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TMI Blog2025 (3) TMI 292X X X X Extracts X X X X X X X X Extracts X X X X ..... e all the details to find out the creditworthiness of the creditors.
AO was not provided sufficient opportunity to examine the details filed by the assessee before him nor the additional details filed before the ld CIT(A) were confronted by the CIT(A) before reaching to the conclusion that all lender companies have creditworthiness and deleted the addition.
Therefore, in the interest of justice, the matter is set aside to the file of the AO with a direction that all the documents be examined and decide the matter in accordance with law. Appeal of the revenue is allowed for statistical purposes. X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee before him, was of the view that the identity and creditworthiness as well as genuineness of the transaction is proved by sufficient material. He further observed that AO has ignored the fact that the lender companies having directors being member of family which promoted and took business of Indianbulls Group to Envious Heights and also ignored the fact that relevant balance sheet of the companies to show capacity to lend. Against such deletion the revenue is in appeal before us by taking grounds of appeal:- "1. On the facts and circumstances of the case the Ld. CIT(A) erred in deleting the addition u/s 68 of the Act amounting to Rs. 32,11,00,000/- being unexplained unsecured loans received during the F.Y. 2012-13 without ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... satisfaction of the AO. The ld CIT(A) while deleting the addition has made reference to certain material which was not filed before the AO nor any remand report was obtained by the ld CIT(A) on such documents. 5. The ld DR further submits that the confirmation etc filed by the respective parties does not contain their complete addresses and in some cases PAN was not there. The person who signed the confirmations were not the authorized person and the bank statement filed contained only the entry of date on which the amount were transferred to the assessee and complete statements were not filed and their financial statement shows that all the companies have meager income. The ld DR further submit that creditworthiness of the lender companie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd the rival submissions and perused the material available on record. From the perusal of the assessment order and replies filed by the assessee before the AO which are filed before us in the Paper Book, we find that the assessee on three occasions have filed the details. First response was dated 21.12.2015 wherein, the confirmations and ledger account of the loan creditors were filed. From the perusal of these confirmation we find that except in one confirmation from Vatika (formerly Planet East Estates Pvt. Ltd) address were not given. Even in case of Hasta Infrastructure Pvt. Ltd, PAN is also not available. Thereafter, vide letter dated 21.03.2016 the assessee submitted ITR, bank statement, computation along with balance sheet of the 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hen the time barring limit was about to expire and the AO has to complete the assessment on 31.03.2016. In the instant case, to establish the creditworthiness certain details were asked by the AO since October 2015 however, after expiry of almost 5 months, part of these details were filed before the ld AO leaving no time to AO to examine all the details to find out the creditworthiness of the creditors. Under these circumstances, the ld AO was of the opinion the lending companies have no creditworthiness. Looking to these facts we are of the view that AO was not provided sufficient opportunity to examine the details filed by the assessee before him nor the additional details filed before the ld CIT(A) were confronted by the ld CIT(A) before ..... X X X X Extracts X X X X X X X X Extracts X X X X
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