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TMI Blog2023 (1) TMI 889X X X X Extracts X X X X X X X X Extracts X X X X ..... re AO who will verify the same and will decide the claim accordingly. The appeal of the Revenue is allowed for statistical purposes. - ITA No. 1552/CHNY/2019 - - - Dated:- 9-1-2023 - SHRI MAHAVIR SINGH , VICE PRESIDENT AND SHRI G. MANJUNATHA , ACCOUNTANT MEMBER For the Appellant : Shri D. Hema Bhupal , JCIT For the Respondent : Shri S. Sridhar , Advocate ORDER PER MAHAVIR SINGH , VICE PRESIDENT : This appeal by the Revenue is arising out of the order of the Commissioner of Income Tax (Appeals)-1, Chennai in ITA No.356/CIT(A)-1/2016-17 2017-18 dated 14.03.2019. The assessment was framed by the ACIT, Corporate Circle 1(2), Chennai for the assessment year 2014-15 u/s.143(3) of the Income Tax Act, 1961 (hereinaft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... secured loans only from its directors and not from the third parties viz., NileshBhai Patel and CKB Investments Pvt. Ltd. Hence the contention of the assessee that the amount obtained from the above parties were transferred to unsecured loans cannot be true. 3. Brief facts are that the assessee is a private limited company engaged in the business of home automation, mechanical engineering plumbing, heating ventilation and air conditioning, fire alarming system and industrial automation. The AO during the course of assessment proceeding s noticed that the assessee has claimed as sum of Rs.33,12,412/- as preliminary expenses written off but could not substantiate with evidences and details of expenses incurred before the commencement of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sidence respectively were customer receipts and which were offered as income during the subsequent year. As regards the sum of Rs.18 lakhs and Rs.75 lakhs received from NileshBhai Patel and CKB Investments P. Ltd., they were found to have been transferred the accounting head to unsecured loans. The appellant furnished the ledger accounts of the parties concerned in the books of the appellant and also furnished the bank particulars pertaining to these transactions. It was reiterated that no shares were allotted to the said parties. They had been wrongly credited as share application money but subsequently, in the assessment year 2015-16, they were transferred to unsecured loans and Customer receipts in the financials. Taking into account t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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