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Mayuri Infrastructure Pvt. Ltd. Versus The Income Tax Officer, Ward 1 (4) , Nashik

2018 (1) TMI 449 - ITAT PUNE

Additions u/s. 68 - loans from unsecured creditors - assessee had failed to furnish bank statements of the creditors - Held that:- We are in agreement with the findings of authorities below that mere furnishing of confirmations and PAN are not sufficient to prove the creditworthiness of the creditors. The assessee has to prove financial capacity of the creditors. The assessee was required to furnish evidence that would show financial worth of the creditors, such as bank statements, to remove the .....

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ssue, in accordance with law. It is made clear that the Assessing Officer shall not disturb the relief already granted by the First Appellate Authority in respect of addition u/s. 68 of the Act. Appeal of assessee is allowed for statistical purpose. - ITA No.164/PUN/2015 - Dated:- 3-1-2018 - SHRI D. KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM For The Assessee : Shri Pramod Shingte For The Revenue : Shri Mukesh Jha ORDER PER VIKAS AWASTHY, JM : This appeal by the assessee is directed against th .....

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for assessment year 2010-11, the Assessing Officer inter alia observed that the assessee has outstanding unsecured loans to the tune of ₹ 1,31,69,930/-. The list of persons from whom the assessee has allegedly taken loans are as under : Sr. No. Name Opening Balance Accepted During the year Closing Balance 1 Asif Ali Nigar 0 2750000 2750000 2 Balu Daware 0 100000 100000 3 Bhanudas Chuadhari 905000 1875000 2780000 4 Dhananjay Marathe 1699933 2170000 3869933 5 Dnyaneshwar Chaudhari 250000 150 .....

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ssee filed appeal before the Commissioner of Income Tax (Appeals). The First Appellate Authority after examining the facts of the case and explanation furnished by the assessee deleting opening balances of the outstanding loans. The Commissioner of Income Tax (Appeals) further accepted the explanation furnished by the assessee in respect of loan from Ramdas Sonawane and deleted the addition thereof. The Commissioner of Income Tax (Appeals) confirmed the addition of ₹ 92,15,000/- u/s. 68 af .....

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cer has accepted the availability of funds. The other creditors are mostly agriculturists. The assessee had furnished 7/12 extracts in respect of all such creditors and had also provided Assessing Officer with PAN of majority of the creditors. The assessee had also furnished confirmations from them. The ld. AR contended that if an opportunity is granted, the assessee would furnish all the necessary documents before the authorities below to prove creditworthiness of the creditors. 5. On the other .....

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see has introduced fictitious creditors in the form of unsecured loans. The assessee has introduced its own unaccounted money through the fictitious creditors. 6. We have heard the submissions made by the representatives of rival sides and have perused the orders of the authorities below. The assessee in appeal has raised 12 grounds assailing the additions made u/s. 68 of the Act. The ground Nos. 1 to 11 relate to single issue i.e. addition u/s. 68 loans from unsecured creditors. The ground No. .....

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00 11 Vishwanath Jadhav 2,50,000 7. It has been contended before us that in reassessment proceedings in the case of Bhanudas Chaudhari (Sr. No.3), Dhananjay Marathe (Sr. No.4), Madhuri Dhananjay Marathe (Sr. No.6) and Sunita Bhanudas Chaudhari (Sr. No.9), the Assessing Officer has accepted the source of funds. However, the assessment order in the case of above said persons were not placed on record by the ld. AR. In respect of other creditors it has been contended that they are agriculturists an .....

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