,000/- and the resultant closing balance of Rs. 2,45,00,000/-. 7. The ld. AR further submitted that no effective opportunity was granted to the assessee in respect of the issue relating to the alleged insufficiency of the source of income of the creditor to advance the amount in question. In this regard, the ld. AR referred to the Standard Operating Procedure relating to faceless assessment under section 144B of the Act issued by the National Faceless Assessment Centre (NFAC), Delhi, dated 03.08.2022, particularly the portion under the heading "N. Process of assessment" appearing at pages 9 and 10 thereof, according to which the show-cause notice was required to contain specific information and material proposed to be used against the assessee. It wa....
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....idence. Accordingly, the ground raised by the assessee in that case was allowed. 10. The ld. AR further relied upon the decision of the Coordinate Bench, New Delhi, in the case of M/s. Dreamtech Constructions Pvt. Ltd., in ITA Nos. 90 & 91/Del/2021, dated 16.02.2024. In that case, the Assessing Officer had not issued notice under section 133(6) to the concerned parties, whereas the assessee had furnished relevant material before the ld. CIT(A), who called for a remand report from the Assessing Officer. Even during the remand proceedings, the Assessing Officer failed to conduct any enquiry to establish that the share applications were neither genuine nor bona fide. The Assessing Officer had also not issued summons under section 131 to the directors or called upon the assessee to produce the parties. The Tribunal observed, as relied upon by the ld. AR, that once the assessee had discharged the onus of establishing the genuineness of the transactions, it was for the Revenue to dispute the assessee's submissions by bringing tangible evidence on record after conducting due enquiries. Since the Revenue had failed to bring any concrete material on record to establish that the share....
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....fic request made by the assessee to the Assessing Officer to issue summons under section 131 or notice under section 133(6) to the creditor for the purpose of enquiring into the transaction, no steps were taken by the Assessing Officer in that direction. 12. In this context, the observation of the ld. CIT(A) that the assessee could not direct the Assessing Officer to conduct an enquiry also, in our considered view, does not advance the case of the Revenue. The request made by the assessee was not to dictate the manner in which the assessment was to be conducted, but to seek further verification of the transaction by exercising the statutory powers available to the Assessing Officer under sections 131 and 133(6) of the Act. Such enquiry was specifically sought by the assessee in the circumstances where the Assessing Officer had entertained doubts regarding the creditworthiness of the creditor. Once the assessee had placed before the Assessing Officer the agreement for sale, the relevant bank statements, the ledger account, and the PAN and address particulars of the creditor, and had further requested the Assessing Officer to undertake independent verification of the transaction, ....