9911796707
TMI Blog2025 (5) TMI 1169X X X X Extracts X X X X X X X X Extracts X X X X ..... credit outstanding in the books of the appellant in case of fully repaid loans, these credits cannot be treated as unexplained credits". 2. Whether on the facts and circumstances of the case, the Ld. CIT(A) erred in deleting the addition made by the Assessing Officer of Rs. 535,23,19,470/- u/s 68 of the Act as the creditworthiness & genuineness of transactions were not proved in this case. 3. Whether on the facts and circumstances of the case, the Ld. CIT(A) erred in deleting the addition made by the Assessing Officer of Rs. 9,44,59,921/-u/s 69C of the Act as the interest expenses was claimed on fictitious loans. 4. The appellant craves to amend, modify, alter, add or forego any ground of appeal at any time before or during the heari ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ative vehemently submitted that though the creditworthiness and genuineness of the transaction were not proved, the Ld. CIT(A) has proceeded to delete the addition of Rs. 535,23,19,470/- made by the A.O. u/s 68 of the Act. The Ld. Departmental Representative also submitted that the Ld. CIT(A) committed error in deleting the addition of Rs. 9,44,59,921/- made u/s 69 of the Act as the interest expense was claimed on fictitious loan. The Ld. Departmental Representative relying on the assessment order, sought for allowing the Appeal. 6. We have heard the Ld. Departmental Representative and perused the material available on record. The Assessee had received fresh unsecured loan amounting to Rs. 544,06,58,000/- during the year under consideratio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding, 19, K.G. Marg, New Delhi-110 001 12,50,00,000 12. Tigar Developers Pvt. Ltd. AACCT7439H A-113, Brother Hood Apartment, H Block, VikasPuri, New Delhi-110 018 5,00,00,000 13. Zigtraka Solutions Pvt. Ltd. AAACZ5861F 4-5 Yogita Park Apartment, Oppo. ITI Aundah, Pune-411 007 5,00,00,000 (Total Fresh amount received during the year) Rs. 5,44,06,58,000/- 7. In order to verify the genuineness of the said financial transactions an inspector has deputed by the A.O. for the field enquiry. However, the inspector submitted the Report stating that all the address of the various lender companies are found to be 'bogus'. Apart from the same, the Assessee has not produced any of the Directors and it is found that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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