TMI Blog2021 (10) TMI 1052X X X X Extracts X X X X X X X X Extracts X X X X ..... , wherein it was held that he had acted as facilitator in providing the funds to the investors and from this purpose he had made noting of funds which were remitted by third party and received by another third party. Hence, we are of view that once the assessee has discharged the primary onus, the Assessing Officer without brining any adverse evidence was not justified in making addition under section 68 of the Act. This ground of assessee s appeal raised by assessee is allowed. - I.T.A No.235/AHD/2016 - - - Dated:- 11-10-2021 - Shri Pawan Singh, Hon'ble Judicial Member And Dr. Arjun Lal Saini, Hon'ble Accountant Member For the Assessee : Shri Suresh K. Kabra CA For the Revenue : Smt. Anupama Singla Sr.DR ORDER PER PAWAN SINGH, JUDICIAL MEMEBER: 1. This appeal by the Assessee is directed against the order of ld. Commissioner of Income Tax (Appeals)-Valsad, Valsad hereinafter referred as Ld.CIT(A) dated 18.12.2015 for A.Y. 2011-12. The Assessee has raised following grounds of appeal: 1. On the facts and circumstances of the case as well as law on the subject, the Learned Commissioner of Income Tax (Appeals) has erred in c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f unsecured loan, the return of income and bank statement of lender to show the identity and genuineness of the transactions and their creditworthiness. The assessee discharged their primary onus by furnishing required document to prove the identity of persons, genuineness of transaction and creditworthiness of lenders. The Assessing Officer held that the transactions are facilitated entry. The Assessing Officer had not established the ground of which the transaction was considered for fraudulent loan entry. The Assessing Officer has not made any independent inquiry and made addition on the basis of surmise and conjecture. The assessee also relied on certain case laws. The Ld. CIT(A) after considering the assessment order, submission of assessee and evidence furnished by assessee held that the Assessing Officer received information that the assessee has recorded unsecured loan entry through facilitate therefore genuineness of transaction as well as creditworthiness of lenders is under cloud. The Ld. CIT(A) further held that submission of confirmation, bank statement and copy of return of income are sufficient to prove the genuineness of inquiry and creditworthiness of lenders and u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de the addition on the basis of information received from DCIT, Circle-2(4), Ahmedabad. Though, the assessee furnished copy of confirmation, bank statement, and income-tax return of lenders. Despite filing all necessary evidence to prove the identity, creditworthiness and genuineness of transaction, the Assessing Officer has not given any comment on such documentary evidence and no independent investigation was carried out by the Assessing Officer. The Ld. CIT(A) confirmed the action of Assessing Officer on similar lines. No independent finding was given by Ld. CIT(A) except holding that mere filing of confirmation, bank statement, copy of return of income is not sufficient to prove the genuineness of transaction and creditworthiness of lenders. 8. We find that the Ld. CIT(A) has not given any finding as to what more evidence was required to file if any other evidence was required from the assessee. In our view the assessee has discharged the primary onus in showing the identity, creditworthiness and genuineness of such transaction. We further find that similar addition of the same amount was made in the hand of facilitator Dhirajlal Sanghvi. However, on appeal before Ld. CIT( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar Dist. Karnataka 3 110 Gromax Corporate services Pvt. Ltd. 409, Triputi Towers Nr. Telephone exchange Street GIDC Crossing Road, GIDC Vapi 7/7/2010 8443000 M.N.Pratima House No.106/21, Firrst Floor, Nr. Old Divjyajyoti Scl Akri village E.G.Road 4 109 Joshi Bullion Gems Jewellery Pvt. Ltd. 412, Laxmi Mall Building No.5 Laxmi Industrial Estate, New Link Road, Andheri West Mumbai- 400053 27-07-2010 18000000 Raja Reddy Nandygadada Village Srinivas Sandra Post Banarpet Taluka Kolar Dist. Karnataka 5 107 Gromax Corporate services Pvt. Ltd. 409 Triputi Towers Nr. Telephone exchange Street, GIDC Crossing Road, GIDC Vapi 21-07-2010 6000000 M.M.Ganesh 215, 4th Cross Road Left side Road Illiyashnagar Banglore (South) 6 3 Gromax Corporate services Pv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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