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TMI Blog2021 (1) TMI 942X X X X Extracts X X X X X X X X Extracts X X X X ..... red in law and on facts in treating the same as unexplained cash credits unexplained expenditure u/s. 68 69C respectively. These two additions made u/s. 68 69C of the Act are directed to be deleted therefore. - Decided in favour of assessee. - I.T. A No. 237/Kol/2020 - - - Dated:- 15-12-2020 - Hon ble Shri J.S Reddy, AM And Hon ble Shri S.S. Godara, JM For the Appellant/Assessee : Shri A.K. Tibrewal, FCA, Ld.AR For the Respondent/Department : Shri Supriyo Paul, Addl. CIT/DR ORDER SHRI S.S. GODARA, JM: 1. This assessee s appeal for assessment year 2015-16 arises against the CIT (Appeals), 4, Kolkata s order dated 13-12-2019 passed in case No. 147/CIT(A)- 4/2018-19 involving proceedings u/s 143(3) of the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, ITR acknowledgements, TDS Certificates (Form 16), audited accounts as well as master data and compilation of various judicial precedents; respectively. We notice from a perusal of the corresponding details at page-605 of PB-4, that the assessee had availed fresh unsecured loans from M/s. Blue Chip Financial Consultants P.Ltd (₹ 10,00,000/-), M/s. Landmark Commodeal P. Ltd. (₹ 29,00,000/-), M/s. Zevit Commotrade P.Ltd (₹ 10,00,000/-), M/s. Ratnanandan Commercial P.Ltd (₹ 10,00,000/-), M/s Reliable Merchandise P.Ltd (₹ 50,00,000/-) M/s. Rover Commosales P.Ltd (₹ 20,00,000/-); respectively. It had clearly made repayment of ₹ 57,71,516/-, ₹ 1,38,83,890/-, ₹ 5,48,256/-, ₹ 52,41,772 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tal Networks P.Ltd vs. CIT reported in 353 ITR 171 (Cal) also holds that when the assessee files all necessary evidences on record before the Assessing Officer, then mere failure of the creditor party(ies) to appear cannot form the so basis to invoke sec. 68 of the Act. Keeping in mind the detailed evidence as well as judicial precedents, we hold that once the assessee has discharged its onus on identity, genuineness and creditworthiness of running account discharged its onus qua credit side of loan and interest expenditure thereupon before the Assessing Officer, both the lower authorities have erred in law and on facts in treating the same as unexplained cash credits unexplained expenditure u/s. 68 69C of the Act; respectively. These ..... X X X X Extracts X X X X X X X X Extracts X X X X
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