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TMI Blog2019 (12) TMI 405X X X X Extracts X X X X X X X X Extracts X X X X ..... 2)/IT-133/2015-16 dated 31/03/2017 on following grounds of appeal: - 1. "On the facts and circumstances of the case and in law, the Ld.CIT(A) erred in deleting the addition of Rs. 4,14,09,894/- made u/s.68 of the Act, in respect of fresh unsecured loans received from four parties, holding that the assessee had proved three ingredients of identity, credit worthiness of share applicants and genuineness of transaction as the same were paid through their running bank accounts, without appreciating the fact that assessee has failed to discharge its onus of proving the creditworthiness of parties who advanced the loans." 2. "On the facts and in the circumstances of the case and in law, the Ld.CIT(A) erred in holding that the assessee company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... il return e-filed by the assessee on 25/09/2012. The case was picked up for scrutiny notice by issuance of notice u/s 143(2) on 07/08/2013 by erstwhile ITO-10(3)(2) which was duly served upon the assessee. The assessee raised objection that the said notice was not received. However, the assessee was shown copy of dispatch register wherein the assessee's name was appearing at Sr. No.-656, a copy of which forms part of quantum assessment order. Accordingly, the case was proceeded with after rejecting the said objections raised by the assessee. 2.2 During assessment proceedings, it transpired that the assessee received fresh unsecured loans aggregating to Rs. 414.09 Lacs from 4 entities as per the following details: - No. Name of Lender ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been placed on record. 3.2 In the remand report, the assessee's objection as to issuance of notice u/s 143(2) were again rejected in the background of observations made in the quantum assessment order as enumerated by us in preceding para 2.1. Regarding additions on merits, the attention was drawn to order sheet entries dated 03/03/2015 wherein it was noted by assessing AO that the companies from whom the loans were obtained, did not have any income to substantiate the loans given to the assessee and therefore, the additions were made u/s 68 and the same were justified. 3.3 The assessee objected to the remand report by submitting that Ld. AO mechanically repeated the contents of the assessment order with regard to issuance of notice u/s 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idence to show that the unaccounted cash of the assessee changed hands consequent to cheque payments. No corroborative evidences were brought on record to support the findings. Reliance was placed on the decision of this Tribunal rendered in Anant Shelters Pvt. Ltd. (20 taxmann.com 153 2012) & the ratio of decision of Hon'ble Apex Court rendered in Lovely Exports Pvt. Ltd. (216 CTR 195). Since the assessee, in the opinion of learned first appellate authority, furnished requisite documents to prove the fulfilment of primary ingredients of Section 68, the loan credits could not be doubted and the additions made u/s 68 could not survive. Aggrieved by the said adjudication, the revenue is under further appeal before us. 4. We have carefully h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y to the assessee. Similar are the documents & observations with respect to M/s Terranova Integrated Industrial Park Private Limited. The assessee has received fresh loan of Rs. 6 Lacs only from this entity during the year and the balance amount of Rs. 8.55 Lacs represent opening balance. Regarding loans from Shri Prashant Kamat, the assessee has placed on record Income Tax Return of the said lender, Computation of income, financial statements and ledger confirmations which matches with the outstanding balance reflected by the assessee. Regarding last entity i.e. M/s Shardha Energy & Infraproject Private Limited, the assessee has placed on record the copy of Income Tax Return, Audited financial statements, ledger confirmation. In fact, no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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