TMI Blog2019 (11) TMI 1657X X X X Extracts X X X X X X X X Extracts X X X X ..... en taken cognizance by the Assessing Officer. The CIT(A) has taken the cognizance of the evidences and has given a justified reason while deleting the said addition. - Appeal of the Revenue is dismissed. - I.T.A NO. 2284/Del/2017 - - - Dated:- 18-11-2019 - SHRI N. K. BILLAIYA AND MS SUCHITRA KAMBLE, JJ. Appellant by Shri Surendra Pal, Sr. D.R Respondent by Shri Rohit Agarwal, C.A. ORDER SUCHITRA KAMBLE, J. This appeal is filed by the Revenue against the order dated 20/01/2017 passed by CIT(A)-Meerut for Assessment Year 2013-14. 2. The grounds of appeal are as under:- 1. The Ld. Commissioner of Income Tax (Appeal) has erred in law and on facts in allowing the appeal of the assessee after allowing inter o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere accommodation interest and since the assessee did not produced the depositors. The assessee has not been able to prove identity and genuineness of the parties from whom it had taken unsecured loans of ₹ 3,20,00,000/- and treated the same loans as anonymous donations u/s 115BBC of the Income Tax Act, 1961 and added the same to the income of the assessee by directing charging of tax at maximum marginal rate. The Assessing Officer further disallowed the claim of depreciation of ₹ 2,30,33,137/- claimed as application of income holding that the same is not allowable as the capital expenditure on acquiring fixed assets has already been allowed in respective years. 4. Being aggrieved by the assessment order, the assessee filed t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e unsecured loans accepted by the appellant from 5 persons during the year under appeal are treated as explained and substantiated. Mere non production of the depositors by the appellant has wrongly been made a ground to make addition to make addition u/s 68 of the Act. Further the action of the A.O. to treat the deposits under reference as anonymous donations u/s 115BBC is completely unlawful since all the loan creditors had opening balances and had also filed copies of ITRs, Thus, by no stretch of imagination could the AO treat these loans as anonymous donation u/s 115BBC. Now coming u the failure to produce the depositor for the personal deposition the same cannot be treated as a ground so as to make the addition of the loans accepted fr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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