9911796707
TMI Blog2021 (5) TMI 67X X X X Extracts X X X X X X X X Extracts X X X X ..... Vidur Bhat and without considering the explanations furnished by the assessee. In my view, the A.O. should have examined the ledger accounts of the assessee and also explanations furnished by it, surrounding circumstances etc. to find out the genuineness of the transactions. A.O. should have provided opportunity for cross examination. Under these set of facts, this issue requires fresh examination at the end of the A.O. Accordingly restore this issue to the file of the A.O. with a direction to examine it afresh after affording adequate opportunity to the assessee - Decided in favour of assessee for statistical purposes. - ITA No. 156/Bang/2020 - - - Dated:- 16-4-2021 - SHRI B. R. BASKARAN, ACCOUNTANT MEMBER For the Appellant : V. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee is engaged in the business of manufacture of solar panels. The return of income filed by the assessee for the year under consideration was processed u/s. 143(1) of the Act. Subsequently, the A.O. received information from DDIT (Inv.), Unit 7(4), Mumbai that a person named Shri Vipul Vidur Bhat has floated bogus entities and provided accommodation entries by way of bogus loan entries. One of the concerns floated by the above said person was M/s. Sampada Chemicals Ltd. It was noticed that the assessee herein has availed loan of ₹ 15 lakhs from the above said concern. Since it was reported that the above said company is a paper company providing only accommodation entries, the A.O. reopened the assessment of the year under considerati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so. The Ld. A.R. further submitted that the A.O. has taken a generalized view in respect of the impugned loan transaction without considering the factual aspects available in the instant case. He submitted that the assessee has furnished ledger account copies before the A.O. Since the assessee has completed the transaction in March, 2016 itself, it could not get confirmation from M/s. Sampada Chemicals Ltd., during the course of reassessment proceedings that happened in 2018. The Ld. A.R. further submitted that the A.O. has placed reliance on the general statement given by Shri Vipul Vidur Bhat and the A.O. has not shown that the loan transaction entered by the assessee with M/s. Sampada Chemicals Ltd., was pointed out to be bogus accommoda ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terest payment. Further, the A.O. has relied on the generalized statement given by Shri Vipul Vidur Bhat. It is the contention of the Ld. A.R. that the assessee was not given opportunity to cross examine Shri Vipul Vidur Bhat, even though the A.O. has placed entire reliance on his statement disregarding the explanations given by the assessee. 9. Under these set of facts, I am of the view that the A.O. was not justified in making the addition wholly placing reliance on the statement given by Shri Vipul Vidur Bhat and without considering the explanations furnished by the assessee. In my view, the A.O. should have examined the ledger accounts of the assessee and also explanations furnished by it, surrounding circumstances etc. to find out t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
