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TMI Blog2014 (6) TMI 506X X X X Extracts X X X X X X X X Extracts X X X X ..... e sum of Rs.9,00,000/- was deposited by Mr. Khan in his bank account which sum was withdrawn by him from the bank a few days earlier for procurement of some material - CIT(A) has examined in detail the facts of the case relating to each and every creditor - He has meticulously examined the source from where the creditor advanced the money to the assessee and had allowed the relief to the assessee only when he was fully satisfied about the creditworthiness of the creditor and exact source from where creditor advanced the money – there was no infirmity in the order of CIT(A) – Decided against Revenue. Deemed dividend u/s 2(22)(e) of the Act – Held that:- CIT(A) has recorded the finding that SBPL has not given any loan or advance to the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.15,27,929/- received from M/s Sachdeva Buildcon Pvt. Ltd. (hereinafter referred to as SBPL ) under the head income from other sources . The Assessing Officer asked the assessee to justify the deduction of the sum of Rs.15,27,929/- on account of interest paid to banks. It was claimed by the assessee that he has paid the interest to ICICI Bank and ABN Amro Bank. The money borrowed from these two banks has been utilized for giving loans to SBPL. The Assessing Officer was not satisfied with the claim of the assesse because the assessee has not furnished any evidence in support of his contention that the money borrowed from the banks has been utilized for giving loan to SBPL. On appeal, learned CIT(A) examined the details furnished by the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see on such borrowed money is to be allowed. In view of the above, we set aside the orders of authorities below on this point and restore the matter to the file of the Assessing Officer. We direct the Assessing Officer to verify the utilization of the borrowed money from ICICI Bank as well as ABN Amro Bank and to the extent the borrowed money has been utilized for giving advance to SBPL, the Assessing Officer will allow the deduction for interest paid to ICICI Bank/ABN Amro Bank. Needless to mention that the Assessing Officer will allow adequate opportunity of being heard to the assessee. 5. Ground No.2 of the Revenue s appeal reads as under:- On the facts and circumstances of the case, the ld.CIT(A)has erred in deleting the addition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8. Thus, learned CIT(A) has allowed the relief of Rs.33,20,000/- only but the Revenue, by mistake, has mentioned the sum of Rs.34,00,000/-in the grounds of appeal having been deleted by the learned CIT(A). 9. We have heard the arguments of both the sides and perused relevant material placed before us. We find that learned CIT(A) has considered the case of each and every creditor in detail which would be evident from his finding from pages 30 to 35 and thereafter, having been satisfied about the source of the amount advanced by the creditor, he deleted the addition. In the case of Chaman Lal, he has recorded the finding that the name of Chaman Lal was mentioned by mistake in the first list of unsecured loan due to ty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs.9,00,000/- was deposited by Mr. Khan in his bank account which sum was withdrawn by him from the bank a few days earlier for procurement of some material. Mr. Yakub Khan is a contractor. He had advanced the sum ofRs.9,00,000/- to the assessee which was re deposited by him in his bank account. After considering the facts of the case, perusal of the order of learned CIT(A) and the arguments of both the sides, we find that the learned CIT(A) has examined in detail the facts of the case relating to each and every creditor. He has meticulously examined the source from where the creditor advanced the money to the assessee and had allowed the relief to the assessee only when he was fully satisfied about the creditworthiness of the creditor a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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