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Pr. Commissioner of Income Tax Versus Ilakshi Syntetics Pvt. Ltd.

2016 (9) TMI 1005 - GUJARAT HIGH COURT

Addition on account of unsecured loans from sister concerns - genuineness of the transactions - Held that:- The assessee has discharged its liability to establish that the transactions were genuine. In absence of certain records which were destroyed .....

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a, Advocate for the Appellant ORDER ( Per : Honourable Mr. Justice Akil Kureshi ) 1. Leave to amend. 2. The Revenue is in appeal against the judgment of the Incometax Appellate Tribunal, raising following question of law for our consideration. Whethe .....

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could not produce any corroborative details in regard to unsecured loans and that the genuineness of the transactions was not proved even though all the creditors were sister concerns of the assessee 3. The issue pertains to addition of ₹ 68.45 .....

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rther materials in support of the genuineness of loans, the Assessing Officer treated such transactions as non genuine. The Commissioner of Incometax (Appeals) reversed the finding of the Assessing Officer, upon which, the Revenue approached the Trib .....

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ear under appeal were also appearing in the ledger accounts provided by the assessee company and the transactions claimed to be the loan transaction with the corresponding parties, which are appearing in the concerned bank accounts. Same were also fo .....

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e factual findings, the Assessing Officer in his remand report submitted that in the absence of books of accounts the claim of assessee should not be admitted. 8. The CIT(A) having considered the remand Report as well as material on record, observed .....

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ounts of the assessee. The CIT(A) also held that in view of above direction of ITAT, reconstruction of ledger accounts from bank statements does not strictly amount to fresh evidence. In view of these factual findings as mentioned by the Assessing Of .....

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