TMI Blog2019 (2) TMI 615X X X X Extracts X X X X X X X X Extracts X X X X ..... hiness of the creditors are proved. Thus, the additions made on loans borrowed from all the above entities, are hereby deleted. Loans borrowed from M/s. SNV Enterprises and M/s B R Trading Co. though, the assessee has furnished certain details in support of its claim as notices could not be served on these creditors by the Assessing Officer due to the reason that, he did not have the latest address, we deem it fit and proper to remand this issue to the file of the Assessing Officer for fresh adjudication, in accordance with law. - decided in favour of assessee partly. - ITA No. 2076/Kol/2017 - - - Dated:- 24-8-2018 - Sri J. Sudhakar Reddy, Accountant Member And Sri S.S. Godara, Judicial Member For the Assessee : Shri Subash Agarwal, Advocate For the Revenue : Shri Saurabh Kumar, Addl. CIT, D/R. ORDER PER J. SUDHAKAR REDDY, AM :- This is an appeal filed by the assessee directed against the order of the Commissioner of Income Tax (Appeals)- 2, Kolkata (hereinafter the Ld. CIT(A) ), dt. 05/07/2017, passed u/s 250 of the Income Tax Act, 1961 (hereinafter the Act ), relating to Assessment Year 2013-14. 2. The assessee is a company and is in the bus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ontship Commodities (P) Ltd. and Angad Chemicals (P) Ltd. have submitted the reply in response to the summons issued u/s 131 of the I.T. Act on 29/02/2016. Further, show cause letter along with summons u/s 131 was issued on 10/03/2016 to the Managing Director of M/s C K Plastics (PJ Ltd. asking him to produce the loan creditors as identity and creditworthiness of the loan creditors could not be verified. In response to the said show cause the AIR of the assessee company submitted explanations 021/03/2016 citing various case laws. The A/R also furnished details/ documents of the loan creditors except the M/s B R Trading Co and M/s S N V Enterprises. However, no loan creditors appeared personally as required vide summons issued u/ 131 of the I.T Act. It is observed that the assessee was not serious enough to establish its case, otherwise he would have complied with the summons issued by the Assessing Officer and it ought to have produced the directors of the loan creditors before the Assessing Officer so that they could explain the sources from which the loan was given. 3.1. Aggrieved, the assessee carried the matter in appeal. The ld. First Appellate Authority withou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee had given the names and addresses of the alleged creditors. It was in the knowledge of the revenue that the said creditors were the income-tax assessees. Their index number was in the file of the revenue. The revenue, apart from issuing notices under section 131 at the instance of the assessee, did not pursue the matter further. The revenue did not examine the source of income of the said alleged creditors to find out whether they were credit-worthy or were such who could advance the alleged loans. There was no effort made to pursue the so-called alleged creditors. In those circumstances, the assessee could not do any further. In the premises, if the Tribunal came to the conclusion that the assessee had discharged the burden that lay on him, then it could not be said that such a conclusion was unreasonable or perverse or based on no evidence. If the conclusion was based on some evidence on which a conclusion could be arrived at, no question of law as such could arise. (emphasis ours) 8. The other ground on which the Assessing Officer made the addition was that certain funds were transferred into the accounts of the loan creditors from third parties, prior to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Angad Chemical (P) Ltd. (iv) Copy of Bank Statement (v) Reply of the notice u/s. 131 2) Contship Commodities (P) Ltd. - (i) ITR Acknowledgement and Final Accounts for the AY.: 2013-14 (ii) Copy of Confirmation Certificate alongwith typed copy (iii) Copy of Ledger Account of the assessee in the books ofContship Commodities (P) Ltd. (iv) Copy of Bank Statement (v) Reply of the notice u/s. 131 3) Mindtrack Ventures (P) Ltd. - (i) ITR Acknowledgement and Final Accounts for the AY.: 20l3-14 (ii) Copy of Confirmation Certificate (iii) Payment details and Source of Fund (iv) Copy of Bank Statement (v) Reply of the notice u/s. 131 4) Subhlabh Fiscal Services (P) Ltd. - (i) ITR Acknowledgement and Final Accounts for the A.Y.: 2013-14 (ii) Copy of Confirmation Certificate (iii) Payment details and Source of Fund (iv) Copy of Bank Statement (v) Reply of the notice u/s. 131 5) S.N.V. Enterprises- (i) Final Accounts for the A.Y.: 2013-14 (ii) Copy of Confirmation Certificate (iii) Copy of Trade Licence 6) B.R Trading Co. (i) Final Accounts for the A.Y.: ..... X X X X Extracts X X X X X X X X Extracts X X X X
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