9911796707
TMI Blog2023 (8) TMI 375X X X X Extracts X X X X X X X X Extracts X X X X ..... urana Rs. 4,00,000/-, Mrs. Dhani Devi Surana Rs. 6,00,000/-, Mr. Radhey Shyam Khemka Rs. 1,60,000/-, Shree Lal Vijay Kumar Bagla HUF Rs. 2,75,000- M/s Bagla & Co. Rs. 1,90,000/-, Mr. Rajesh Kumar Khemka Rs. 1,00,000/-, M/s Bagla Store Rs. 7,00,000/-, Mr. Harish Surana Rs. 2,40,000/- and Ms. Monika Surana Rs. 4,90,000/-ignoring the evidences placed on record to discharge the onus on the appellant. Hence the said addition must be deleted. 2. The learned CIT(A) erred in law and on facts that in directing the assessing officer to disallow interest on above mentioned loans without issuing the statutory show cause of enhancement of income to the appellant. Thus the said directions given must be reversed. 3. The learned CIT(A) erred in law a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... facts that in directing the assessing officer to disallow interest on above mentioned loans without issuing the statutory show cause of enhancement of income to the appellant. Thus the said directions given must be reversed. 4. The ld AR submitted that the loans received by the assessee through cheques on 19.06.2006 and 20.06.2006 were repaid through cheques on 19.09.2006 along with interest after deducting TDS @10.2 % therefore, no addition has called for in this regard on accounts of loans from 9 entities. The ld AR further drawing our attention towards relevant part of first appellate order and submitted that the ld CIT(A) has enhanced the addition without giving any notice to the assessee and directed the AO to disallow the interest o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... paid interest of loan after deducting TDS @10.2% and it is not the case of the AO that these creditors have not shown interest income in their respective return of income. From the documentary evidence available at page 26 to 86 we note that the assessee has submitted all possible documentary evidences under his command pertaining to all 9 creditors by submitting copy of ledger account for relevant financial period, copies of bank statement/ passbook from income tax return and Form 16A pertaining to all 9 lenders. From the assessment order, we note that the AO dismissed explanation of assessee on account of non-furnishing of documentary evidences and details. Further, from relevant part of the first appellate order we note that the ld CIT(A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed particularly when there is deliberations by the ld CIT(A) in his order regarding documentary evidences submitted before him as well as before AO. These factual position have not been controverted by the ld Sr. DR in any manner. Therefore, in our humble understanding the assessee properly discharges its onus cast upon him by way of documentary evidences establishing the identity and creditworthiness of the creditors and genuineness of the transaction rooted through banking channel. As the factual position also gets strong support from the fact that the authorities below have not disputed or controverted the very relative fact that the assessee has repaid entire loan amount along with interest payable thereon during the relevant financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave made confirmation of addition without any basis ignoring the fact that the assessee has submitted photo copy of ledger account of Rishi Promoters in books of the assessee for the year ended on 31.03.2007 showing receipt of advance against the period along with confirmation and also copy of account of such entities in the books of account of the assessee for the year on 31.03.2008 showing return of advance taken from the said entity but the ld AR submitted that the assessee also filed copies of balancesheet, profit and loss account and schedule of fixed assets as on 31.03.2008 of Rishi Promoters along with photo copy of PAN therefore, factum of receipt of advance during the relevant financial period and its return to the said entity duri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the said para categorically noted that the details of documentary evidence filed by the assessee by noting that the assessee received Rs. 15 lakhs against the proposed sale of property situated G-17, Jangpura Extension, New Delhi. Thereafter, the ld CIT(A) noted that noting has brought on record explaining the circumstances in which the proposed sale of agreement was cancelled. The ld CIT(A) noted that no copy of IT return or balance sheet has been filed indicating/ reversing advance of Rs. 15 lakhs to the appellant company. He also noted that nothings has been elaborated about the circumstances leading to cancellation of agreement to sale with said entity and it is also not known as to whether anything was paid to compensate the party w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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