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TMI Blog2019 (6) TMI 1285X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s 68 of the Income Tax Act, 1961 by treating the genuine loan taken from M/s. Awesome Packing Pvt. Ltd & Parekh Estate & Properties Pvt. Ltd as alleged unexplained cash credit on the basis of information received from the office of Additional Directors of Income Tax (Inv.) Unit -4, Mumbai, without considering the facts and circumstances of the case. The Appellant prays that the said addition is unjustified and may please be deleted. 3. Grounds of appeal for A.Y. 2011-12 :- "On the facts and in the circumstances of the case and in law, the teamed CIT (A) grossly erred in upholding the addition of Rs. 35,00,OOO/- u/s 6& of the Income Tax Act, 1961 by treating the genuine loan taken from H/s, Michigan Traders Pvt. Ltd as alleged unexplain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e return of income. The assessee e-filed its return of income for A.Y.2009-10 on 27.09.2009 declaring total loss for the year at Rs.Nil. As per the information received from the Investigation Wing, assessee had claimed to have received unsecured loans worth Rs. 25,00,000/- from M/s. Awesome Packaging Pvt. Ltd. and Rs. 10,00,000/- from M/s. Parekh Estate & Properties Pvt. Ltd. The AO issued notices u/s. 133(6) to verify the genuineness of the loans. However, the notices sent to the addresses of the parties provided by the assessee were returned unserved. Thereafter, the AO brought this fact to the notice of the learned authorized representative of the assessee that the notices were returned unserved from the addresses of the parties provided ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... addresses the assessee itself has provided were returned unserved and this does not sufficiently prove the genuineness, creditworthiness and the identity of the parties concerned. She further observed that though the assessee has provided the confirmation, the facts remained that the Director of M/s.Nina Concrete Systems Pvt Ltd., Mr. Mehul Kirit Parikh had admitted to and given statement under oath on 29.09.2014 that one of his group companies, M/s.Vijay Project Consultants and Land Developers Ltd. i.e. the assessee company had received unsecured loans from bogus parties of Rs. 35,00,000/- in the financial year relevant to A.Y.2009-10. In view of the above, the AO made addition of Rs. 35,00,000/- u/s.68 of the Act. 5. Upon assessee's ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... factory response was given by the Ld. AR of the appellant to the AO. It is further seen from the documents submitted that the so-called loan confirmation submitted from M/s.Awesome Packaging Pvt. Ltd. is a photocopy of a computer-generated document. It is further seen from the copy of the balance-sheet enclosed of the said lender, that the Schedule 6 of the balance-sheet is in respect of loans and advances wherein the total loans and advances are only at Rs. 14,50,000/-. It id this party in respect of whom, assessee contends to have received loan of Rs. 25,00,000/-. It is not understood when the total loans and advances as per Schedule 6 of the lender's balance-sheet is only to the tune of Rs. 14,50,000/-, then how a loan could be consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d authorized representative of the appellant. In this factual backdrop as has been mentioned hereinabove, the contentions raised by the appellant in their submission regarding the three cardinal aspects of identity, creditworthiness and genuinenity of the questioned transaction lose their relevance. The very fact that the notices u/s. 133(6) issued by the AO were returned unserved and appellant could not give any satisfactory reply to the AO as to why those letters were returned unserved clearly put the aspect of identity into severe doubts. Mere submission of an unauthenticated letter of confirmation or copy of final accounts which do not show specifically that the assessee was given the questioned loans by them coupled with the statement ..... X X X X Extracts X X X X X X X X Extracts X X X X
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