2021 (5) TMI 67

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..... e assessee has filed an application requesting the bench to condone the delay. It is stated in the petition that the assessee had handed over the order of Ld. CIT(A) to its authorized representative for taking further action. However, due to professional pressure, the authorized representative omitted to file the appeal in time. When the assessee received order of penalty u/s. 271(1)(c) of the Act, it came to the notice of the assessee that the appeal has not been filed before the Tribunal. Accordingly, it was submitted that the delay has occurred due to reasons beyond control of the assessee. Accordingly, it was prayed that the delay may be condoned. 3. I heard Ld. D.R. and perused the record. Having regard to the submissions made by the .....

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..... o deducted from the interest payments. The assessee further submitted that it was a genuine loan and it was taken on oral agreement. The A.O. was not convinced with the explanations of the assessee. He took the view that loan was not genuine loan. In this regard, the A.O. placed reliance on the decision rendered by Hon Tale High Court of Delhi in the case of CIT Vs. Bikram Singh (ITA 55/2017). Accordingly, the A.O. made the addition of Rs. 15 lakhs to the total income u/s. 68 of the Act. The Ld. CIT(A) also confirmed the same. 6. The Ld. A.R. submitted that the assessee has availed loan through banking channels and it has also repaid the same through banking channels along with interest within one year of taking the loan. The assessee has .....

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..... ral justice. 7. On the contrary, the Ld. D.R. submitted that the assessee did not ask for opportunity of cross examination before the A.O. and it is urged for the first time before the Tribunal. He further submitted that M/s. Sampada Chemicals Ltd., is controlled by Shri Vipul Vidur Bhat and he has admitted that the above said company is a bogus/paper company providing only accommodation entries. Further, the assessee has also has failed to prove the genuineness of the loan and hence the addition confirmed by Ld. CIT(A) was justified. 8. I notice from the assessment order that the A.O. has made the addition on the basis of information received from DDIT, Mumbai and he did not examine the explanations given by the assessee vis-a-vis the bo .....

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