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TMI Blog2022 (2) TMI 1456X X X X Extracts X X X X X X X X Extracts X X X X ..... vailable. Assessee was also able to demonstrate the source of money deposited into their bank accounts, which, in turn, has been used by them to lend it to the assessee as loan. Thus, the CIT (A) and the Tribunal, considering the facts of the case, held that the assessee has discharged its onus to prove the identity, creditworthiness and genuineness of the lender companies and, thereafter, the onus shifted on the AO to disprove the documents furnished by the assesssee, which was not done by the AO despite the CIT (A) calling for remand report on two occasions Addition u/s 14A read with Rule 8D - Assessee had made a specific claim that there was no exempt income earned by them during the relevant assessment years - ITAT deleted addition - HE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the addition of sum of Rs. 33,70,549/- u/s 14A read with rule 8D ignoring the essence of CBDT s Circular No. 05/2014 dated 11.02.2014? Assessment Year 2013-14 (i) Whether on the facts and circumstances of the case and in law, Learned Income Tax Appellate Tribunal has erred in deleting a sum of Rs. 1,42,95,699/- representing alleged unsecured loan received by the assessee? (ii) Whether on the facts and circumstances of the case and in law, Learned Income Tax Appellate Tribunal has erred in appreciating the fact that the assessee failed to file any details or documents with regard to receipt of alleged unsecured loan substantiating creditworthiness and genuineness of the transaction in assessment proceedings? (iii) Whether on the facts and c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... granted relief to the assessee. 4. We find that there is no error in the finding rendered by the CIT (A) and the Tribunal as they had rightly taken note of the legal position. Hence, substantial questions of law (c) for the assessment year 2012-13 and (iv) for the assessment year 2013-14 are decided against the revenue. The next question would be with regard to the addition made under Section 68 of the Act. According to the Assessing Officer, creditworthiness of the lenders has not been proved. This aspect has been examined in an elaborate manner by the CIT(A). In fact, twice remand reports were called for from the Assessing Officer to examine the documents produced by the assessee. The CIT (A) has recorded that the Assessing Officer has n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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