TMI Blog2023 (5) TMI 253X X X X Extracts X X X X X X X X Extracts X X X X ..... d by him through banking channels, which is evident from the bank accounts. A careful perusal of the index of the Paper Book filed by the assessee shows that the bank statements were not before the AO. AO took a contrary view. Though the bank statements were before the ld. CIT(A), but the ld. CIT(A) has not called for remand report from the Assessing Officer, but simply admitted the additional evidences. Denial of natural justice goes to the root of the matter. Therefore, in the interest of justice and fair play, we restore the issue to the file of the AO. - SA No. 142/DEL/2023 And ITA No. 229/DEL/2023 - - - Dated:- 3-5-2023 - Shri N.K. Billaiya, Accountant Member, And Shri Challa Nagendra Prasad, Judicial Member For the Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sing Officer noticed that the assessee has taken unsecured loans from Shri Gaurav Arora and Smt. Aanchal Gupta amounting to Rs. 1,01,54,658/- and Rs. 91,57,000/- respectively. The loan transactions can be understood from the following charts: Gaurav Arora Opening balance Addition during the year Outstanding as on 31.03.2018 Interest paid/payable 81,54,658 20,00,000 1,01,54,658 7,60,411 Smt. Aanchal Gupta Opening balance Addition during the year Outstanding as on 31.03.2018 Interest paid/payable 0000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... except for some minor entries of GST payment, withdrawals etc. The Assessing Officer was of the further opinion that the amount of Rs. 50 lakhs was deposited into the bank account of Smt Anchal Gupta which was immediately transferred to the assessee. 12. The Assessing Officer observed that in the absence of any evidence regarding source of income and nature of business of lender party, Smt Aanchal Gupta, it is unbelievable to accept credit worthiness of lender party Smt. Aanchal Gupta for depositing cash of Rs. 50 lakhs and other amounts credited to her bank account. 13. Once again, invoking the provisions of section 68 of the Act, addition of Rs. 1,08,25,000/- was made r.w.s 115BBE of the Act. 14. The assessee carried the matter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsferred to the account of the assessee. Similarly, in the case of Gaurav Arora, substantial amounts were received by him through banking channels, which is evident from the bank accounts. 21. A careful perusal of the index of the Paper Book filed by the assessee shows that the bank statements were not before the Assessing Officer. Therefore, the Assessing Officer took a contrary view. Though the bank statements were before the ld. CIT(A), but the ld. CIT(A) has not called for remand report from the Assessing Officer, but simply admitted the additional evidences. 22. We are of the considered view that denial of natural justice goes to the root of the matter. Therefore, in the interest of justice and fair play, we restore the issue to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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