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TMI Blog2025 (5) TMI 967X X X X Extracts X X X X X X X X Extracts X X X X ..... d. CIT (A) as made by the ld. AO of Rs. 7,22,90,000/-. First of all, we are inclined to adjudicate the issue on merit. 03. The facts in brief are that the assessee filed the return of income within time allowed u/s 139(1) of the Act, declaring total income of Rs. 51,27,060/-. The case of the assessee was reopened u/s 147 of the Act after the AO has information in his possession that the assessee company was a beneficiary of accommodation entries in the form of unsecured loan to the tune of Rs. 8,42,26,643/-. Accordingly, the statutory notices were duly issued along with questionnaire and assessee complied with the same by furnishing the details comprising audited balance sheet, audited Profit and Loss account, copy of ITR acknowledgement, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... credit and added the same to the income of the assessee in the order framed u/s 147 read with section 144B of the Act dated 27.05.2023. 04. In the appellate proceedings, the ld. CIT (A) dismissed the appeal of the assessee by upholding the assessment order after taking into account the contentions and submissions of the assessee by observing that the assessee is a beneficiary of accommodation entry and AO has given a very detailed finding in the assessment order by relying on various decision from page no.8 to 25 of the Paper Book. 05. The ld. AR vehemently submitted before us that the issue is squarely covered in favour of the assessee in its own case by the decision of the co-ordinate Bench in the A.Y. 2017-18 in ITA No. 355/KOL/2024 vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3(6) of the Act by the lender when assessee has furnished all the evidences/ details qua the lender before both the authorities below. The ld. AR therefore, prayed that in view of the decision of the co-ordinate bench in assessee's own case as referred to above order of ld. CIT (A) may be set aside and the ld. AO may be directed to delete the addition. 06. The ld. DR on the other hand relied heavily on the orders of the authorities below by submitting that the addition was righty made by the AO and confirmed by the ld. CIT (A) by giving a clear-cut finding that the assessee is a beneficiary of accommodation entries in the form of unsecured loan from Ratio Distributors Pvt. Ltd., who received funds from other shell companies and therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee's own case deleted the addition. The operative part of the decision is as under:- "06. After hearing the rival contentions and perusing the materials available on record, we find that the assessee has raised unsecured loans from five parties which are mentioned by the AO in the assessment order from whom aggregate amount of Rs. 3,49,00,000/- was raised during the impugned financial year. We also note that the assessee has taken the said loans on interest which has been paid after deduction of tax at source. Besides the loans were raised through banking channels. The assessee has filed before the ld. AO various documents with respect to the above loan creditors which are available from page no.2 to 172 of the Paper Book. We have als ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d as under:- "After hearing the learned Advocate for the appellant and after going through the materials on record, we are of the view that no substantial question of law is involved in this appeal. Both the Commissioner of Income Tax (Appeal) and the Tribunal below have in details considered the fact that the share application money was paid by account payee cheque, the creditor appeared before the Assessing Officer, disclosed its PAN number and also other details of the accounts but in spite of that the Assessing Officer did not enquire further from the assessing officer of the creditor but in stead, himself proceeded to consider the profit and loss account of the creditor and opined that he had some doubt about the genuineness of such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sposed of accordingly. Urgent photostat certified copy of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities." 07. Considering these facts of the assessee in the light of the above decisions, we are inclined to hold that the assessee has duly proved the identity and creditworthiness of the loan creditors and the genuineness of the transactions and the AO has not brought any material on record to prove to the contrary. Therefore, we set aside the order of the ld. CIT (A) and direct the AO to delete the addition. 08. In the result, the appeal of the assessee is allowed." 08. In the above decision the coordinate bench has held that the all the ingredients of section 68 were proved. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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