2022 (10) TMI 1185

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..... D THAT:- The total credit in the lenders account for more than the amount received by the Assessee cannot be a reason to construe the loan as bogus/ ungenuine. Having gone through the entire evidences submitted by the Assessee as mentioned above at the beginning of this para, in the absence of any contra findings brought by the Revenue, we hold that no addition on account of the loans received .....

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..... 0/- The additions made -Rs. 15 ,00 ,000/- 3. The additions have been made on account of loan parties namely:- -M/s. A.K. Agarwal and sons -Rs. 10 ,00 ,000/- -M/s. S.C. Agarwal and sons -Rs. 5,00,000/- The assessee has filed de tails such as PAN, amount, m .....

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..... lant and at the same time held that, on analysis of the bank accounts of Shir S.C. Agarwal and Sons showed credit of Rs. 52,61,000/- which is not in consonance with the returned income of the lender whereas the amount received by the Assessee form SC Agarwal was only Rs. 5,00,000/-. The total credit in the lenders account for more than the amount received by the Assessee cannot be a reason to cons .....

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