G.P.M. JEWELLERS PRIVATE LIMTED,DELHI vs. CIT (A), CENTRAL CIRCLE

It emerges during the course of hearing that there is hardly much a need for the tribunal to delve with the relevant factual matrix at length so far as the sole substantive issue between the parties involving the addition amount of Rs.25 lakhs which represents repayment of loan is concerned. It is deemed appropriate to make it clear that both the learned lower authorities have further added an alleged 3% commission expenditure of Rs.75,000/- in the assessee’s hands as well.

That being the factual backdrop, this tribunal hereby notices from a perusal of the case records that the impugned sum of Rs.25 lakhs was received from M/s. Sirsa Deposits and Advance Ltd. on 30th January, 2018 which forms subject matter of the repayment herein in the succeeding assessment year 2019-20 which is nothing but the repayment of the amount already obtained only. It is reiterated that the impugned addition is not under section 69 wherein both the learned lower authorities had questioned the source of the loan amount itself. Faced with this situation, I find merit in the assessee’s vehement contentions challenging the impugned repayment addition of Rs. 25 lakhs as well as the alleged commission component thereupon. Both these impugned additions stand deleted therefore.

This assessee’s appeal is allowed.