RANVIR JALUKA,KOLKATA vs. I.T.O., WARD - 9(1),, KOLKATA

The only issue raised by the assessee is against the confirmation of addition of ₹20 lacs by the ld. CIT (A) as made by the ld. AO on account of bogus unsecured loans and confirmation of interest thereon amounting to ₹53,330/-.

The facts in brief are that the assessee filed the return of income on 21.06.2016, declaring total income of ₹31,29,040/-. The case of the assessee was reopened u/s 147 of the Act by issuing notice u/s 148

In the appellate proceedings, the ld. CIT (A) confirmed the order of the ld. AO by holding that assessee has failed to discharge onus cast upon proving the identity, creditworthiness and genuineness of the transitions of ₹20,53,330/- from M/s Fastspeed Realcon Pvt. Ltd. and therefore, additions were rightly made by the ld. AO.

After hearing the rival contentions and perusing the materials available on record, we find that the assessee has borrowed unsecured loan of ₹ 20 lacs from Fastspeed Realcon Pvt. Ltd. a company belonging to Banka Group of companies n F.Y. 2015-16,

In the result, the appeal of the assessee is allowed.