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TMI Blog2022 (11) TMI 971X X X X Extracts X X X X X X X X Extracts X X X X ..... been made by the AO and also confirmed by CIT(A) in the appellate order is both identifiable as well as traceable. Assessee submitted that the assessee has a good case on merits and in the instant set of facts the additions should not be confirmed on merits and if given an opportunity of being heard, the assessee is desirous to place on record additional evidences before ld. CIT(A) to prove the genuineness of the transaction and creditworthiness of the creditor in respect of the aforesaid unsecured loan. In view of the above in the interest of justice, we are setting aside the file to the ld. CIT(A) for hearing the case on merits after giving due opportunity of hearing to the assessee to place on record all additional documents/evidences. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of interest. 5. Both the lower authorities have passed the orders without properly appreciating the facts and they further erred in grossly ignoring various submissions, explanations and information submitted by the appellant from time to time which ought to have been considered before passing the impugned order. This action of the lower authorities is in clear breach of law and Principles of Natural Justice and therefore deserves to be quashed. 6. The learned CIT(A) has erred in law and on facts of the case in confirming action of the ld. AO in levying interest u/s. 234A/B/C of the Act. 7. The learned CIT(A) has erred in law and on facts of the case in confirming action of the ld. AO in initiating penalty u/s. 271(1)(c) of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer with the following observations:- "5.1 As appellant has not furnished any details to prove the identity and creditworthiness of the creditor and genuineness of the transaction AO added the sum of Rs. 90,62,934/- u/s. 68 of the Act treating the same as unexplained cash credits, in the course of appellate proceedings also appellant has not filed any details to prove these three ingredients. In the statement of facts appellant has submitted that the loans were received by the banking channels and due interest was paid. On facts merely because the loans were received through banking channels and interest was paid does not establish the identity and creditworthiness of the creditor and genuineness of the transactions. 5.2 Hon&# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... analyzed the issue of cash credits in relation to share application money, the ratio of which is also applicable to the issue of unsecured loans as below: xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx In view of the above facts and legal position I do not find any infirmity in the action of AO and the addition made amounting to Rs. 90,62,934/- u/s. 68 is confirmed. Ground No. 2 of the appeal is dismissed." 5. The assessee is in appeal before us against the aforesaid additions confirmed by the ld. CIT(A). The ld. counsel for the assessee admitted that on the last date of hearing fixed for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee has a good case on merits and in the instant set of facts the additions should not be confirmed on merits. He submitted that if given an opportunity of being heard, the assessee is desirous to place on record additional evidences before ld. CIT(A) to prove the genuineness of the transaction and creditworthiness of the creditor in respect of the aforesaid unsecured loan. In response, the Departmental Representative has also not objected to the matter being set aside to the file of ld. CIT(A), for being heard afresh on merits. 5.1. In view of the above in the interest of justice, we are setting aside the file to the ld. CIT(A) for hearing the case on merits after giving due opportunity of hearing to the assessee to place on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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