9911796707
TMI Blog2021 (12) TMI 259X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee has filed necessary evidences to prove genuineness of transactions. Since, there is no dispute with regard to identity and creditworthiness of the loan creditors and further the assessee has filed necessary evidence to prove genuineness of transactions, CIT(A) has erred in sustaining additions made by the AO towards unsecured loans u/s.68. Hence, we set aside order of the CIT(A) and direct the Assessing Officer to delete addition made towards unsecured loans u/s.68 - Decided in favour of assessee. - I.T.A.No.489/Chny/2020 - - - Dated:- 30-11-2021 - Shri Mahavir Singh, Vice-President And Shri G.Manjunatha, Accountant Member For the Appellant : Mr. S.Sridhar, Advocate For the Respondent : Ms. R.Anita, Addl. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r reasons and justification. 5. The CIT (Appeals) failed to appreciate that the Appellant was eligible for set off of unabsorbed depreciation loss against the income determined u/s 68 of the Act during the assessment year under consideration especially in view of the prospective amendment brought in the provisions of Section 115BBE w.e.f 01.04.2017 and further ought to have appreciated that the judicial trend in this regard was completely overlooked and brushed aside in recording wrong findings from para 4.3 to para 4.7 of the impugned order. 6. The CIT (Appeals) failed to appreciate that the decision referred to in para 4.6 of the impugned order to reject the claim of set off of unabsorbed depreciation against the income brought ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made by the Assessing Officer. The assessee carried the matter in further appeal before the Tribunal. The Tribunal vide its order dated 18.12.2015 remitted the matter back to file of the learned CIT(A) to give one more opportunity of hearing to the assessee to file necessary evidences and to explain unsecured loans. During appellate proceedings, the learned CIT(A) called upon the assessee to file necessary evidences to prove identity of person, genuineness of transaction and creditworthiness of person. In response, the assessee has filed necessary details including bank statements to explain unsecured loan taken from Mr. M. Raju and Mr. Umamaheswaran and argued that parties have directly deposited amount into bank account of the assessee ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee has discharged its onus by filing necessary evidences and such evidences demonstrate that loan is genuine or not. In this case, except doubting narration recorded by bank, the learned CIT(A) has not given any valid reason to doubt genuineness of transaction. Therefore, he submitted that additions made towards unsecured loans taken from two parties is not in accordance with law. 5. The learned DR, on the other hand, supporting order of the learned CIT(A) submitted that the assessee has not filed necessary evidences to prove genuineness of transaction which is evident from facts recorded by the learned CIT(A), as per which bank has not given any reasons to show credits in the name of parties without mentioning cheque number and ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Mr.M. Raju, as per which there was withdrawal of ₹ 10 lakhs vide cheque No.4711012 on 28.02.2008. From the above, it is very clear that Mr. M.Raju and Mr. Umamaheswaran had withdrawn amount from their respective bank accounts on 28.02.2008 and deposited a sum of ₹ 20 lakhs on 28.02.2008 in the bank account of the assessee maintained at Axis bank. From the above, it is very clear that there is no doubt of whatsoever with regard to genuineness of transactions. No doubt, bank might not have given narration with regard to cheque no., address and PAN while giving credit to the bank account of the assessee. But, fact remains that the assessee has filed all those details, including confirmation letter from loan creditors which matche ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
