TMI Blog2021 (6) TMI 56X X X X Extracts X X X X X X X X Extracts X X X X ..... ement as on 31.3.2015 under the head Unsecured Loans, the party Shri Nilesh Patel is shown as outstanding loan payable. As find from paper book containing letter filed before the ld AO in the original assessment proceedings, the complete details of loans received by the assessee, squared up during the year, together with their name and address of the lenders, their PAN, mode of receipt, purpose of loan , their assessment particulars, their income tax returns etc. Admittedly , these details were filed by the assessee after the completion of assessment u/s 144 of the Act on 8.12.2017. Hence it could be safely concluded that these documents were very much available on record when the ld PCIT examined this assessment folder. When all th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... like finding market course in their field or providing commission basis services to their customers. We find that the assessee had filed its return of income for the Asst Year 2015-16 on 31.10.2015 declaring total income of ₹ 63,88,660/-. The assessment for the Asst Year 2015-16 was completed u/s 144 of the Act on 8.12.2017 determining total income at ₹ 6,09,22,060/- after making additions towards loans received in the sum of ₹ 5,45,33,400/- as unexplained cash credit u/s 68 of the Act. We find that one of the reasons for selecting the case for scrutiny is verification of squared up loans by the assessee. This fact is clearly mentioned in page 2 of the assessment order. The ld AO observed that the assessee had received lo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the end of the year. It was also pointed out that the receipt of the said loan in the sum of ₹ 11,30,000/- was duly disclosed in the tax audit report of the assessee and it was also mentioned that the said loan was not squared up during the year. It was specifically pointed out before the ld AO that only two loans in the sums of ₹ 5,45,33,400/- were squared up during the year and hence the same alone was the subject matter of addition by the ld AO in the original assessment proceedings. Since this loan of ₹ 11,30,000/- from Shri Nilesh Patel was not squared up during the year, the ld AO had rightly not made any addition towards the same. We find that the assessee had duly furnished the following documents before the ld ..... X X X X Extracts X X X X X X X X Extracts X X X X
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