DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. HARSH STOCK PORTFOLIO PVT. LTD., JAIPUR
आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर
IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”B” JAIPUR
डा0 एस- सीताल{मी] न्यायिक सदस्य एवं Jी राठाेड कमलेश जयन्तभाइर्] लेखा सदस्य के सम{ा
BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI,
आयकर अपील सं-@प्ज्A छव. 1084/Jच्/2024
निधर्ारण वषर्@Aेेमेेउमदज ल्मंते रू 2011-12
Deputy Commissioner of Income
Tax,
ब्मदजतंस ब्पतबसम-01ए Jंपचनत
स्थायी लेखा सं-@जीआइर्आर सं-@च्Aछ/ह्प्त् छव.रू AAब्ब्H 3091 ठ
अपीलाथीर्@Aचचमससंदज
प्रत्यथीर्@त्मेचवदकमदज
निधर्ारिती की ओर से@ Aेेमेेमम इल रू ैी. ज्ंतनद डपजजंसए ब्A &
Sh. Harshit Agarwal, CA
राजस्व की ओर से@ त्मअमदनम इल रू डै. Aसां ह्ंनजंउए ब्प्ज्
सुनवाइर् की तारीख@ क्ंजम वf Hमंतपदह
: 11/11/2024
उदघाेषणा की तारीख@क्ंजम वf च्तवदवनदबमउमदजरू 02/01/2025
आदेश@ Oत्क्म्त्
PER: RATHOD KAMLESH JAYANTBHAI, AM
By way of the present appeal, revenue challenges the finding so recorded in the order of the Commissioner of Income Tax (Appeals),
Jaipur-4 dated 25/06/2024 [ for short CIT(A) ]. The dispute relates to the assessment year 2011-12. Ld. CIT(A) has passed that order the assessee challenged the order of assessment dated 28.12.2018 passed under 2
section 147 r.w.s 143(3) of the Income Tax Act [ for short Act ], by DCIT,
Central Circle-01, Jaipur [ for short AO].
2. In this appeal, the revenue has raised following grounds: -
“1. Whether on facts and in circumstances of the case, the Ld. CIT(A) is justified in deleting the addition of Rs. 4,28,00,000/- made by the Assessing Officer on account of unexplained unsecured loan u/s 68 of the Income Tax Act by disregarding the evidence indicating that the loan was channeled through shell
बवउचंदपमे ड/े Wमससूवतजी ज्तंकमसपदा च्अज. स्जक. ंदक क्मेपतम टपदबवउ च्अज. स्जक. जव
introduce unaccounted money into the assessee’s books of accounts.
The applicant craves leave to add, amend or withdraw any of the ground of appeal during the course of appeal proceedings.”
Succinctly, the fact as culled out from the records are that the assessee has filed income tax return on 29.09.2011 declaring total income of Rs. 40/-. Information has been received from the ADIT (Inv.)(O ), Unit- 4, Kolkata vide letter no. ADIT (Inv.)/Unit-4/Kol/S- 110/STR No. 1000039118/2017-18 dated 09.03.2018, that the assessee company had जंामद बतमकपज मदजतल वf त्े. 2ए00ए00ए000/- जीतवनही ड/े Wमससूवतजी ज्तंकमसपदा च्अज. Ltd. (New Name Xylo Infrastructure Pvt. Ltd.) and Rs.1,08,00,000/- from क्मेपतम टपदबवउ च्अज. स्जकए ूीपबी ंतम चंचमत बवउचंदपमे. ज्ीम इंदा ेजंजमउमदजे of these companies it is reveals that these accounts got credited by cash as well as transfers, and the same is transferred to various intermediary companies and ultimately to the beneficiaries who are having real business. The funds were transferred to the account of the beneficiaries by तवनजपदह जीमपत वूद निदके जीतवनही अंतपवने पदजमतउमकपंतपमे ूीव ंतम इंेपबंससल
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shell companies, and they don't have real business. Considering that facts, notice u/s 148 was issued on 26.03.2018 after recording reasons and taking prior approval from the Pr. CIT (Central), Jaipur. The assessee has not filed return in response to notice u/s 148. Notice u/s 142(1) along with query letter was issued on 14.09.2018. In compliance with the notice the assessee company has filed return of income on 15.11.2018 declaring total income Rs. 40/- and requested a copy of reasons, which was provided on 19.11.2018. Notice u/s 143(2) was issued on 26.11.2013. In compliance to the notice dated 07.12.2018 ld. AR of the assessee has furnished written reply along with the confirmations of the unsecured loans. On perusal of these confirmation, it is revealed that the total credit in the form of unsecured loan received by the assessee, therefore, assessee was requested to show cause as to why the unsecured loan of Rs.
1,08,00,000/- from M/s Desire Vincom Pvt. Ltd., and interest paid there on for Rs. 3,92,830/- should not be held as your undisclosed income which has been routed back into your books in the disguise of unsecured loan from a shell company and same way unsecured loan of Rs. 3,20,00,000/- from M/s Wellworth Tradelink Pvt. Ltd., and interest thereon paid for Rs.
6,62,488/- was proposed. In compliance to the show cause notice dated
24.12.2018 the AR of the assessee has furnished a detailed written reply
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thereby submitting the confirmation of unsecured loans and bank statement of lender was submitting clamming that the confirmations of lenders has been already filed and the transactions have taken place through banking channels and therefore the genuineness of the same cannot be doubted more particularly when the loans was squared up, leaving apart interest amount, during the year under consideration. As regards the identity of the बतमकपजवत ड/े क्मेपतम टपदबवउ च्अज. स्जक ंदक ड/े Wमससूवतजी ज्तंकमसपदा च्अज स्जक
इवजी ंतम चतपअंजम सपउपजमक बवउचंदल पदबवतचवतंजमक नदकमत ब्वउचंदपमे Aबजए 1956. Both the companies have valid PAN under the Income Tax Act and पिदंदबपंस ेजंजमउमदजे ंतम कनसल ंनकपजमक इल जीम पदकमचमदकमदज बींतजमतमक
ंबबवनदजंदजए ूीपबी ींअम ंसतमंकल इममद नितदपेीमक. ैनबी पिदंदबपंस ेजंजमउमदजे
were also submitted by the said company before the