TMI Blog2021 (4) TMI 1082X X X X Extracts X X X X X X X X Extracts X X X X ..... redients of the provision of section 68 of the Act. Hence, not carried any enquiry qua these three conditions rather he mainly relied on the search conducted in the case of Bhawarlal Jain Group of cases. It is also not clear from the assessment order whether these loan parties are genuine or non-genuine and the amount received are unexplained but how. It is a fact that the assessee has discharged its primary onus by filing all these documents which the Assessing Officer should have verified and examined these parties. The assessee has complied with the basic conditions of the provision of 68 by submitting the confirmations of loan, copies of the Bank Statements and Copies of Income Tax Return of these four loan creditors. We noted from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /2020 - - - Dated:- 19-4-2021 - Sri Mahavir Singh, VP And Sri Manoj Kumar Aggarwal, AM For the Appellant : Shri Brajendra Kumar, DR For the Respondent : Shri Piyush Chhajed, AR ORDER PER MAHAVIR SINGH, VP: These Cross appeals are arising out of the order of the Commissioner of Income Tax (Appeals)]-29, Mumbai, [in short CIT(A)], in ITA No. CIT(A)-29/IT-745/ITO-18(1)(1)/16-17 dated 19.09.2018. The assessment was framed by the Income Tax Officer, Ward-19(1)(1), Mumbai (in short ITO/ AO) for the A.Y. 2010-11 vide order dated 21.012.2016 under section 147 read with section 143(3) of the Income-tax Act, 1961 (hereinafter the Act ). 2. The first issue in this appeal of Revenue is against the order of CIT(A) deletin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... finally held as under: - 4.3.1 During the appellate proceedings, the appellant has submitted loan Confirmations, copies of the Bank Statements and Copies of Income Tax Return of the loan creditors, etc. If the above referred principles are applied to the fact of the case under consideration, it can be seen that the identity of the creditors has been established as they are having PAN and they are regularly filing return of income. The genuineness of the transaction is established from the fact that both the acceptance and repayment of loan has been through banking channels. The creditworthiness of the lenders can be established from the statements. In the assessment order, the Assessing Officer did not at all discuss the merit of subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ic conditions of the provision of 68 by submitting the confirmations of loan, copies of the Bank Statements and Copies of Income Tax Return of these four loan creditors. We noted from the assessment order that although the Assessing Officer has written a very elaborate order but he has missed the basic three ingredients of the provision of section 68 of the Act. Hence, not carried any enquiry qua these three conditions rather he mainly relied on the search conducted in the case of Bhawarlal Jain Group of cases. It is also not clear from the assessment order whether these loan parties are genuine or non-genuine and the amount received are unexplained but how. It is a fact that the assessee has discharged its primary onus by filing all these ..... X X X X Extracts X X X X X X X X Extracts X X X X
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