TMI Blog2020 (2) TMI 1288X X X X Extracts X X X X X X X X Extracts X X X X ..... stion of ₹ 1,28,24,076/- and ₹ 10,93,50,350/-. Therefore, there was no reason to doubt either the credit worthiness of the investor or the genuineness of the transaction. The aforesaid findings are purely factual in nature and do not raise any substantial question of law for consideration of this Court. - ITA 108/2020 - - - Dated:- 18-2-2020 - MR. VIPIN SANGHI AND MR. SANJEEV NARUL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erein the Tribunal rejected the appeal preferred by the revenue. Addition of ₹ 20 crores was sought to be made against the assessee under Section 68 of the IT Act on account of credit received from M/s Rangoli Buildtech Pvt. Ltd. and M/s Epic Developers Pvt. Ltd. However, it transpired that no money has been received from M/s Rangoli Buildtech Pvt. Ltd. and only an amount of ₹ 14.5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that if the profit making apparatus is not their, then in that event source of source has to verify so as to examine the genuineness of the loan transaction. Accordingly, the Balance Sheet of Epic Developers Pvt. Ltd. was perused and it is found that in the year under consideration they have been received a sum of ₹ 17.35crores from following two entities, from which funds have been invested ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,330. Therefore, in view of the source of source having come from the creditworthy party, I am of the considered view that the AO cannot add a sum of ₹ 14.50 crores on account of credit received from Epit Developers Pvt. Ltd. by holding the same as a non-genuine loan transaction. In view of these above facts and evidences on record, the addition of ₹ 14.50 crores received from Epic De ..... X X X X Extracts X X X X X X X X Extracts X X X X
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