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TMI Blog2025 (5) TMI 1637X X X X Extracts X X X X X X X X Extracts X X X X ..... 01.09.2017 pertaining to Assessment Year (A.Y.) 2013-14, on the following grounds of appeal: "1. The Ld. CIT(A) has erred on facts and in law in deleting the addition made u/s 68 of the I.T. Act, 1961 on account of receipt of unsecured loan aggregating to Rs. 6,38,00,000/- by assessee company. 2. The Ld. CIT(A) has erred on facts and in law in observing that the statement recorded u/s 131 of the I.T. Act, 1961 has no evidentiary value despite the fact that specific details and corroborative banking transactions were identified by the entry operator. 3. The Ld. CIT(A) has erred on facts and in law in observing that requisite details and evidences filed by the assessee were sufficient to prove the genuineness of the transaction related ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oncisely described as that a search and seizure operation u/s 132(1) of the Act was carried out in J P Minda Group of cases on 20.09.2013. The case of the assessee was also covered in search action. In the course of proceedings, notice u/s 153A of the Act was issued on 08.06.2015 for furnishing of return of income within stipulated time and thereafter also notices u/s 143(2) / 142(1) of the Act, along with questionnaire was issued on 08.09.2015. After the completion of the assessment proceedings, the Ld. AO observed an amount of Rs. 6,38,00,000/- received as unsecured loans treated as unexplained cash credit u/s 68 of the Act, and so added to the income of the assessee company for the assessment year 2013-14. By dissatisfied with the additi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O. Further, Statement of Shri Rajesh Aggarwal was recorded at the back of the assessee and no opportunity of cross examination was provided to the appellant. Further, no corroborative evidence is brought on record by Assessing Officer to prove that share capital/ share premium/ share application money/ unsecured loan is accommodation entry. Besides, appellant has discharged its onus and submitted all the documentary evidence in respect of share capital / share premium / share application money in support of the genuineness of the investment. The details submitted in this regard by the appellant have also been made part of order by Assessing Officer. It is also undisputed fact that the director of the appellant companies have never any state ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t produced by Revenue which may sufficient to controvert the submission of the assessee. 7. In the case of Jai Auto Group, the Co-ordinate Bench held that the addition so made are beyond the scope of assessment, so made u/s 153A of the Act and beyond jurisdiction. 8. It is pertinent to mention that in the case of Jai Auto Group (supra) Revenue assails the order of the coordinate bench and Hon'ble Delhi High Court, dismissed the appeal by observing that the assessee / respondent were denied the opportunity to cross examination Mr. Rajesh Aggarwal, despite a specific request, and this court is in agreement with the ITAT that his statement needs to excluded and cannot be relied upon as a piece of evidence to make addition. The relevant para ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch in the case of M/s Manish Merchants Pvt. Ltd. for AY 2013-14, held that the assessee has received unsecured loan of a sum of Rs. 75,00,000/- form the said party, has held that the addition so made is beyond the scope of assessment, and co-ordinate Bench in the case M/s Panchmukhi Management Services Pvt Ltd., held that the assessee has received unsecured loan of a sum of Rs. 15,00,000/- from the said party, has held that the addition so made is beyond the scope of assessment, co-ordinate Bench in the case of M/s Jay Ace Technologies Pvt. Ltd. for AY 2013-14, held that the assessee has received unsecured. loan of a sum of Rs. 3,78,00,000/- from the said party. The said lender has been held to be genuine in the aforesaid order of Hon'b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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