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2015 (9) TMI 1233 - AT - Income TaxAddition u/s. 68 - unaccounted cash paid for obtaining the accommodation entries - CIT(A) deleted the addition - Held that:- The creditworthiness is reflected through sources of funds in the balance sheet, the details of which were made available by the assessee during the assessment/ remand and appellate proceedings, on the basis of which it can be concluded that the lenders had sufficient funds to make the investment and to advance loans and those investments / loans have been duly disclosed in its Balance Sheet. We further note that in the Remand Report the AO has confirmed that he had examined the Director of Charm Investments Pvt. Ltd. and also recorded his statement on 19-08- 2009.In view of the above, we are of the considered view that the A.O. was not justified in making addition on account of unsecured loans to the extent of ₹ 17,50,000/- from the loan creditors. Therefore, the Ld. CIT(A) has rightly deleted the addition made on account of unsecured loans from the loan creditors and as a natural consequence, the additions on account of commission to the extent of ₹ 35,000/- was also rightly deleted. Since the Ld. CIT(A) has passed a well reasoned order and therefore, no interference is called for in the impugned order on our part, hence, we uphold the impugned order dated 03.12.2010 passed by the Ld. CIT(A) and accordingly dismiss the appeal of the Revenue. - Decided in favour of assessee. Treating the interest earned on Margin Money Deposits as income from other sources - denial of deduction u/s. 80IB - Held that:- We have seen that the decision of the Hon’ble Delhi High Court for the Assessee in the case CIT vs. Jaypee DSC Ventures Ltd. (2011 (3) TMI 309 - Delhi High Court) has not been considered by the Ld. CIT(A) while deciding the issue involved in ground no. 1, therefore, we are of the view that the Hon’ble Delhi High Court has considered all the decisions mentioned by the Ld. CIT(A) in the impugned order and decide the issue in favor of the assessee. As submitted by the Ld. DR that the issue may be set aside to the file of the Ld. CIT(A) to decide the same afresh, after considering the decision of the Hon’ble Delhi High Court. In view of the above, we think it proper that request of the Ld. DR seems to be genuine and should be accepted, therefore, we set aside the issue involved to the file of the Ld. CIT(A) to decide the same afresh, under the law, after considering the decision of the Hon’ble Delhi High Court decision in the case of CIT vs. Jaypee DSC Ventures Ltd. [2011 (3) TMI 309 - DELHI HIGH COURT]. Needless to add that the assessee should be given adequate opportunity of being heard. - Decided in favour of assessee for statistical purposes.
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