9911796707
TMI Blog2025 (5) TMI 1165X X X X Extracts X X X X X X X X Extracts X X X X ..... d circumstances of the case, the Id. CIT(A) erred in deleting the disallowance of loss from the sale of liquor of Rs. 4,03,321/- being destroyed due to repair work. Since liquor amounting to Rs. 3.4 Lacs was the sale of the assessee and therefore assessee won't stock up liquor of Rs. 4 Lacs in one go. 3. On the facts and circumstances of the case the order of Ld. CIT(A) is perverse." 4. "The appellant craves, leave or reserving the right to amend modify, alter, add or forego any ground(s) of appeal at any time before or during the hearing of this appeal." 3. Brief facts of the case are that, the Assessee filed return of income declaring the total loss of Rs. 66,09,497/- for Assessment Year 2011-12. The case of the Assessee was selected for scrutiny and an assessment order came to be passed u/s 143(3) of Income Tax Act, 1961 ('Act' for short) on 31/03/2014by making addition of Rs. 3,13,37,238/- u/s 68 of the Act and also disallowed sale of liquor of Rs. 4,03,321/-. Aggrieved by the assessment order dated 31/03/2014, the Assessee preferred an Appeal before the Ld. CIT(A). The Ld. CIT(A) vide order dated 30/09/2019, allowed the Appeal of the Assessee by deleting the addition/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e AYs 2006-07 is Rs. 32,79,765/-, 2007-08 is Rs. 11,74,813/-, 2008-09 is Rs. 4,49,969/-, 2009-10 is Rs. 22,29,450/-, 2010-11 is Rs. 16,12,135/-. The copy of the account of Smt. NeerjaGhura is as under:- Date Particulars Vch Type Debit Credit 1-4-2010 Dr. Opening Balance 1,70,18,238.01 30-04-2010 Dr. The K V B Ltd. Receipt 4,75,000.00 06-05-2010 Dr. The K V B Ltd. Receipt 5,40,000.00 07-05-2010 Dr. The K V B Ltd. Receipt 7,00,000.00 21-05-2010 Dr. The K V B Ltd. Receipt 13,00,000.00 28-10-2010 Dr. The K V B Ltd. Receipt 20,000.00 26-03-2011 Cr. The KVB Ltd. Payment 50,00,000.00 30-03-2011 Cr. The K V B Ltd. Payment 1,00,000.00 51,00,000.00 2,00,53,238.01 Cr. Closing Balance 1,49,53,238.01 2,00,53,238.01 2,00,53,238.01 4.4. It is noted from the above that there was an opening credit balance of Rs. 1,70,18,238/-as on 01.04.2010. The appellant has received amounts of Rs. 4,75,000/- Rs. 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00.00 2,03,72,300.00 2,03,72,300.00 4.6 It is noted from the copy of account that the amounts were received in her account in by cheques of KarurVysya Bank referred to as M/s KVB Ltd in the above copy of account by the appellant. A sum of Rs. 1.65,00,000/- was transferred from her account to the appellant by cheque of KarurVysya Bank. There were subsequent transactions of receipt and payment by cheque from M/s KVB Ltd in her account. The appellant claims that the provisions of section 68, applies on the basis of credit entries and not on the basis of difference of closing and opening balances. Further, the appellant has submitted detail of source as well as source of source with respect to the credit received in the year under consideration where in it is apparent that findings have been received from indentified parties by lender out of which payments were made to the appellant. 4.7 Sh. Gurdeep Singh:- In the assessment proceedings, the loan forwarded by Sh. Gurdeep Singh who happens to be the Director of Tera Constructions to the appellant company of amounting to Rs. 1,31,52,500/- was held to be unaccounted cash credit for the reason ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to as M/s KVB Ltd in the copy of account filed. Total amount of Rs. 1.47,15,000/- was transferred from his account to the appellant by cheques of the KarurVysya Bank on various dates between 22.04.2010 to 14.02.2011. There were other transactions of receipt by cheque from his bank account in KarurVysya Bank (M/s KVB Ltd). The appellant claims that all the entries were properly explained before the AO and the credit entries have been considered as unexplained. The amounts were received from cheques of KarurVysya Bank. Further, the appellant has submitted detail of source as well as source of source with respect to the credit received in the year under consideration where in it is apparent that funds have been received from indentified parties by lender out of which payments were made to the appellant." 7. The Ld. CIT(A) while deleting the addition has also relied on plethora of Judgments. As could be seen from the order of the Ld. CIT(A) and also the material available on record, the Assessee has discharged the onus of proving the creditworthiness from Smt. Neerja Ghura. In so far as Ms.Zenia Ghura is concerned, the Ld. CIT(A) observed that the said Miss Zenia Ghura was having joi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
