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TMI Blog2014 (6) TMI 252X X X X Extracts X X X X X X X X Extracts X X X X ..... tances of the case the ld.CIT(A) has erred in law and on facts in deleting the addition of Rs.4,00,00,000/- made by the Assessing Officer u/s 68 of the Income Tax Act, 1961 on account of unexplained unsecured loan." 3. The other grounds are only arguments in support of above ground No.1. 4. The facts of the case are that during the year under consideration, the assessee received fresh unsecured loans amounting to Rs.25,29,86,700/-. The Assessing Officer did not accept the loan of Rs.4 crores from the following two parties on the ground that the assessee only produced the confirmation from the creditor and did not prove the source out of which fresh loan was given :- (i) Coronet Vyappar (P) Ltd. - Rs.3 crores (ii) Vollent Investment & Fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ay kindly be deleted. 4. On a perusal of the above submissions and the additional evidence furnished by the appellant on which a remand report has also been sent by the AO in which the genuineness of the transaction has been confirmed on perusal of the bank account from which the cash credits have been provided to the appellant, it is held that in view of factual position and the various case laws on the subject, as relied upon by the appellant the addition made for Rs.4 crores is directed to be deleted." The Revenue, aggrieved with the order of learned CIT(A), is in appeal before us. 6. At the time of hearing before us, learned DR relied upon the order of the Assessing Officer and he stated that the assessee only produced the confirmatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s whose confirmations were produced by the assessee before the Assessing Officer. The creditors were assessed to income tax and their general index numbers were submitted by the assessee. The Assessing Officer asked the assessee to produce the creditors. However, since the assessee was unable to produce the creditors, at his request, the Assessing Officer issued summons under Section 131 of the Income-tax Act to the creditors which were returned unserved with the remark "left". In view of these facts, the Assessing Officer had treated the credit from those persons amounting to Rs.1,50,000/- as unexplained cash credit. On appeal, the ITAT deleted the addition on the ground that merely because the assessee could not produce the creditors, adv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion P.Ltd. (supra). In the case under appeal before us, the assessee not only produced the confirmation of the creditors, their permanent account numbers but also the copy of their assessment order and bank accounts. Since there were certain fresh evidences furnished before the CIT(A), he called for the remand report from the Assessing Officer. Copy of the remand report is placed at pages 15 to 17 of the assessee's paper book. From the remand report, it is evident that during remand proceedings, enquiries were conducted by the Assessing Officer by deputing the Inspector of Income Tax and also calling for the information under Section 133(6). After such enquiry, he submitted the remand report. The relevant portion of the remand report is re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hi, reveals that the assessee has received Rs.1,00,00,000/- from M/s Vollent Investments & Finance Ltd. vide cheque no.450271 dated 18.01.2006. M/s Vollent Investments & Finance Ltd. is being assessed to income tax with ITO Ward 17(4), Kolkata vide PAN AAACV- 0186-F. In respect of the unsecured loan received from both these parties, the following observations are summarized as under:- S. No. Name Confirmation Copy of Bank account Copy of I.T. Return Physically produced 1 Coronet Vyappar (P) Ltd. Filed (at the time of assessment proceedings) Filed (called for u/s 133(6) and placed on record) Filed (with application under Rule 46A and verified by this office) Not produced 2 Vollent Investment & Fin. Ltd. Filed (at the time of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me, we uphold the order of learned CIT(A) and dismiss the appeal filed by the Revenue. ITA No.3773/Del/2011 - Revenue's appeal in the case of M/s Land Mark Exim (P) Ltd. :- 11. In this appeal by the Revenue, ground Nos.1 & 2 read as under:- "1. On the facts and in the circumstances of the case, the ld.CIT(A) has erred in law and on facts in deleting the addition of Rs.4,22,50,000/- made by the Assessing Officer u/s 68 of the Income Tax Act, 1961 on account of unexplained unsecured loan. 2. On the facts and in the circumstances of the case, the ld.CIT(A) has erred in law and on facts in deleting the addition of Rs.1,95,00,000/- made by the Assessing Officer u/s 68 of the Income Tax Act, 1961 on account of bogus share capital/share premiu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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