TMI Blog2018 (10) TMI 924X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of ₹ 45,02,898/- relates to purchases made from M/s. Raj Overseas, where regular running ledger account and other documents like purchase bills, etc., were produced before the authorities below to show that it is a genuine purchase transaction and how this amount has been treated as unsecured loan by the AO is not clear. Apart from these facts, it is also noted that these parties in response to the notices u/s 133(6) have clearly confirmed this aspect, but AO without applying his mind on the material available on record has made the addition simply because these persons could have furnished their replies along with documentary evidences. Such observation de hors any material facts or evidences, we do not find any reasons for such a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iliation Repayment during the year Balance 1. Ajay Goel (HUF) - 220,000 - 220,000 - 220,000 2. Ankur Jain 20,000 1,000,000 - 1,000,000 20,000 1,000,000 3. Babita Gupta - 1,300,000 1,300,000 - - 1,300,000 4. Dinesh Jain (HUF) 138,200 1,245,000 245,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - 1,000,000 - 1,175,000 Total (1,928,800) 26,622,898 17,680,398 8,942,500 12,780,098 11,914,000 3. In response to the show cause notice by the AO, the assessee produced bank statements of the parties, confirmation and the respective income tax returns. The AO issued notices u/s 133(6) to various parties in response to which replies were filed by these parties. However, the AO held that these replies were not proper and were not sent alongwith reliable documentary evidences. He then summoned the parties u/s 131, but as obse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 03.2010 and Financial statement of Ashish Foils Private Limited (after takeover of Ashish International) as on 31.03.2011. ii. Detail chart of Unsecured Loan stating Name, PAN, Address, Opening Balance, Total Addition during the year, Net cheque cleared during the year, Amount under reconciliation, Repayment and closing balance for the FY 2010-11. Further Detail chart for the FY 2011-12 stating name, PAN, address, Opening, Addition, and Interest accrued, Cheque reversed during the year, repayment and closing balance. iii. Affidavits and bank statement of the following lenders: - a. Ajay Goel (HUF); b. Ankur Jain; c. Dinesh Jain HUF; d. Dinesh Jain; e. Kundan Lal Goyal (HUF); f. Promila Jain; g. Santosh Jain; h. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... running ledger account and other documents like purchase bills, etc., were produced before the authorities below to show that it is a genuine purchase transaction and how this amount has been treated as unsecured loan by the AO is not clear. Apart from these facts, it is also noted that these parties in response to the notices u/s 133(6) have clearly confirmed this aspect, but AO without applying his mind on the material available on record has made the addition simply because these persons could have furnished their replies along with documentary evidences. Such observation de hors any material facts or evidences, we do not find any reasons for such an addition, therefore it has rightly been deleted by the Ld. CIT(A). 6. Since the grou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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