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TMI Blog2023 (5) TMI 1042X X X X Extracts X X X X X X X X Extracts X X X X ..... Appeals) has erred in confirming the addition of Rs.20,00,000/-, which was added by the ld. Assessing Officer with the aid of Section 68 of the Income Tax Act. 3. Brief facts of the case are that the assessee has filed its return of income electronically on 30.09.2015 declaring total income of Rs.2,07,18,250/-. The case of the assessee was selected for scrutiny assessment and a notice under section 143(2) was issued and served upon the assessee. The ld. Assessing Officer has observed that he had received information from ITO, Ward-4(3), Kolkata containing that M/s. Amtek Financial Consultants Pvt. Limited had advanced unsecured loans to the assessee during A.Y. 2015-16 and received interest on unsecured loans. The ITO, Ward-4(3), Kolkata f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Financial Consultants Pvt. Limited, Kolkata has been placed on record on page no. 24 of the paper book. This assessment order for A.Y. 2015-16 was brought to the notice of the ld. Assessing Officer. Apart from this assessment order, the assessee has placed on record copies of the Bank statement vide which it is discernable that amounts have been advanced to the assessee through A/c. Payee cheque and on re-payment of the loan by the assessee during this very year, these were duly credited in the accounts of M/s. Amtek Financial Consultants Pvt. Limited. The ld. Counsel for the assessee for buttressing this statement took us through page no. 65 of the paper book. It is discernable that on 28.02.2015, a sum of Rs.10,00,000/- was remitted back ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... support of the case of assessee submitted before us that M/s. Amtek Financial Consultants Pvt. Limited is assessed to tax. Its assessment was framed under section 147 read with section 143(3) and copy of such assessment order is available at pages 24 & 25 of the paper book. Similarly he brought to our notice the report of one Shri Subroto Dutta, who had visited the premises of M/s. Amtek Financial Consultants Pvt. Limited and submitted a report that he was able to lay his hands on the address of this company at 31, Lalbaba Shayer Road, P.O. Belurmath. He met Mr. Abodh Jha, who was shown to be one of the Directors of the company at this address. This report is dated 16.12.2016. Thereafter he brought to our notice the confirmation, Bank state ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld. Assessing Officer has not carried out any enquiry to ascertain their genuineness. He also submitted that ld. Assessing Officer has put reliance upon the statement of Shri Sajjan Kumar Garg, which was recorded by some other Officers during some other enquiry and not during the assessment proceeding during the year. Therefore, this statement ought to have not been relied upon. He also pointed out that assessee has repaid the loan to one of the Company during that very year and to the other Company in the next year. In order to determine its genuineness, we deem it appropriate to direct the Directors of the assessee-company to file an affidavit demonstrating the fact as to how they came in contact with such accommodation entry providers a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs.10,00,000/- to the assessee on 28.02.2015. If assessee was in such a dire need of the money, then it has to demonstrate under what circumstances it was compelled to repaid this Rs.10,00,000/- to M/s. Amtek Financial Consultants Pvt. Limited. We find that in the accounts of M/s. Amtek Financial Consultants Pvt. Limited and M/s. Associated Infraprojects Pvt. Limited, there are inter se Bank transactions. On 18.02.2015, M/s. Associated Infraprojects Pvt. Limited received a sum of Rs.10,00,000/- from M/s. Amtek Financial Consultants Pvt. Limited. In the Bank statement of M/s. Associated Infraprojects Pvt. Limited, on 20.02.2015 the balance was Rs.6,811/-. Thereafter two cheques, two RTGS and N.F.D. transaction had taken place, whereby a su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sing Officer has treated the information transmitted by the ITO, Kolkata as a gospel truth without getting it cross verified. On the other hand, ld. CIT(Appeals) has not examined the issue analytically, though order of the ld. CIT(Appeals) is running into 29 pages, but from pages no. 12 to 28, he has verbatim reproduced the judgment of the Hon'ble Supreme Court in the case of Pr. CIT (Central)-1 -vs.- NRA Iron & Steel Pvt. Limited 2019 (3) TMI 323 (SC). How this judgment is applicable. It is relevant for the share application money. Here it is a loan transaction, which according to the assessee, these loans have been repaid. Similarly in the first seven pages, the ld. CIT(Appeals) has just reproduced the assessment order. There is no cross ..... X X X X Extracts X X X X X X X X Extracts X X X X
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