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TMI Blog2018 (11) TMI 1920X X X X Extracts X X X X X X X X Extracts X X X X ..... dismissed. - I.T.A No. 1630/Kol/2016 - - - Dated:- 28-11-2018 - Hon ble Shri J. Sudhakar Reddy, AM And Hon ble Shri S.S. Viswanethra Ravi, JM For the Appellant : Shri Sankar Halder, Addl. CIT Sr. DR. For the Revenue : Shri Soumitra Choudhury, Advocate, Shri Joydeep Chakraborty, Advocate. ORDER Per J. Sudhakar Reddy, AM This is an appeal filed by the revenue for assessment year 2012-13 directed against the order of the Learned Commissioner of Income Tax (Appeals)-4, Kolkata [in short ld. CIT(A)] passed u/s 143(3) of the Income Tax Act, 1961 (in short the Act). 2. After hearing rival submissions and on a careful consideration of the facts and circumstances of the case, a perusal of papers on record and orders ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rocks Estates Pvt. Ltd. The assessee has filed details such as PAN, copies of Income tax return filed and source of funds etc. of M/s Sunny Rocks Estate Pvt. Ltd. responded directly to the assessing officer and furnished information as sought for by the notice u/s 133(6) of the Act. The ld. Counsel for the assessee submitted that the reference by the assessing officer to the statement of the ex-director of the company, Mr. Suresh Kejriwal that the assessee company provided accommodation entries, is of no relevance as this person was not in the board of directors of the company at the time of giving of the loan. Further it was submitted that the present director Mr. Manoj Kr. Singh not only filed confirmation reiterating genuineness of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the AO came short of his conclusion and made the impugned additions. Now dealing with these two premises, my findings and decisions are as follows: (a) With regard to the statement relied upon by the AO, I find that this statement of Mr. Kejriwal was taken much before the transactions took place between the appellant and M/s Saket Vinimay (P) Ltd. It is trite law that based on a third party's deposition, no adverse inference can be drawn by the AO unless there are corroborative evidences which are brought on record to substantiate the allegation, which the AO has failed to do so in the present case. That the said Mr. Kejriwal's statement was not provided to the appellant by the AO and, thereby, not affording an opportunity of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . On an overall analysis of the issue, since the three cardinal criteria of identity, creditworthiness of the loan creditor and the genuineness of the transactions are established with cogent evidentiary documentary materials, I do not find any merit in the action of the AO in making the impugned addition / disallowance for which the same are directed to be deleted. We find no infirmity in this order. In our view the ld. CIT(A) has given cogent reasons as to why he could not sustain the additions. The ld. DR could not controvert these findings. 5. Thus, in the facts and circumstances of the case, we uphold the findings of the ld. First appellate authority and dismiss this appeal of the revenue. 6. In the result, the appeal of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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