TMI Blog2021 (6) TMI 725X X X X Extracts X X X X X X X X Extracts X X X X ..... the documents filed by these loan creditors - He has given factual findings on each of these cash credits. The ld. D/R could not controvert any of these factual findings. AO has issued notices u/s 133(6) of the Act to each of the loan creditors and all these notices were complied with. We uphold the factual findings of the ld. CIT(A) and dismiss this ground of the Revenue. Addition made u/s 2(22)(e) - HELD THAT:- The loan/advance carried an interest of 12% per annum. On these facts, the ld. CIT(A) relied on the decision of Pradip Kr. Malhotra [ 2011 (8) TMI 16 - CALCUTTA HIGH COURT] as well as CIT vs. Creative Dyeing Printing (P.) Ltd. [ 2009 (9) TMI 43 - DELHI HIGH COURT] and deleted the addition. We find no infirmity in the same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e matter in appeal. The first appellate authority called for a remand report from the AO. The AO in his remand report concluded that all the nineteen loans from different loan creditors were given to the assessee through banking channels and that they were duly confirmed by all the loan creditors. He further stated that from the documents, ITRs, balance sheets and copies of the bank pass books, the source from which the loan was given were filed from which the creditworthiness of the loan creditors may be ascertained. The ld. CIT(A) considered all the documents filed by each of the loan creditors and after discussing at length, from page 23 to 49 of his order, deleted the additions made u/s 68 of the Act. He also deleted the additions made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , copy of the income tax returns filed by each of the loan creditors which proves that they are all income tax assessee s, annual accounts including balance sheet of each of the loan creditors. The ld. CIT(A) has discussed each of the documents filed by these loan creditors at para 7.4 of his order from page 23-48. He has given factual findings on each of these cash credits. The ld. D/R could not controvert any of these factual findings. The AO has issued notices u/s 133(6) of the Act to each of the loan creditors and all these notices were complied with. In view of the above discussion, we uphold the factual findings of the ld. CIT(A) and dismiss this ground of the Revenue. 7.1. Coming to the addition made u/s 2(22)(e) of the Act, the f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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