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TMI Blog2020 (2) TMI 1288X X X X Extracts X X X X X X X X Extracts X X X X ..... da Amtek Ltd. and Amtek Auto Ltd. and both had substantial returned income in the year in question of 1,28,24,076/- and 10,93,50,350/-. Therefore, there was no reason to doubt either the credit worthiness of the investor or the genuineness of the transaction. The aforesaid findings are purely factual in nature and do not raise any substantial question of law for consideration of this Court. X X X X Extracts X X X X X X X X Extracts X X X X ..... wherein the Tribunal rejected the appeal preferred by the revenue. Addition of ₹ 20 crores was sought to be made against the assessee under Section 68 of the IT Act on account of credit received from M/s Rangoli Buildtech Pvt. Ltd. and M/s Epic Developers Pvt. Ltd. However, it transpired that no money has been received from M/s Rangoli Buildtech Pvt. Ltd. and only an amount of ₹ 14.5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at if the profit making apparatus is not their, then in that event source of source has to verify so as to examine the genuineness of the loan transaction. Accordingly, the Balance Sheet of Epic Developers Pvt. Ltd. was perused and it is found that in the year under consideration they have been received a sum of ₹ 17.35crores from following two entities, from which funds have been invested i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the same as a non-genuine loan transaction. In view of these above facts and evidences on record, the addition of ₹ 14.50 crores received from Epic Developers Pvt. Ltd. is considered to be unexplained and genuine transaction and hence the addition so made by the AO deserves to be deleted." 5. The ITAT has concurred with the said finding. From the above, it would be seen that the investo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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