AJAY ENGICONE PRIVATE LIMITED,RANCHI vs. DCIT CIRCLE 1 RANCHI, RANCHI

Shri Vinay Jalan, ld. AR represented on behalf of the assessee. Shri Khubchand T Pandya, Sr. DR appeared on behalf of the revenue.

It was submitted by the Ld. AR that the during the impugned assessment year the assessee had taken two loans of Rs.5 lakhs/- each from M/s.Mithilesh Kumar and M/s. Gourav Construction Pvt. Ltd. It was submission that these loans have been repaid in subsequent year also. It was submission that before the AO it was shown that transactions were made through banking channels. It was submission that this was not accepted by AO. It was submission that the assessee may be granted one more opportunity to provide the details of the said two creditors. It was prayer that assessee may be given one more opportunity to represent its case before the AO.

In reply, the ld. Sr. DR did not raised any serious objection.

I have considered the submissions. As the assessee has not provided the details of the two creditors, so as to grant the assessee adequate opportunity to produce the details and to prove the genuineness and creditworthiness and identity of the creditors, the issues in this appeal are restored to the file of the AO for readjudication after granting the assessee adequate opportunity being heard.