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TMI Blog2015 (12) TMI 1864X X X X Extracts X X X X X X X X Extracts X X X X ..... tant Member: 1. This appeal is directed by revenue against the order of CIT (A), Meerut dated 12-05-2014 against deletion of addition u/s 68 of the Income Tax Act of Rs. 2,99,50,000/- received by assessee trust as unsecured loan from M/s Nishyam farms ( P ) Limited. 2. Brief facts of the case are that the assessee is a trust engaged in running a university at Pilani Rajasthan. During the year i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in AY 2009-10, AO also made an addition of Rs. 2,95,00,000/-in this year u/s 68 of the Act, on identical facts, despite assessee filing confirmation of the company supported by the Income tax returns of the company and also produced the director of the company who was examined and he also submitted the audited annual accounts of the company. Assessee aggrieved with the order of AO carried the matt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prove the loan, assessee has produced the director of the company Mr Pankaj Gupta before AO and he filed an affidavit along with the confirmation letter, Income tax return of the company as well as its annual audited accounts. He also submitted proof of the cheques paid from Union bank of India to the assessee trust along with the bank statement of Lender Company. During the examination of direct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also based on the information filed by those companies as per the Companies Act 1956. Therefore it is the same information which company has uploaded on the website of MCA and same information is supplied by the assessee and lender company to the AO. On perusal of information received it does not suggest that the company is not in existence or the sources of the funds which are given as loan to t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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