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TMI Blog2017 (9) TMI 1604X X X X Extracts X X X X X X X X Extracts X X X X ..... A.Y. 2007-08 shall apply to A.Y. 2012-13 also. 3. The grounds taken by the Revenue for A.Y. 2007-08 read as under: "1. Whether on the facts and in circumstances of the case and in law, the Ld CIT(A) was right in deleting the addition made u/s 68 of the Act to the tune of Rs. 40,00,000/- on account of unexplained unsecured loan I taken from Javda India Impex Limited and Lexus Infotech Ltd. ?" "2. Whether on the facts and in circumstances of the case and in law, the Ld CIT(A) was right in deleting the disallowance of interest made u/s f 37 (I) of the Income Tax Act, 1961 of Rs. 45,134/- which is paid on the loan taken from the above two companies?" "3. Whether on the facts and in circumstances of the case and in law, the Ld CIT(A) was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... beneficiaries of accommodation entries given by Shri Praveen Kumar Jain. A search and seizure action u/s. 132 of the I.T. Act had been conducted in the case of Shri Praveen Kumar Jain and from the statements of Shri Praveen Kumar Jain and his associates it was known that the assessee is one of the beneficiaries of the accommodation entries provided by them. On the basis of specific information that accommodation entries of ` 20 lacs each had been made to the assessee on account of loans advanced to it by M/s Javda India Impex Ltd. (hereinafter referred to as Javda) and M/s. Lexus Infotech Limited (hereinafter referred to as Lexus) on 15th Feb 2007 and 31st Jan, 2007 respectively, the Assessing Officer initiated proceedings u/s. 147. In a s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ced, the list of directors of the two companies and copies of the acknowledgment of return filed by these companies. The assessee also furnished copy of written submissions dated 15.03.2015 as well as affidavit of Shri Praveen Kumar Jain retracting his statement. The CIT(A) after going through the submissions deleted the addition made by the Assessing Officer. 6. We have heard the rival submissions along with the orders of the tax authorities below. We noted that during the impugned assessment year, the assessee had taken unsecured loans from the following two parties: Sr. No. Name of the Party and Address PAN Loan taken (Rs.) Rate of Interest 1. Javda India Impex Limited CS-1, Silver Anklet, Yari Road, Versova, Mumbai 400 061 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctive parties through cheques and in none of the case the respective party has deposited any cash. He relied on the following Tribunal decisions: * Arceli Realty Ltd vs. ITO [ITA No. 6492/Mum/2016 dated 21.04.2017(Mumbai)] * M/s Komal Agrotech Pvt. LTd. vs. ITO [ITA No.4 37/Hyd/2016 dated 25.11.2016 (Hyderabad)] * Sudhanshu Suresh Pandhare vs. ITO [ITA No. 5185/Mum/2012 dated 05.10.2016 (Mumbai)] * Dilsa Distributors Combines vs. ITO [ITA No.5849/Mum/2011 dated 06.09.2013(Mumbai)] * Aim Properties & Investments Pvt. Ltd vs. ITO [ITA No. 7426/Mum/2012 dated 04.12.2013 (Mumbai] He further placed reliance on the following judgments: * Nemi Chand Kothari vs. CIT [2004] 136 Taxman 213 (Gau) * Vijay Kumar Talwar vs. CIT [2011] 330 I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing channels. The assessee has also submitted copies of bank accounts. The lender has not deposited cash into bank account. The assessee has duly discharged the onus with regard to identity of the lender, credit worthiness of the party and all supporting evidences as required u/s. 68 of the I.T.Act. Therefore, in our opinion the decisions relied upon by the DR does not assist the Revenue to the facts of the present case. 11. We have also gone through the decisions relied upon by the learned AR. We noted that this Tribunal in similar circumstances in the case of Komal Agrotech Pvt. Ltd. vs. ITO in ITA No. 437/Hyd/2016 vide its order dated 25.11.2016 has held as under: A plain reading of the assessment order demonstrates that the AO merely ..... X X X X Extracts X X X X X X X X Extracts X X X X
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