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TMI Blog2023 (4) TMI 534X X X X Extracts X X X X X X X X Extracts X X X X ..... of loan sanction letter being placed on record before the Ld. AO is not disputed by the Revenue before us, considering all we deem it fit to appropriate to restore this issue to the file of the Ld. AO for denovo adjudication in accordance with law - Grounds raised by the assessee are allowed for statistical purposes. - ITA No.2819/Del/2019 - - - Dated:- 12-4-2023 - Shri Kul Bharat, Judicial Member And Shri M. Balaganesh, Accountant Member For the Appellant : None For the Respondent : Ms. Sapna Bhatia, CIT-DR ORDER PER M. BALAGANESH AM: 1. This appeal by Assessee is filed against the order of Learned Commissioner of Income Tax (Appeals)-4, New Delhi [Ld. CIT(A) , for short], dated 28/02/2019 for Assessment Yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... priate to dispose of this appeal on hearing the Ld. Departmental Representative (in short DR) and based on materials available on record. 5. We find that the assessee is engaged in the business of trading of different items mainly pipes etc. The return of income for AY 2014-15 was filed by the assessee on 30/11/2014 declaring total income of Rs.1,15,24,222/-. We find that the assessee had borrowed sum of Rs.9,30,00,000/- from Kotak Mahindra Bank against the collateral security in the form of immovable property jointly owned by Mrs. Anita Gulati/Mrs. Ritika Gulati. In other words, the property owned by the Mrs. Anita Gulati and Mrs. Ritika Gulati were given as collateral security to Kotak Mahindra Bank, on the strength of which, the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is loan received in the sum of Rs.9,30,00,000/- u/s 68 of the Act in the hands of the assessee company. The Ld. AO did not heed to the aforesaid contentions and proceeded to make an addition u/s 68 of the Act as unexplained cash credit. This action of the Ld. AO was upheld by the Ld. CIT(A). 6. We find that the assessee has shown in its books that it had borrowed unsecured loan from Mr. Vijaya Kumar Gulati who had sourced the said loan out of borrowings from IIFL. From the perusal of the orders of the lower authorities, we find that there is no clear factual finding in this regard. It is a fact that loan sanction letter together with the repayment schedule from IIFL was placed on record before the Ld. AO. Due to continuous absence of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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