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TMI Blog2015 (10) TMI 167X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) has erred in law, fact and in circumstances of the case in deleting the addition of Rs. 10,00,000/- made by AO on unexplained unsecured loan received from M/s CSR Electronics P. Ltd. since the genuineness of transaction and creditworthiness of the company was not proved. 3. On the facts and circumstances of the case the Ld. CIT(A) has erred in not appreciating the fact that the equivalent amount of cash was deposited in the bank account of the company on the same date as the date of loan to the assessee. 4. On the facts and circumstances of the case the Ld. CIT(A) has erred in law, fact and in circumstances of the case in deleting the addition of Rs. 22,027/- made by AO on a/c of disallowance of interest on unsecured loans which a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee company. 5. Aggrieved by the order of the Assessing Officer, the assessee came in appeal before the CIT(A). The CIT(A) has deleted the addition by holding as under:- "5.3 I have carefully considered the assessment order and the submissions of the appellant. The loan creditor is a company duly registered under the Companies Act and regularly files income-tax returns and is also regularly assessed to tax. The total fund available with the loan creditor is Rs. 79.55 lakh. The loan given to the appellant company appears in the balance sheet of the loan creditor. The amounts were transferred through bank channel and have been duly accounted for. In the circumstances, it cannot be held that the company having income of only Rs. 22,540/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctronics Pvt. Ltd. It has filed the balance sheet of the said company and also copy of account duly confirmed with PAN and complete address. The payment has been received by cheque in the month of January, 2003 and this loan was a loan on which interest for the period ended 31st March, 2003 of Rs. 22,027/- was credited and out of which tax at source of Rs. 4626/- was deducted. The CSR Electronics Pvt. Ltd. has filed the return and has shown the interest income as is evident from the profit and loss account and has also taken credit of the tax deducted at source as is evident from the computation of income. The payment has been received by cheque on various dates and the bank statement of CSR Electronics Pvt. Ltd. shows the debit in the name ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o carry out further investigation to take issue to the logical end. This loan is reflected in the books of the CSR Electronics Pvt. Ltd. Further the bank statement of CSR Electronics Pvt. Ltd. reflects that there are various debits and credits through cheques. The Assessing Officer's allegation is that there is a deposit of cash in the bank account of the creditor but we find that all the money has not been deposited in cash. In fact there are cash withdrawals from the bank account. The assessee company had produced confirmations. The evidences in support of the loan were filed that this advance was received from CSR Electronics Pvt. Ltd. and the same has accounted for in its books of account. The creditor company was being assessed indepen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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