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TMI Blog2021 (4) TMI 385X X X X Extracts X X X X X X X X Extracts X X X X ..... ccepting the claim off the assessee regarding genuineness and creditworthiness of the companies M/s. Patkin Tracom Pvt. Ltd. and M/s. Coorg Vincom Pvt. Ltd. without going into the details as the same claim was rejected by the AO on various grounds while making addition. 3. The ld. CIT(A) has erred in not considering the facts and circumstances off the said companies as the same has been stipulated by the AO in assessment order specially regarding the preponderance of probabilities and genuineness of transactions. 4. The ld. CIT(A) has erred in deleting the addition even without considering the facts that the advance giver has no such assets/advances for which a huge amount can be given to the loanee." 3. The assessee received loan from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (A) M/s. Patkin Tracom Pvt. Ltd. (Loan amount Rs. 1,00,00,000) a. Copy of account of the appellant in the books of the party for the period 01/04/2010 to 31/03/2015 b. Copy of bank account of the party highlighting the transactions of loans taken and its repayment in the subsequent years. c. Copy of accounts of the party in the books of the appellant for the period 01/04/2010 to 31/03/2015. d. Copy of bank account of the appellant highlighting the transactions of loan taken and its repayment in the subsequent period. e. Confirmation from the party explaining the source of each payment made to the appellant towards loan. (B) M/s. Royal Fincomm Pvt. Ltd. (Formerly Coorg Vincom Pvt. Ltd.) (Loan amount Rs. 1,50,00,000) a) Copy of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owing that these parties have earned substantial interest income from advancing loans which includes interest earned from the appellant. The figures of earning of interest declared by these parties in the above said report are given as under. NAME 31.03.2010 31.03.2011 M/s Coorg Vincom Pvt. Ltd. 117240 6102383 M/S Pat kin Tracorn Pvt. Ltd. 4948267 9483754 i) Copies of documents filed with ROC by these companies. 8. No reply has been received by ld. CIT(A) from the Assessing Officer. 9. The ld. CIT(A) (page no. 11 para 4) has written letters to the AO vide letters dated 28.04.2015/28.05.2015 which is as under: "Please find enclosed herewith the submissions of the assessee filed during the course of appellate proceedings. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Officer has passed the order deleting the additions. The relevant part of the order of the ld. CIT(A) is as under: "There is only one issue involved in all the grounds of appeal which relates to contention of the appellant against addition of Rs. 2,50,00,000/- made by the AO u/s. 68 of the IT Act. The fact of the case is that during the year under consideration, the appellant had shown unsecured loan to have been taken from M/s. Patkin Tracom Pvt. Ltd. and M/s. Coorg Vincom Pvt. Ltd. of Rs. 1,00,00,000/- and Rs. 1,50,00,000/- respectively. During the assessment proceedings, after analyzing the fact, the AO found the impugned loan transactions to be non genuine, therefore, he made addition of the same. During the appellate proceedings, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stigate about the genuineness of the relevant companies and the loan transactions shown with them, however, even after giving seven reminders to the AO, so far, no outcome of the investigation was reported. Under these circumstances, after careful consideration of the facts and details/documents filed by the appellant, I am of the considered view that the appellant has proved the identity, credit worthiness and genuineness of the loan transactions, they had with both the companies, whereas, the AO has not brought any material on record to controvert the submission/details filed by the appellant. In view of above discussion, the AO is directed to delete the addition." 11. We have gone through the entire factum of the case and find that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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