9911796707
TMI Blog2024 (12) TMI 501X X X X Extracts X X X X X X X X Extracts X X X X ..... count is liable to be deleted. The additions made u/s. 68 by the AO is not sustainable in law and the same are hereby directed to be deleted. Consequently, taxing income u/s. 115BBE does not arise. Thus the Grounds raised by assessee are hereby allowed. - Shri T.R. Senthil Kumar, Judicial Member And Shri Makarand Vasant Mahadeokar, Accountant Member For the Assessee : Shri Deepak R. Shah, A.R. For the Revenue : Smt. Bhavna Gup ta Singh, Sr.D.R. ORDER PER : T.R. SENTHIL KUMAR, JUDICIAL MEMBER: - This appeal is filed by the Assessee as against the appellate order dated 20.12.2023 passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, (in short referred to as CIT(A) ), arising out of the assessment order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e debit of loan, there are instances of cash deposit of Rs. 6,15,310/- for the period 26-09-2016 to 22-11-2016. Further there are three credit entries on 09-01-2017 at Rs. 15,50,000/-. Thus it can be clearly inferred that this bank account is solely used for the purpose of advancing unsecured loan to the assessee. Similarly in the case of Smt. Vandanaben Mavani, there was cash deposit of Rs. 39,000/- and credits received from a person Shri Mehul L. Shah of Rs. 4,63,000/- on 13-06-2016 and Rs. 2 lakhs on 18-06-2016. Similarly in the case of Shri Sagar Mavani, there is a credit entry of Rs. 2,00,000/- on 13-07-2016 and debited on 20-07-2016 in the name of the assessee as loan. Thus the creditworthiness of the loan transactions are not establi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to Shri Pravinbhai Mavani. Further the entire loans were repaid in November and December 2017. The repayment is also made through cheque payments with clearly reflecting in Shri Pravinbhai Mavani s bank account namely Pragati Sahakari Bank Ltd. Further in the Return of Income filed by Shri Pravinbhai Mavani, the interest income of Rs. 1,02,740/- and TDS amount of Rs. 10,274/- is also claimed. Thus the Lower Authorities are not correct in treating the above loan transaction as non-genuine. 5.1. Similarly in the case of Smt. Vandanaben Mavani wherein the unsecured loan of Rs. 4,50,000/- and Rs. 2,00,000/- received on 18-06-2016 and 01-07-2016 and interest of Rs. 60,263/- paid by cheque after making TDS of Rs. 6,026/-. Further the entire loan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in the case of Ambe Tradecorp (P.) Ltd. (cited supra) held as follows: Assessee-company claimed to have received certain amount towards share application money from creditor 'R' during period from 1-4-2009 to 31-3-2010 and was paid back fully in financial year 2010-11 Assessing Officer opined that explanation was not satisfactory to prove creditworthiness of creditor and invoking provisions of section 68, treated amount as unexplained cash credit and added in total income of assessee Assessee had submitted Pan Card, Ledger Confirmation, his own bank statement and bank statement of 'R' to demonstrate that amount was received through banking channel Before Appellate Authority, assessee could establish that 'R' had re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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