9911796707
TMI Blog2021 (4) TMI 204X X X X Extracts X X X X X X X X Extracts X X X X ..... nd also stated that lender (director of the assessee company) has failed to make compliance with the summon issued under section 131 of the Act. It was also reported loan transactions were reflected in the copy of bank statement of the lender as well as the receiver. Without specifically considering the aforesaid facts and material, the ld. CIT(A) has held in a general manner that the assessee has failed to establish the genuineness and creditworthiness of the loan creditors. As elaborated above in this order, the assessee has furnished additional evidences duly admitted under 46A by the Ld. CIT(A) demonstrating that the depositor Shri Romi P. Patel has received an amount of ₹ 5 lacs from A.M. Enterprises and on 12th May, 2011, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of assessment on verification of the aforesaid and other detail the Assessing Officer noticed that assessee has shown unsecured loan of ₹ 1,21,42,605/- out of which an amount of ₹ 10,49,000/- was received from Shri Romi P. Patel during the year under consideration. To verify the genuineness and creditworthiness of this loan amount, the Assessing Officer has called the detail. In response, the assessee has furnished copy of acknowledgement of return of income filed by Romi P. Patel for the assessment year 2012-13. On perusal of the same, the Assessing Officer observed that assessee has shown only income of ₹ 61,140/- in the return of income filed. Thereafter, the assessee was asked to furnish copy of bank statement, credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng party i.e. A M Enterprises Patel Manilal Prabhudas Sons in turn who had given loan to Romi P Patel (Prop. Creative Fibre Products) through account payee cheque. The same has been admitted as additional evidences and remand report was called from the Assessing Officer. The Assessing Officer reported that Shri Romi P. Patel has not made compliance with the summon issued during the course of remand proceedings. Vide letter 11th May, 2017 assessee has made written submission and filed copy of PAN, copy of IT Return, copy of balance confirmation. As per information filed, the source of unsecured loan given by Shri Romi P. Patel to the assessee was explained as under:- a) An amount of ₹ 5,00,000/- was received from M/s. A M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the loan creditors. As elaborated above in this order, the assessee has furnished additional evidences duly admitted under 46A by the Ld. CIT(A) demonstrating that the depositor Shri Romi P. Patel has received an amount of ₹ 5 lacs from A.M. Enterprises and on 12th May, 2011, the depositor had also received ₹ 5 lacs from M/s. Manilal Prabhudas Sons a partnership firm and balance of ₹ 49,000/- was out of cash withdrawal of ₹ 1 lacs from his bank account maintained with HDFC Bank. It is noticed that these additional evidences has not been disproved by the Assessing Officer by making further investigation and verification. In the light of the above facts and circumstances, we consider that ld. CIT(A) is not justified ..... X X X X Extracts X X X X X X X X Extracts X X X X
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