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TMI Blog2014 (8) TMI 564X X X X Extracts X X X X X X X X Extracts X X X X ..... had placed all the bank accounts of the lender and the confirmatory certificates in respect of borrowings made by the lender Company - CIT (A) held that identity of the lender, its creditworthiness and the genuineness of the transaction had been established - assessee was rerouting its own funds was based on surmise - The CIT (A) had the benefit of considering the balance sheet of the lender as we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... account of unsecured loans obtained from Companies which had neither the credit worthiness and nor genuineness of transaction could be proved by them. B. Whether the ITAT erred in law in interpreting the language of section 68 which uses the phrase Where any sum found credited in the books and assessee offers no explanation or unsatisfactory explanation then the sum so credited may be charged ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee. The assessee had taken that loan from a Company by the name Anushria Developers Private Limited. The lender had in turn obtained unsecured loans from three other Companies which were as follows. Arushi Estates Private Ltd. ₹ 8,00,000 Arushi Properties Private Ltd. ₹ 51,00,000 IHDP Home I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee was rerouting its own funds was based on surmise. The CIT (A) had the benefit of considering the balance sheet of the lender as well as confirmatory certificates in respect of the advances which the lender in turn had received. There was no material to establish that the assessee was engaged in a transaction for routing its own funds. The view which has been taken by the Tribunal is a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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