TMI Blog2021 (4) TMI 385X X X X Extracts X X X X X X X X Extracts X X X X ..... eived all the documents, the Assessing Officer has not brought anything on record or conducted any investigations to prove that the documents filed are not genuine. The revenue has not responded to the reminders issued by the ld. CIT(A) with regard to bringing any evidences or disputing and countering the evidences filed by the assessee. On merits of the case, since the ld. CIT(A) has given relief based on the discharge of onus by the assessee who cogently fulfilled the obligations casted upon by the Act and the revenue has not brought about anything contra, hence, we decline to interfere with the order of the ld. CIT(A). With regard to the non-compliance to the seven reminders issued by the ld. CIT(A) to the field authorities, we declin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ived loan from the following two parties: 1. M/s. Patkin Tracom Pvt. Ltd. : ₹ 1,00,00,000/- 2. M/s. Coorg Vincom Pvt. Ltd. : ₹ 1,50,00,000/- 4. The Assessing Officer brought these amounts to tax holding as under: Both the parties have not shown that the loan to the assessee out of Reserve/Share capital of these companies or any money borrowed from the outside parties and there is no change in the reserves or capital of these companies as compared to the last year and therefore there is no source of money paid to the assessee. That the payments in the bank accounts of these parties out of which the loans are advanced to the assessee have been received through RTGS/Bank transfer and immediately on receipt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly Coorg Vincom Pvt. Ltd.) (Loan amount ₹ 1,50,00,000) a) Copy of account of the appellate in the books of the party for the period 01/04/2010 to 31/03/2015 b) Copy of bank account of the party highlighting the transactions of loans taken and its repayment in the subsequent years. c) Copy of accounts of the party in the books of appellant for the period 01/04/2010 to 31/03/2015 d) Copy of bank account of the appellant highlighting the transactions of loan taken and its repayment in the subsequent period. e) Confirmation from the party explaining the source of each payment made to the appellant towards loan. 7. Further, the assessee has submitted following documents before the ld. CIT(A) which have been dul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been received by ld. CIT(A) from the Assessing Officer. 9. The ld. CIT(A) (page no. 11 para 4) has written letters to the AO vide letters dated 28.04.2015/28.05.2015 which is as under: Please find enclosed herewith the submissions of the assessee filed during the course of appellate proceedings. You are hereby requested to submit para-wise comments on the submissions of the assessee. 2. Further, you are directed to call various details as deemed fit from the Assessing Officer of M/s. Patkin Tracom Pvt. Ltd. M/s. Coorg Vincom Pvt. Ltd. from whom the assessee has taken loans aggregating to ₹ 2,50,00,000/-. The credit worthiness of these lenders and genuineness of transactions may be investigated, as deemed fit, after obta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have been taken from M/s. Patkin Tracom Pvt. Ltd. and M/s. Coorg Vincom Pvt. Ltd. of ₹ 1,00,00,000/- and ₹ 1,50,00,000/- respectively. During the assessment proceedings, after analyzing the fact, the AO found the impugned loan transactions to be non genuine, therefore, he made addition of the same. During the appellate proceedings, a remand report was called for from the AO to investigate or conduct verification/inquiry in respect of the loan creditors. However, even after giving seven reminders to the AO, no reply has been received so far, whereas, the appellant has submitted all the relevant details to prove identity, credit worthiness and genuineness of the transactions. It was submitted that the transactions with the above ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thiness and genuineness of the loan transactions, they had with both the companies, whereas, the AO has not brought any material on record to controvert the submission/details filed by the appellant. In view of above discussion, the AO is directed to delete the addition. 11. We have gone through the entire factum of the case and find that the assessee has discharged the primary onus casted upon him before the Assessing Officer by the way of filing confirmations, bank accounts, audited accounts, certificates from the bank regarding the interest received, copies of the TDS certificates regarding the interest paid, NBFC status of the lender companies. Further, the details filed by the assessee showed that the company has received interest ..... X X X X Extracts X X X X X X X X Extracts X X X X
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