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TMI Blog2025 (5) TMI 1475X X X X Extracts X X X X X X X X Extracts X X X X ..... Jain - Ld. CIT-DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. By way of this appeal, the assessee question to correctness of revisionary jurisdiction as exercised by Ld. Pr. Commissioner of Income Tax, Gwalior (Pr. CIT) for AY 2014-15 vide impugned order dated 31-03- 2024 proposing revision of an assessment framed by Ld. AO u/s 147 of the Act on 26-03-2022. After hearing vehement argum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Ld. AO raised further queries on 23-03-2022 and issued a draft assessment order wherein the assessee was confronted with unsecure loans taken from various parties which were tabulated at para-3 of draft assessment order. The same include alleged accommodation entry of Rs. 30 Lacs as taken from M/s Jay Jyoti India Pvt. Ltd. The assessee was also confronted with the investigation conducted by SE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vehemently argued that Ld. AO accepted the submissions after due verification. It was highlighted by the assessee that no loan was received from Shri Sharad Darak as alleged. The loan taken from M/s Jay Jyoti India Pvt. Ltd was stated to be already settled through banking channels. The assessee paid interest after deduction of tax at source. The issue of alleged fictitious profits was also examin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d various replies and submissions. The assessee filed detailed replies giving all the particulars and also furnished various explanations on all these issues. Considering all these aspects / submissions, Ld. AO accepted the claim of the assessee and chose not to make any such addition to the returned income. In our view, whatever enquiries were required, the same were already made by Ld. AO and th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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