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TMI Blog2024 (7) TMI 1535X X X X Extracts X X X X X X X X Extracts X X X X ..... yog [ 2023 (10) TMI 190 - ITAT KOLKATA] wherein also loans from individual/other persons were taken but since complete details regarding PAN, Bank statement, financial statement and income tax returns details were filed, addition u/s 68 of the Act was deleted. We after thoroughly examining the details filed by the assessee are satisfied with nature and source of alleged cash credit and the same having been explained to our satisfaction and thus set aside the filing of CIT(Appeals) and delete the impugned addition made u/s 68 and also delete the disallowance of interest confirmed by the ld. CIT(Appeals), which was paid by the assessee to the alleged cash creditors. Appeal of the assessee is allowed. - Dr. Manish Borad, Accountant Member And Shri Pradip Kumar Choubey, Judicial Member For the Assessee : Shri Sunil Surana, A.R. For the Revenue : Shri P.P. Barman, Addl. CIT, Sr. D.R. ORDER PER DR. MANISH BORAD, ACCOUNTANT MEMBER:- The present appeal is directed at the instance of assessee against the order of ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi dated 17th January, 2024 passed for assessment year 2018-19. 2. The assessee has raised th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om which unsecured loan of Rs. 1,26,50,000/- was received (referred at page 27 of the impugned order), the remaining amount of addition made under section 68 of the Act and interest expenditure claimed thereon was deleted. Now the assessee is in appeal before the Tribunal challenging the additions and disallowances confirmed by the ld. CIT(Appeals). 5. Ld. Counsel for the assessee took us through various documents placed in the paper book containing 101 pages and made submissions for each of the alleged cash creditors and stated that the assessee has submitted complete details to explain the identity and creditworthiness of the cash creditors and genuineness of the transactions. He supported his argument by placing copy of ledger accounts, income tax return, financial statement and copy of bank statement highlighting the transactions. Further reliance was placed on the decision of this Tribunal dated 26th July, 2023 in the case of ACIT, Circle-43- Kolkata-vs.- M/s. Parwati Lakh Udyog in ITA No. 44/KOL/2021 and the decision of Coordinate Bench Delhi in the case of ITO, Ward1(3), Gurgaon -vs.- Shri Balwan Singh in ITA No. 2869/DEL/2019 dated 7th August, 2023. 6. On the other hand, ld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tained. Financial statements are also provided. Confirmation of accounts is placed at page 41 of the paper book. Thus, all details clearly prove that Mukund Chhaparia is an income tax assessee filing income tax returns regularly and showing sufficient income and having sufficient creditworthiness to give the alleged loan to the assessee. Thus, we do not find any merit in the finding of ld. CIT(Appeals) confirming the invocation of the provisions of section 68 of the Act in the case of this cash creditor. 9(b). Anju Chowdhury- Rs. 20,00,000/- While going through the pages from 64 to 76 of the paper book, we find that along with the loan confirmation, copy of reply under section 133(6) has been filed. Copy of ITR for A.Y. 2018-19 disclosing total income of Rs. 8,07,350/- is placed along with the computation of income and financial statement. Smt. Anju Chowdhury has capital balance of approximately Rs. 1.86 crores and regular banking transactions are taken place. All these details are sufficient enough to explain the nature and source of unsecured loan taken by Anju Chowdhury. Thus, finding of ld. CIT(Appeals) confirming the addition under section 68 of the Act in the case of this cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egular business activities were carried out and turnover is Rs. 4.32 cr. (approx.). Bank statement is also placed. All these details are sufficient enough to prove that M/s. Zori Varieties is a genuine business concern and out of its regular funds, loan has been given to the assessee. Thus, we do not find any justification in the action of lower authorities invoking the provision of section 68 of the Act. 9(h). Ganpati Developers Pvt. Ltd.- Rs. 25,00,000/- The addition was confirmed by the ld. CIT(Appeals) on the ground that no PAN was given. However, pages 52 to 63 of the paper book prove that this cash creditor is regularly assessed to tax and income tax return for A.Y. 2018-19 furnished on 13.10.2018. This being a Private Limited Company is regularly furnishing audited financial statement. Balance-sheet shows the share capital of Rs. 90,00,000/- and it carries regular business activities. Copies of bank account also highlights the payment of loan to assessee and repayment subsequently. Thus, we do not find any justification in the action of lower authorities invoking the provision of section 68 of the Act. 10. To summarize, we find that ld. CIT(Appeals) has confirmed the additio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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