TMI Blog2015 (12) TMI 452X X X X Extracts X X X X X X X X Extracts X X X X ..... parties. However, we find that the Learned AO had doubted the creditworthiness of the parties who had advanced monies to the assessee. We find that the entire loans have been received only by account payee cheques which fact is not disputed by the revenue. We find that the assessee had filed confirmations from all the five parties. However, in respect of confirmation from last three parties namely Babcock Engineering Services, Ms. Nitasha Shah and Nevada Udyog, the same were filed before the Learned AO after the completion of assessment. Hence obviously the same were not available for verification by the Learned AO. In respect of confirmation filed from first two parties filed before the Learned AO, no verification was carried out on the same by him. Hence we deem it fit and appropriate in the interest of justice and fair play, to set aside this issue to the file of the Learned AO and verify the veracity of the confirmations filed by the assessee from the five parties and decide this issue afresh uninfluenced by earlier decision after giving adequate opportunity of being heard to the assessee. The assesee is given liberty to adduce fresh evidences and documents to support his cont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erials on various dates and hence the same are not liable for deduction of tax at source. Aggrieved, the revenue is in appeal before us on the following ground:- 1. That the ld. CIT(A) erred in law as well as on facts in deleting the disallowance of ₹ 1,85,714/- made by the AO u/s. 194C read with 40(a)9ia) under the head Repair and Maintenance charges on the plea that the said payment pertains to purchase of materials on which TDS provisions are not applicable, whereas the facts show that the payment made by the assessee under the said head, clearly attracted the provisions of sec. 194C. 3.2. The Learned DR vehemently supported the order of the Learned AO. In response to this, the Learned AR argued that a clear finding has been given by the Learned CITA in para 5.2 of his order and no interference is called for in this regard. 3.3. We have heard the rival submissions and perused the materials available on record. We find that the findings given by the Learned CITA is not refuted by the revenue before us . We find that a sum of ₹ 1,85,714/- pertains to purchase of electrical items for which obviously no deduction of tax at source is warranted and hence no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not inclined to interfere with the findings of the Learned CITA in this regard. Accordingly, the ground no. 2 raised by the revenue is dismissed. 5. The third issue to be decided in this appeal is whether in the facts and circumstances of the case, the addition u/s 68 of the act could be made in the sum of ₹ 41,03,182/- in respect of loans received by the assessee from various parties. 5.1. The brief facts of this issue is that the assessee was in receipt of following loans from the following parties :- Name of the party Amount of Loan (Rs.) Date of submission of confirmation M/s. M.S.Graphics Pvt Ltd 15,00,000/- 15-12-2009 Sri Biswanath Mukherjee 1,00,000/- 15.12.2009 M/s.Babcock Engineering Services 8,00,000/- 22-12-2009 Ms. Nitasha Shah 5,00,000/- 22-12-2009 M/s. Nevada Udyog 11,75,000/- 22-12.2009 The assessee pleaded that all these l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ued that the onus shifts on the revenue to make further enquiries, if need be, to satisfy themselves about the creditworthiness of the parties who had advanced monies to the assessee. 5.3. We have heard the rival submissions and perused the materials available on record. We find that the assessee had given the names and addresses of the parties from whom loans were received by him together with the confirmations and PAN details of those parties. However, we find that the Learned AO had doubted the creditworthiness of the parties who had advanced monies to the assessee. We find that the entire loans have been received only by account payee cheques which fact is not disputed by the revenue. We find that the assessee had filed confirmations from all the five parties. However, in respect of confirmation from last three parties namely Babcock Engineering Services, Ms. Nitasha Shah and Nevada Udyog, the same were filed before the Learned AO after the completion of assessment. Hence obviously the same were not available for verification by the Learned AO. In respect of confirmation filed from first two parties filed before the Learned AO, no verification was carried out on the same by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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