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TMI Blog2023 (12) TMI 869X X X X Extracts X X X X X X X X Extracts X X X X ..... ragi, Sr. DR ORDER PER SAKTIJIT DEY, V.P. This is an appeal by the assessee against order dated 31.05.2017 of learned Commissioner of Income Tax (Appeals), Ghaziabad, for the assessment year 2009-10. 2. Grounds no. 1 and 2 are on a legal issue concerning validity of assumption of jurisdiction under section 147 of the Income-tax Act, 1961 (in short 'the Act'). Whereas, grounds no. 3 and 4 are o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... basis of reopening of assessment is the alleged unsecured loan of Rs. 35 lakhs supposed to have been received from M/s. HES Energy Systems Pvt. Ltd. According to the Assessing Officer, such unsecured loan is in the nature of accommodation entry. In course of assessment proceedings, the Assessing Officer called upon the assessee to explain the genuineness of such loan transaction by furnishing con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee has received the amount in dispute as unsecured loan. He submitted, in fact, the assessee had advanced loan of Rs. 50 lakhs to M/s. HES Energy Systems Pvt. Ltd., which was returned back by the said entity in two tranches of Rs. 15 lakhs and 35 lakhs. He submitted, while the Assessing Officer has not touched the amount of Rs. 15 lakhs, he has added back the amount of Rs. 35 lakhs. He submit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. in books of account of assessee, it is noticed that the assessee had advanced an amount of Rs. 50 lakhs to the said entity through cheque on 23.06.2008. The said amount was repaid to the assessee in two tranches of Rs. 15 lakhs and 35 lakhs on 26.03.2009 and 30.03.2009 respectively. Even the repayments to the assessee were through banking channel. Though, learned first appellate authority has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eated the balance amount of Rs. 35 lakhs as unexplained cash credit. This, in our view is unsustainable. Since, the source of credit in the books of the assessee is well explained; we are of the view that the addition made is unsustainable. Accordingly, we delete the addition of Rs. 35 lakhs. Grounds no. 3 and 4 are allowed. 8. The other grounds, having become academic, do not require adjudicatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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