9911796707
TMI Blog2024 (8) TMI 420X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee has shifted the onus by submitting evidence in his favour. But the matter is unverified before the revenue authorities. In our considered view we remit the matter back to the file of the ld. AO to verify the loan creditor after giving the proper opportunity to the assessee. Related to other loans, which are taken during this year, the assessee submitted the confirmations, PAN, entry in bank account and the identity of loan creditors - We consider the submission of the assessee and remand the matter back to the file of the ld.AO for further verification of loan creditors. DR had not made any strong objection against the setting aside matter to the ld. AO. Accordingly, the impugned appeal order is set aside. The matter is remanded back ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the record in proper perspective. (b) The appellant respectfully submits that all the parties who have given unsecured loans are genuine, capable to give the same and the transactions are all real ones. Therefore, the impugned addition is not justified. (c) The appellant, therefore, prays that the addition of Rs. 7,93,74,91 II- be kindly deleted. Ground No. 2 AGAINST DISALLOWANCE OF INTEREST TO BANK- Rs. 56.06,404/- (a) The C1T (A) has erred in confirming disallowance of interest to UCO Bank - Rs. 56,06,404/- without appreciating t fact that it was paid on the Secured Loan taken from the Bank for and in the course of the business of the appellant. (b) The appellant humbly submits that the interest on the loan from UCO Bank which was taken a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gned assessment year. The assessee argued and filed a written submission which is kept in the record, (in short APB). The assessee invited our attention in the order of the Hon ble High Court of Judicature at Bombay bearing C.P. 492 of 2011 in the case of SBI Global Factors Limited (earlier known as Global Trade Finance) vs M/s Asian Electronics Limited. The assessee was Executive Chairman of M/s Asian Electronics Ltd., and the Court has appointed the Official Liquidator on this company. The assessee himself has taken unsecured loan to coverup the downfall of business and payment of secured loan of business. The assessee argued and filed a chart of unsecured loan creditors of impugned assessment year, which is duly reproduced as below: - S. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ground that the loans are brought forwarded from earlier years, not related to this impugned assessment year. 6.1. Further, in the case of Mrs. Binita Doshi, the assessee received the amount of Rs. 1 crore and the legal case was going on under section 138 of the N.I. Act, 1881. The documents are duly filed in APB pages 13 to 15. So, the assessee argued that entire loan is claimed as genuine considering the action is taken by the loan creditor against the assessee under section 138 of the N.I. Act. The confirmation is also attested by the assessee in APB page-15. The assessee has shifted the onus by submitting evidence in his favour. But the matter is unverified before the revenue authorities. In our considered view we remit the matter b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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