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Income Tax Appellate Tribunal, “A” BENCH, KOLKATA
Before: SHRI RAJESH KUMAR, AM & SHRI SONJOY SARMA, JM
These are appeals preferred by the Revenue challenging the order of the ld. Commissioner of Income-tax (Appeals), Kolkata-20, (hereinafter referred to as the “Ld. CIT(A)”] dated 12.12.2023 & 08.12.2023 for the AY 2014-15 &2015-16.
Issue raised in ground no. 1 in & 159/KOL/2024 for A.Y. 2014-15 and 2015-16 is against the deletion of addition of Rs. 2.00 crore & 5.35 cr. respectively by the Ld. CIT(A) as made by the AO on account unsecured loans.
In the appellate proceedings, the ld. CIT (A) allowed the appeal of the assessee, which is reproduced in para 4.3 as under:-
“4.3(a) I have carefully considered the facts of the case and submission of the appellant. Assessment order does not provide sufficient reasons for making the addition u/s.68 of the I.T. Act. Only general comments regarding low income, huge reserves & surplus and nominal fixed assets of the creditors have made in the assessment order. Another point which has been held against the
The issue raised in this appeal is similar to one as decided by us in ITA No. 158/Kol/2014-15. During the year the assessee has raised unsecured loans of Rs. 5,35,00,000/-from four loan creditors namely Streelex Electrocast Pvt Ltd. Rs. 25,00,000/-, Mehra Securities Pvt Ltd Rs. 1,10,00,000/-, Ramdiha Merdcantile Pvt Ltd. 2,00,00,000/- and Gagan Ferrotech Ltd(Trade advance). The remaining facts qua these loans are same and ld CIT(A) discussed the facts and reasons for deletion of addition in great detail in the appellate order and therefore our decision in would, mutatis mutandis, apply to this appeal as well. The appeal of revenue is dismissed.
In the result, both the appeals of the revenue are dismissed.
Order pronounced in the open court on 09.12.2024.