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2013 (10) TMI 882 - HC - Income TaxAddition on account of 69B of Income Tax Act – Addition after making reference to the 3CD report wherein unsecured loans of Rs.4.6 crores and repayment of Rs.4.52 crores were recorded. The Assessing Officer observed that during the scrutiny proceedings, the respondent-assessee had shown loan amount of Rs.4.25 crores and repayment of Rs.3.32 cores – Held that:- Assessing Officer had made an error in reading the 3CD report and has recorded that the respondent-assessee had actually received Rs.4.35 crores. The amounts were received from E-City Entertainment India (P) Ltd. and Taneja Developers & Infrastructures Ltd. Similarly, with regard to repayment, the details/documents was examined and it was held that the respondent-assessee had paid Rs.4,52,40,721/- to E-City Entertainment India (P) Ltd. and Taneja Developers & Infrastructures Ltd - Departmental representative was not able to demonstrate any factual error – No document has been filed to controvert the above findings – Decided against the Revenue.
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