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TMI Blog2023 (4) TMI 534X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Assessing Officer and sustained by CIT(Appeals) is based on suspicion, arbitrary, unjust and bad in law. 2. That in the absence of any contrary evidence to the source of actual cash flow of Rs.9,30,00,000/- received from India Infoline Finance Ltd., the addition of Rs.9,30,00,000/- u/s 68 of the Act merely on the ground that in books it has been credited to the account of Mr. Vijay Kumar Gulati, is arbitrary, unjust and against the very purpose of Section 68 of the Act. 3. That the above grounds of appeal are independent and without prejudice to one another. Your appellant craves leave to add, alter, amend or withdraw any of the grounds of appeal at the time of hearing." 3. The only issue to be decided in this appeal is as to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (assessee), Varada Expomark & Marketing (P) Ltd., Mr. Sidharth Gulati, Mrs. Anita Gulati and Mrs. Ritika Gulati preferred an application with India Infoline Finance Ltd. (IIFL) to borrow loan from IIFL. IIFL sanctioned the loan of Rs.9,30,00,000/- against the collateral property jointly owned by Mrs. Anita Gulari and Mrs. Ritika Gulati. This loan was utilized for repayment of loan to Kotak Mahindra Bank in the sum of Rs.7,50,50,286/-; the balance amount of Rs.49,49,713/- and amount of Rs.1,12,45,614/- were credited to the account of Mr. Gulati which was paid to the assessee company. Accordingly, the assessee submitted that the loan of Rs.9,30,00,000/- received by it was sourced from IIFL through Mr. Vijaya Gulati. It is not in dispute that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... placed on record before the Ld. AO is not disputed by the Revenue before us, considering the totality of the facts and circumstances of the case, we deem it fit to appropriate, in the interest of justice and fair play, to restore this issue to the file of the Ld. AO for denovo adjudication in accordance with law. The assessee is at liberty to furnish fresh evidences, if any, in support of its contentions. Needless to mention that the assessee be given reasonable opportunity of being heard. Accordingly, the grounds raised by the assessee are allowed for statistical purposes.
7. In the result, the appeal of the assessee is allowed for statistical purposes.
Order pronounced in the open court on 12th April, 2023. X X X X Extracts X X X X X X X X Extracts X X X X
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