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2019 (4) TMI 50 - AT - Income TaxUnexplained credit u/s 68 - unsecured loan from registered NBFC and other companies - opportunity of cross-examination of witness was not given - HELD THAT:- We had carefully gone through the above order of the Tribunal in the case of Kota Dall Mill Vs. DCIT, [2019 (1) TMI 344 - ITAT JAIPUR] with respect to the very same search and seizure action taken with respect to the amount taken from M/s Jalsagar Commerce Pvt. Ltd. After having similar observation as in the instant case before us, the A.O. has made the addition which has been confirmed by the ld. CIT(A). We found that the Tribunal have dealt with the issue threadbare and after controverting each and every objection of the Assessing Officer and the ld. CIT(A) have confirmed the addition and also dealing with all the judicial pronouncements referred by the ld. CIT(A) deleted the addition so made with respect to the loan taken from M/s Jalsagar Commerce Pvt. Ltd.. As the facts and circumstances during the both the assessment year under consideration i.e. A.Y. 2015-16 and 2016-17 are pari material, respectfully following the order of the Tribunal in the group cases, we do not find any merit in the addition so made in respect of loan taken from M/s Jalsagar Commerce Pvt. Ltd. We found that the Coordinate Bench in the case of group concern namely M/s Kota Dall Mill (supra) vide its order 31/12/2018 deleted the similar addition made in the assessment year 2015-16 and 2016-17. We had also gone through the findings recorded by the ld. CIT(A) in deleting the addition and found that no clinching evidence was brought on record by the Assessing Officer for holding that the loan given by the M/s Competent Securities Pvt. Ltd. was bogus. The assessee proved the identity the company. The company was assessed by Income Tax Department u/s 143(3) of ITax Act.
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