9911796707
TMI Blog2023 (10) TMI 1055X X X X Extracts X X X X X X X X Extracts X X X X ..... ing is not correct. Besides this, the assessee trust has also given the details of statement of return of income as well as confirmation of those parties where it appears that the creditworthiness and genuineness has been established by the assessee trust CIT(A) has totally ignored these evidences. Therefore, the addition confirmed by the CIT(A) as relates to Section 69C does not survive. The appeal of the assessee trust is allowed. - Ms. Suchitra Kamble, Judicial Member For the Assessee : Shri Samir Parikh, A.R. For the Revenue : Ms. Saumya Pandey Jain, Sr. D.R. ORDER This is an appeal filed against the order dated 26-04-2023 passed by National Faceless Appeal Centre (NFAC), Delhi for assessment year 2016-17. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was observed by the Assessing Officer that total expenditure is of Rs. 2,26,08,973/-. The assessee did not file the reply, thereafter, the Assessing Officer made addition of Rs. 28,25,819/- as unexplained expenditure under Section 69C of the Act. 4. Being aggrieved by the assessment order, the assessee filed appeal before the CIT(A). The CIT(A) partly allowed the appeal of the assessee. 5. The Ld. AR submitted that during the course of appellate proceedings before the CIT(A), the assessee trust submitted all necessary documents and made submissions about the source of the so called excess application. The Ld. AR submitted that the assessee Trust s books of accounts are regularly audited and the source and its application is duly refle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entioned any borrowings in the balance sheet, the contention of the Ld. AR that of borrowed amount from two persons are not justifiable for proving the genuineness and creditworthiness. In fact, it was afterthought which was rightly not accepted by the CIT(A). The Ld. DR relied upon the order the CIT(A). 7. Heard both the parties and perused all the relevant material available on record. It is pertinent to note that the Current Liabilities mentioned in the annexure-5/schedule of the audited balance sheet of the assessee trust clearly mentioned the name of the said two parties. Thus, the observation of the CIT(A) that the said parties are not mentioned in balance sheet in respect of the borrowing is not correct. Besides this, the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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