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TMI Blog2019 (2) TMI 361X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 269SS. Except for stating that there was business exigency and the loan taken was for business purpose, no cogent evidence has been produced. CIT(A) has given a finding that there was no business transaction between the lender and the assessee. Hence, receiving the cash advance purportedly for business purpose is not proved. Accordingly, we do not find any infirmity in the order of the ld. CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 9,75,000/-. 3. Brief facts of the case are that the assessee firm is engaged in the business of manufacturing of accessories of tube light fittings and other electrical components. During the course of assessment proceedings, source of cash deposited in the bank account was examined and it was found that the assessee has taken unsecured cash loan of ₹ 9,75,000/- from M/s. P.K. Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m is in appeal before this office. 5. Upon the assessee s appeal, the ld. CIT(A) noted the submissions of the assessee that the amount was taken due to business exigency. The submissions before the ld. CIT(A) were as under: 4. During the present appellate proceedings, the AR of the appellant firm appeared and filed written submission along with copies of case laws relied upon and copy of acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... judicial pronouncements. 6. However, the ld. CIT(A) was not convinced. He observed that the assessee has completely failed to prove any business exigency for accepting the cash loan. He further observed that the assessee has failed to prove that the aforesaid cash advance was for business purposes, as there was no business transaction of any kind between the lender and the assessee. Hence, he c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... able cause for the assessee to accept loan over ₹ 20,000/- in cash in clear contravention of section 269SS. Except for stating that there was business exigency and the loan taken was for business purpose, no cogent evidence has been produced. The ld. CIT(A) has given a finding that there was no business transaction between the lender and the assessee. Hence, receiving the cash advance purpor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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