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TMI Blog2021 (10) TMI 90X X X X Extracts X X X X X X X X Extracts X X X X ..... ounts, copies of income tax returns and other evidences to prove the genuineness of the loan CIT(A) after considering all the evidences furnished by the assessee had deleted the addition by noting that the AO did not make the necessary enquires and that the AO rejected the explanation of the assessee on the basis of surmises. Before us, no fallacy in the findings of CIT(A) has been pointed out by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 891/-. The case was selected for scrutiny and thereafter assessment was framed u/s. 143(3) of the Act vide order dated 31.03.2013 and the total income was determined at ₹ 2,17,24,790/-. Aggrieved by the order of AO, assessee carried the matter before the CIT(A) who vide order dated 23.03.2015 in Appeal No. 49/13-14 allowed the appeal of the assessee. Aggrieved by the order of CIT(A), Revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame as that of the assessee. AO noted that all the companies were interrelated and were single handedly controlled companies and no interest was paid to those persons on the loans taken. The assessee's submissions that the amount represent loan to the assessee was also not found acceptable to AO. AO therefore by invoking the provision of Section 68 of the Act made addition of ₹ 1,60,10,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ordingly deleted the addition. Aggrieved by the order of CIT(A), Revenue is now in appeal before us. 6. Before us Learned DR took us to the findings of AO and supported the order of AO. 7. Learned AR on the other hand reiterated the submissions made before the AO and CIT(A) and submitted that CIT(A) after considering all the evidences furnished by the assessee has deleted the addition. He th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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