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Facts
The Revenue is in appeal against the consolidated order of the CIT(A) concerning assessment years 2013-14, 2014-15, 2016-17, and 2017-18. The appeals revolve around additions made by the Assessing Officer (AO) for alleged bogus loan entries received by the assessee from various entities, primarily M/s Aneri Fincap Limited and M/s Essar India Ltd. The CIT(A) had deleted these additions, holding the loans to be genuine.
Held
The Tribunal found that the CIT(A) had erred in summarily accepting the assessee's claims without proper verification. The Tribunal noted serious allegations against the lending entities, indicating they were paper companies involved in providing accommodation entries. The case was restored to the CIT(A) for fresh adjudication with a direction to call for a remand report from the AO.
Key Issues
Whether the CIT(A) erred in deleting the additions made by the AO regarding alleged bogus loan entries and accommodation entries, and if the lending entities were genuine creditors.
Sections Cited
Section 147, Section 148, Section 68, Section 69C, Section 133A, Section 132(4), Section 131
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Income Tax Appellate Tribunal, Visakhapatnam Bench
आदेशकी प्रनतनलनप अग्रेनर्त/ Copy of the order forwarded to:-
1. 1. निर्धाररती/The Assessee : Vedmutha Electricals India Private Limited, D.No.11- 25-384, Vinnakotavari Street, Main Bazar, Vijayawada – 5200001, Andhra Pradesh. 2. रधजस्व/ The Revenue : The Assistant Commissioner of Income Tax, Circle – (1), Vijayawada.