9911796707
TMI Blog2023 (3) TMI 1044X X X X Extracts X X X X X X X X Extracts X X X X ..... he Income Tax Act, 1961 [hereinafter referred to as the "Act"] dated 27.03.2022. 2. Grounds of appeal raised by the Revenue are as follows: "[i] On facts and circumstances of the case and in law, the learned CIT(A) has erred in deleting the addition made by the Assessing Officer of Rs.2,08,17,210/- on account of unaccounted unsecured loan without appreciating the fact that the addition was made on the basis of incriminating documents found and seized during the course of search proceedings and the assessee has not shown the same either in his return of income filed or in the balance sheet under the head "unsecured loans" or under any other nomenclature for the impugned assessment year. [ii] On facts and circumstances of the case and in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... andani, desktop, laptops etc. were got imaged through computer expert the digital data in respect of Shree Kuberji Corporate House revealed a satakhat in respect of land bearing block No.258 of village Kumbhariya. The assessee has purchased a land in financial year 2012-13 and for the purchase of the said land assessee has taken unsecured loan of Rs.2,08,17,210/- from M/s Shree Kuberje Developers but no details in respect of unsecured loan has been mentioned in respect of such unsecured loan in assessee's return of income. 4. In view of the above facts, the proceedings u/s 147 of the Act was initiated by assessing officer by issuing notice u/s 148 of the Act on 31.03.2021. In response to notice u/s 148 of the Act, the assessee filed return ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 03 1192.55 1426.28 6 258/11 11 1232 1047/2 1252.44 7 258/15 15 1365 1160.25 1387.65 8 258/2 12 1230 1045.5 1250.41 10681 9078.85 10858.2 You have not furnished any of the details as called for by this office including unsecured loan of Rs.2,08,17,210/-. In view of the above you are hereby show caused, why the above amount of Rs.2,08,17,210/- should not be treated as unexplained added to your total income for the year under consideration." 5. In response to show cause notice, the assessee furnished reply on 05.01.2022, which is reproduced as under: "The case has been reopened merely because loan received from Kuberji Land Developers is not verified for amount of Rs.2,08 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ieved by the order of the ld. CIT(A), the Revenue is in appeal before us. 9. Before us, Learned DR for the Revenue submitted that assessee had filed the copy of the ledger account of Kuberji Land Developers and the balance sheet which showed Shri Kuberji Land Developers under the head "Creditors for Others". However, the loan taken from Shri Kuberji Land Developers which is the firm in which the assessee is the partner was very much shown in the balance sheet as on 31.03.2013. The balance sheet of the assessee as on 31.03.2013, in which the said loan appears under the head "Creditors for Others". In the balance sheet of M/s Shri Kuberji Developers as on 31.03.2013 and the said loan to the assessee also appears under the head "Loans and Adv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the books of account of the assessee. The Ld. Counsel further states that all transactions regarding Shri Kuberji Land Developers are duly accounted for in the personal set of accounts and, therefore, it is not a case where the transactions are not reflected in the balance sheet as mentioned in the assessment order. The Ld. Counsel relied on the decision of Hon`ble Gujarat High Court in the case of Associated Transrail Structure Ltd. Vs. ACIT (2017) (397 ITR 573) (Guj), wherein it was held that if the amount was received by cheques and transactions were confirmed by the payer, no addition is justified u/s 68 of the Act. The Ld. Counsel further relies on the decision of Hon`ble Gujarat High Court in the case of CIT vs. Ranchhodbhai Jiv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o appears under the head "Loans and Advances. Based on these facts, the ld CIT(A) observed that addition of Rs.2,08,17,210/- made by the Assessing Officer towards the said loan treating the same as unexplained was not warranted, hence deleted the addition. We note that loan and advance of Rs.2,08,17,210/- is getting reflected in the Individual Balance Sheet as well as in the balance sheet of M/s Shri Kuberji Developers therefore, it is not a case that assessee has concealed the details of such loan. Based on this factual position, we do not find any infirmity in the order of ld CIT(A). That being so, we decline to interfere with the order of Id. CIT(A) in deleting the aforesaid addition. His order on this addition is, therefore, upheld and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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