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TMI Blog2012 (8) TMI 800X X X X Extracts X X X X X X X X Extracts X X X X ..... d and records perused. During the course of scrutiny assessment, the Assessing Officer made an addition of Rs. 45 lakhs u/s 68 by observing that assessee has taken unsecured loan, but could not prove three vital aspects of loan transactions i.e. identity, genuineness of transaction and creditworthiness of lenders. 4. By the impugned order, the ld. CIT(A) deleted the addition after having the following observations :- "6. I have gone through the assessment order and the submissions offered by the appellant. During the relevant assessment year Rs.45,00,000/- has been transferred from share capital account to the loan account by way of journal entry by the appellant as per copy of the ledger account filed. There is no credit during the year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve before me contended that had there been any doubt regarding the above details filed, the Assessing Officer could have verified then by calling for further details and evidences which was not done by the AO. The AO proceeded to make the impugned addition without calling for further details or providing any opportunity in this regard. During the appellant proceedings, the appellant was asked to submit complete details regard of unsecured loans and share application money received alongwith copy of his bank statement, confirmation of parties and minutes of the board meeting which was duly complied with by the Ld. AR . In addition, the confirmation of the parties along with PAN No. have also been filed alongwith copy of share application mon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uestion is the undisclosed income of the appellant u/s 68. Thus, the addition made of Rs. 45,00,000/- cannot be sustained and the same is deleted." 5. Against the above order of CIT(A), the Revenue is in appeal before us. We have considered the rival submissions and have gone through the orders of the authorities below and found from record that no new unsecured loan has been taken by the assessee during the year under consideration as alleged by the Assessing Officer rather it was the balance of the share application money which has been transferred to the head "unsecured loan" by passing necessary journal entries during the year. The share application money was received by assessee in the preceding assessment year 2006-07. We found that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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