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2017 (1) TMI 620 - ITAT DELHI

2017 (1) TMI 620 - ITAT DELHI - TMI - Addition u/s. 68 - inguenity of loan - information from the Investigation Wing that the assessee has received accommodation entries - Held that:- There was only one loan taken by assessee from Moderate Credit Crop Ltd. by cheque no. 743431 & 743430 dated 18.08.2015 of ₹ 25 lacs each. The loan was repaid by cheque no. 230415 dated 28.04.2007 of ₹ 45 lacs and cheque no. 530345 dated 03.05.2007 of ₹ 5 lacs. Thus the loan was repaid 3 years bef .....

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the genuine transaction made by the assessee company cannot be treated as a sham transaction. It of the opinion that this is a genuine loan transaction which has been repaid by the AO ₹ 50 lacs which was rightly been deleted by the Ld. CIT(A) which does not need any interference on my part, hence, uphold the order of the Ld. CIT(A) on this issue. - Also find that Ld. CIT(A) further observed in his impugned order that the loan is taken from non-related parties/company M/s. Moderate Cre .....

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pany which was not shown in books of a/cs, and hence reduced the returned loss by this amount. Therefore, the observation of the Ld. CIT(A) that the net assessed loss after giving effect to this order will be Rs. (-) 15,15,832 + 3,50,000 = ₹ 11,65,832/-) is quite genuine and therefore, the addition made of ₹ 3,50,000/- by the Ld. CIT(A) is reasonable, hence, I upheld the same. - ITA No. 4313/Del/2014, CROSS OBJECTION NO. 218/Del/2016 - Dated:- 9-1-2017 - SHRI H.S. SIDHU, JUDICIAL MEM .....

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000/- made by the AO u/s. 68 of the I.T. Act, 1961 despite of having information from the Investigation Wing that the assessee has received accommodation entries worth of ₹ 50,00,000/-? 2. That the order of the Ld. CIT(A) is erroneous and is not tenable on facts and in law. 3. The ground of appeal are without prejudice to each other. 4. That the appellant craves leave to add, alter, amend or forgo any ground(s) of the appeal raised above at the time of hearing. 2. The grounds raised by the .....

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received by the appellant company without the support of any cogent material either collected or placed upon records, though it was not before the AO. 3. That the respondent company assails their right to amend, alter or change any grounds of appeal of any time even during the course of hearing of instant appeal. Prayer:- It is therefore, prayed that the order passed by the AO may please be quashed and also delete the estimated additions of ₹ 3.50 lacs as confirmed by the Ld. CIT(A). 3. Th .....

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/147 of the I.T. Act, 1961 vide his order dated 20.3.2014. 4. Aggrieved with the aforesaid order of the AO, the assessee filed appeal before the Ld. CIT(A) who vide impugned order dated 16.5.2014 deleted the addition and made the addition of ₹ 3,50,000/- on account of estimated interest paid and partly allowed the appeal of the assessee. 5. Against the order of the learned CIT(A) the Revenue is in appeal and the Assessee has filed the Cross Objection before the Tribunal. 6. Ld. DR relied u .....

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Therefore, he requested that the order of the Ld. CIT(A) may be cancelled on this addition and appeal of the Revenue may be allowed accordingly. 7. On the contrary, the Ld. Counsel of the Assessee contended that the action of the AO was not justified. With regard to deletion of addition of ₹ 50 Lacs he stated that Ld. CIT(A) has rightly deleted the addition which does not need any interference on my part. However, with regard to Cross Objection is concerned, he stated that the addition of .....

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e matter with the ARs very carefully. The ARs vehemently argued that there is no accommodation entry given by Sh. Aseem Kumar Gupta, CA to this appellant company in the past. There was only one loan taken by appellant on from Moderate Credit Crop Ltd. by cheque no. 743431 & 743430 dated 18.08.2015 of ₹ 25 lacs each. The loan was repaid by cheque no. 230415 dated 28.04.2007 of ₹ 45 lacs and cheque no. 530345 dated 03.05.2007 of ₹ 5 lacs. Thus the loan was repaid 3 years befo .....

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orp. Ltd. before issuing cheque or no such other transaction however happened with that company. The genuine transaction made by the appellant company cannot be treated as a sham transaction. I have discussed the matter with the ARs very carefully after going through the paper book evidences and return copy. I am of the opinion that this is a genuine loan transaction which has been repaid by the AO ₹ 50 lacs stands deleted. The loan is taken from non-related parties/company M/s. Moderate C .....

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as estimated interest paid by appellant company which was not shown in books of a/cs, and hence reduce the returned loss by this amount. The net assessed loss after giving effect to this order will be Rs. (-) 15,15,832 + 3,50,000 = ₹ 11,65,832/-). In the result, the appeal is partly allowed. 9. After perusing the aforesaid finding of the Ld. CIT(A), I find that there was only one loan taken by assessee from Moderate Credit Crop Ltd. by cheque no. 743431 & 743430 dated 18.08.2015 of &# .....

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he addition made cash introduction to the bank account of M/s. Moderate Credit Corp. Ltd. before issuing cheque or no such other transaction however happened with that company. Hence, the genuine transaction made by the assessee company cannot be treated as a sham transaction. I am of the opinion that this is a genuine loan transaction which has been repaid by the AO ₹ 50 lacs which was rightly been deleted by the Ld. CIT(A) which does not need any interference on my part, hence, I uphold .....

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