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TMI Blog2023 (10) TMI 388X X X X Extracts X X X X X X X X Extracts X X X X ..... ies by us, the assessee failed to satisfy the mandate of Section 68 with respect to loan raised by assessee during the year under consideration from M/S Newwave commercial Pvt. Ltd.. The onus u/s 68 was on the assessee as the said sum stood credited in its books of accounts, which the assessee failed to discharge the identity, creditworthiness of the creditor and genuineness of the transaction - we hold that the order passed by the ld. CIT(A) did not properly dealt with the issues involved in the appeal and accordingly, we set aside the order passed by the ld. CIT(A) and sustain the order passed by the AO. In terms of the above, we allow the appeal filed by the revenue. X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessment by stating that M/s. Newwave Commercial Pvt. Ltd. had transferred fund of Rs. 3.97 crores to the assessee by alleging that the transaction of the loan was not genuine transaction but mere entries were made in the books of assessee and M/s. Newwave Commercial Pvt. Ltd. In response to notice u/s 148 of the Act, the assessee had filed its return of income on 07.05.2018 and notices were issued u/s 143(2) and 142(1) of the Act upon the assessee from the ends of AO. IN response to notices, the assessee filed its submission and after considering the submission made by assessee and also taking into consideration, the information received from the Investigation Wing, the ld. AO viewed that entire amount of Rs. 3.97 crores loan was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany for the first six months was very low of Rs. 18/- and for the second half of the year was Rs. 8164/- only. Further, he contended that on the examination of the company from whom M/s. Newwave Commercial Pvt. Ltd. has received fund actually extend such facility for the purpose of provide loan to the assessee, the ld. AO had duly examined the bank statement of Chandraghanta Advisory Pvt. Ltd., Chandraghanta Merchants Pvt. Ltd., Chamundaji Sales Pvt. Ltd., Chinpurni Traders Pvt. Ltd. and Bharat Finance and Industries Ltd. All these accounts shows that the concerned account holders on the relevant dates has received amounts from private limited companies which has immediately been transferred to the account of M/s. Newwave Commercial Pvt. L ..... X X X X Extracts X X X X X X X X Extracts X X X X
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