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2019 (11) TMI 931 - AT - Income TaxAddition u/s 68 - principal amount received as unsecured loan (plus interest due thereon) from M/s Matribhumi Fincap India Limited on the ground that the same is a shell company and is having criminal/ prosecution case U/s 220(1) & (2) of Companies Act by Chief Judicial Magistrate, Shillong - HELD THAT:- Before going into the merits of the case, we calculated as to why the assessee has still not changed the name in the HDFC bank till date of hearing and still he is doing transactions through this bank account. This transaction needs to be examined by the AO. We also noted that the loan amount of ₹ 1 crores taken in two instalments as stated supra has also been credited in this bank account. These facts need to be examined at the level of AO. Therefore, we think it appropriate to send back the disputed issue to the file of AO for examining of actual ownership of this bank account and why the assessee has not changed the name of the account in the name of M/s Pasa Resources Pvt. Ltd. in place of M/s Pasa Sales and Marketing Ltd. even after merging w.e.f. 01.04.2014. Needless to say, the assessee shall be given reasonable opportunity of hearing and the assessee is directed to cooperate with the AO for early disposal of the case. This ground is allowed for statistical purposes.
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