IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA C BENCH, KOLKATA (BEFORE SRI J. SUDHAKAR REDDY, HONBLE ACCOUNTANT MEMBER & SRI ABY T. VARKEY, HONBLE JUDICIAL MEMBER) [VIRTUAL COURT HEARING] ITA NO. 2512/KOL/2018 ASSESSMENT YEARS: 2012-13 DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-8(1), KOLKATA.........................APPELLANT VS. M/S. GEM FORGINGS PRIVATE LIMITED...............RESPONDENT 10C, MIDDLETON ROW KOLKATA - 700071 [PAN : AAACI 5499 Q] ITA NO. 2423/KOL/2018 ASSESSMENT YEARS: 2011-12 M/S. GEM FORGINGS PRIVATE LIMITED................APPELLANT 10C, MIDDLETON ROW KOLKATA - 700071 [PAN : AAACI 5499 Q] VS. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-8(1), KOLKATA .....RESPONDENT APPEARANCES BY: SHRI MIRAJ D. SHAH, A/R & SHRI ASHISH RASTOGI, A/R, APPEARED ON BEHALF OF THE ASSESSEE. SHRI SUPRIYO PAL, ADDL. CIT D/R, APPEARING ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : JULY 21 ST , 2020 DATE OF PRONOUNCING THE ORDER : SEPTEMBER 4 TH , 2020 ORDER PER J. SUDHAKAR REDDY, AM :- THESE ARE CROSS-APPEALS DIRECTED AGAINST THE ORDER OF THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) 3, KOLKATA, (HEREINAFTER THE LD.CIT(A)), PASSED U/S. 250 OF THE INCOME TAX ACT, 1961 (THE ACT), DT. 20/09/2018, FOR THE ASSESSMENT YEAR 2012-13. 2. THE ASSESSEE IS A COMPANY AND IS IN THE BUSINESS EXPORTING TEA PROCESSING MACHINES, MEDICAL EQUIPMENTS & CONSUMABLES AND ELECTRIC POLE LINE HARDWARE ITEMS. IT FILED ITS RETURN OF INCOME DECLARING TOTAL INCOME OF RS.56,34,611/- ON 29/09/2012 FOR THE ASSESSMENT YEAR 2012-13. THE LD. ASSESSING OFFICER COMPLETED THE ASSESSMENT U/S 143(3) OF THE ACT ON 29/03/2015 DETERMINING THE TOTAL INCOME OF THE ASSESSEE AT RS. 4,03,09,097/- INTERALIA MAKING AN ADDITION OF RS.3,02,02,212/- U/S 68 OF THE ACT AND DISALLOWANCE OF RS.39,28,424/ (RULES). 2.1. AGGRIEVED THE ASSESSEE CARRIED THE MATTER IN APPEAL. THE LD. FIRST APPELLATE AUTHORITY RESTRICTED THE DISALLOWANCE U/S 14A R.W.R. 8D TO THE MADE BY THE ASSESSEE, AS THE DIVIDEND RECEIVE RS.163/- ONLY . ON THE ISSUE OF ADDITIONS U/S 68 OF THE ACT, THE LD. CIT(A) GRANTED PART RELIEF AFTER OBTAINING A REMAND REPORT FROM THE ASSESSING OFFICER. 3. AGGRIEVED WITH THE PART DELETION OF THE LD. CIT(A), THE REVENUE HAS FILED THIS APPEAL. THE REVENUE ALSO DISPUTES THE DELETION OF DISALLOWANCE U/S 14A R.W.R. 8D. TO THE EXTENT CONFIRMED U/S 68 OF TH 4. WE HAVE HEARD RIVAL CONTENTIONS. ON CAREFUL CONSIDERATION OF THE FACTS AND CIRCUMSTANCES OF THE CASE, PERUSAL OF THE PAPERS ON RECORD, ORDERS OF THE AUTHORITIES BELOW AS WELL AS CASE LAW CITED, WE HOLD AS FOLLOWS: 5. ON THE I SSUE OF DELETION OF DISALLOWANCE U/S 14A R.W.R. 8D, WE FIND THAT THE ASSESSEE HAS SUO MOTO DISALLOWED AN AMOUNT OF RS.2,60,861/ THE DISALLOWANCE TO THE EXTENT WAS ONLY RS.163/- BY RELYING ON THE JUDGMENT OF THE HONBLE DELHI HIGH COURT IN THE CASE OF JOINT INVESTMENT PVT. LTD. IN ITA NO. 117/2015, JUDGMENT DT. 25/02/2015. COURT HAS HELD THAT THE DISALLOWANCE U/S 14A OF THE ACT, CANNOT EXCEED THE AMOUNT OF EXEMPT INCOME. THE HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF LTD. IN G.A. 3022 OF 2013 I TAT ASHIKA GLOBAL SECURITIES LTD. IN ITAT 100 OF 2014, GA NO. 2122 OF 2014, SIM ILAR PROPOSITION OF LAW. HENCE WE FIND NO INFIRMITY IN THE ORDER OF THE LD. CIT(A) AND DISMISS THIS GROUND OF THE REVENUE. 6. WE NOW TAKE UP THE GROUNDS OF THE ASSESSEE AS WELL AS THE REVENUE ON EACH OF THE ADDITIONS/DELETIONS MADE U/S 68 OF THE ACT BY THE 2 DISALLOWANCE OF RS.39,28,424/ - U/S 14A R.W.R. 8D (2)(I I) OF THE INCOME TAX RULES, 1962 AGGRIEVED THE ASSESSEE CARRIED THE MATTER IN APPEAL. THE LD. FIRST APPELLATE AUTHORITY RESTRICTED THE DISALLOWANCE U/S 14A R.W.R. 8D TO THE SUO MOTO MADE BY THE ASSESSEE, AS THE DIVIDEND RECEIVE D BY THE ASSESSEE DURING THE YEAR WAS . ON THE ISSUE OF ADDITIONS U/S 68 OF THE ACT, THE LD. CIT(A) GRANTED PART RELIEF AFTER OBTAINING A REMAND REPORT FROM THE ASSESSING OFFICER. PART DELETION OF THE ADDITIONS MADE U/S 68 OF THE ACT, BY THE LD. CIT(A), THE REVENUE HAS FILED THIS APPEAL. THE REVENUE ALSO DISPUTES THE DELETION OF DISALLOWANCE U/S 14A R.W.R. 8D. THE ASSESSEE HAS FILED ITS APPEAL DISPUTING THE ADDITIONS CONFIRMED U/S 68 OF TH E ACT, BY THE LD. CIT(A). WE HAVE HEARD RIVAL CONTENTIONS. ON CAREFUL CONSIDERATION OF THE FACTS AND CIRCUMSTANCES OF THE CASE, PERUSAL OF THE PAPERS ON RECORD, ORDERS OF THE AUTHORITIES BELOW AS WELL AS CASE LAW CITED, WE HOLD AS FOLLOWS: - SSUE OF DELETION OF DISALLOWANCE U/S 14A R.W.R. 8D, WE FIND THAT THE DISALLOWED AN AMOUNT OF RS.2,60,861/ - . THE LD. CIT(A) RESTRICTED THE DISALLOWANCE TO THE EXTENT OF SUO MOTO DISALLOWANCE AS THE EXEMPT INCOME EARNED BY RELYING ON THE JUDGMENT OF THE HONBLE DELHI HIGH COURT IN THE JOINT INVESTMENT PVT. LTD. IN ITA NO. 117/2015, JUDGMENT DT. 25/02/2015. COURT HAS HELD THAT THE DISALLOWANCE U/S 14A OF THE ACT, CANNOT EXCEED THE AMOUNT OF THE HONBLE JURISDICTIONAL HIGH COURT IN THE CASE OF CIT VS. REI AGRO PVT. TAT 161 OF 2013, DT. 23 RD DECEMBER, 2013 ASHIKA GLOBAL SECURITIES LTD. IN ITAT 100 OF 2014, GA NO. 2122 OF 2014, ILAR PROPOSITION OF LAW. HENCE WE FIND NO INFIRMITY IN THE ORDER OF THE LD. CIT(A) AND DISMISS THIS GROUND OF THE REVENUE. WE NOW TAKE UP THE GROUNDS OF THE ASSESSEE AS WELL AS THE REVENUE ON EACH OF THE ADDITIONS/DELETIONS MADE U/S 68 OF THE ACT BY THE ASSESSING OFFICER. ITA NO. 2512/KOL/2018 ASSESSMENT YEARS: 2012-13 ITA NO. 2423/KOL/2018 ASSESSMENT YEARS: 2011-12 M/S. GEM FORGING PRIVATE LIMITED I) OF THE INCOME TAX RULES, 1962 AGGRIEVED THE ASSESSEE CARRIED THE MATTER IN APPEAL. THE LD. FIRST APPELLATE SUO MOTO DISALLOWANCE D BY THE ASSESSEE DURING THE YEAR WAS . ON THE ISSUE OF ADDITIONS U/S 68 OF THE ACT, THE LD. CIT(A) GRANTED PART ADDITIONS MADE U/S 68 OF THE ACT, BY THE LD. CIT(A), THE REVENUE HAS FILED THIS APPEAL. THE REVENUE ALSO DISPUTES THE DELETION OF THE ASSESSEE HAS FILED ITS APPEAL DISPUTING THE ADDITIONS WE HAVE HEARD RIVAL CONTENTIONS. ON CAREFUL CONSIDERATION OF THE FACTS AND CIRCUMSTANCES OF THE CASE, PERUSAL OF THE PAPERS ON RECORD, ORDERS OF THE AUTHORITIES SSUE OF DELETION OF DISALLOWANCE U/S 14A R.W.R. 8D, WE FIND THAT THE . THE LD. CIT(A) RESTRICTED DISALLOWANCE AS THE EXEMPT INCOME EARNED BY RELYING ON THE JUDGMENT OF THE HONBLE DELHI HIGH COURT IN THE JOINT INVESTMENT PVT. LTD. IN ITA NO. 117/2015, JUDGMENT DT. 25/02/2015. THE COURT HAS HELD THAT THE DISALLOWANCE U/S 14A OF THE ACT, CANNOT EXCEED THE AMOUNT OF CIT VS. REI AGRO PVT. DECEMBER, 2013 AS WELL AS CIT VS. ASHIKA GLOBAL SECURITIES LTD. IN ITAT 100 OF 2014, GA NO. 2122 OF 2014, HAS LAID DOWN ILAR PROPOSITION OF LAW. HENCE WE FIND NO INFIRMITY IN THE ORDER OF THE LD. CIT(A) AND WE NOW TAKE UP THE GROUNDS OF THE ASSESSEE AS WELL AS THE REVENUE ON EACH OF THE 7. WE CONSIDER THE DOCUMENTS AND OTHER DETAILS FILED BY E COMPANIES, IN SUPPORT OF THE IDENTITY, CREDITWORTHINESS OF THE COMPANY AND THE GENUINENESS OF THE TRANSACTIONS. 1) M/S NORFLOX VINCOM PRIVATE LIMITED RS.30,00,000/- TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL YEAR 2011-2012 ON 10/05/2011 THIS COMPANY WAS INCORPORATED ON IDENTIFICATION NUMBER U51900WB1994PTC066660 RETURN OF INCOME BEFORE AAACN8942R . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND SURPLUS OF RS.22,37,35,469/ 31/03/2011 RESPECTIVELY. THE SAID LOAN WAS REPAID ON THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS BEEN FILED BEFORE US IN THE PAPER BOOK THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE RELEVANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON PAGES BOOK. A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDE NTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS OF THE TRANSACTION. 2) M/S HIGH RISE PLAZA PRIVATE LIMITED RS.25,00,000/- TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL YEAR 2011-2012 ON 30/05/2011 THIS COMPANY WAS INCORPORATED ON IDENTIFICATION NUMBER U45201WB1998PTC087348 RETURN OF INCOME BEFORE AABCH5468D . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND SURPLUS OF RS.1,18,58,958/ 31/03/2011 RESPECTIVELY. THE SAID LOAN WAS REPAID ON 3 WE CONSIDER THE DOCUMENTS AND OTHER DETAILS FILED BY E ACH OF THE INVESTMENT IN SUPPORT OF THE IDENTITY, CREDITWORTHINESS OF THE COMPANY AND THE GENUINENESS OF THE TRANSACTIONS. :- M/S NORFLOX VINCOM PRIVATE LIMITED : THIS COMPANY HAD GIVEN A LOAN TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL 10/05/2011 . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. THIS COMPANY WAS INCORPORATED ON 16/12/1994 AND WAS HAVING COMPANY U51900WB1994PTC066660 . THIS COMPANY DULY FILED ITS RETURN OF INCOME BEFORE ITO WARD 1(2) , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.22,37,35,469/ - AS ON 31/03/2012 AND RS.22,30,80,171/ 31/03/2011 RESPECTIVELY. THE SAID LOAN WAS REPAID ON 09/09/2011 THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS BEEN FILED BEFORE US IN THE PAPER BOOK . THE DETAILS OF SOURCE OF FUNDS THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE RELEVANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON PAGES 65 A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED NTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS M/S HIGH RISE PLAZA PRIVATE LIMITED : THIS COMPANY HAD GIVEN A LOAN TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL 30/05/2011 . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. THIS COMPANY WAS INCORPORATED ON 16/06/1998 AND WAS HAVING COMPANY U45201WB1998PTC087348 . THIS COMPANY DULY FILED ITS RETURN OF INCOME BEFORE ITO WARD 5(4) , KOLKATA A ND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.1,18,58,958/ - AS ON 31/03/2012 AND RS.1,14,59,083/ 31/03/2011 RESPECTIVELY. THE SAID LOAN WAS REPAID ON 13/04/2015. ITA NO. 2512/KOL/2018 ASSESSMENT YEARS: 2012-13 ITA NO. 2423/KOL/2018 ASSESSMENT YEARS: 2011-12 M/S. GEM FORGING PRIVATE LIMITED ACH OF THE INVESTMENT IN SUPPORT OF THE IDENTITY, CREDITWORTHINESS OF THE COMPANY AND THE : THIS COMPANY HAD GIVEN A LOAN TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. AND WAS HAVING COMPANY . THIS COMPANY DULY FILED ITS , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.22,30,80,171/ - AS ON 09/09/2011 . THE COPY OF THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS HAVE THE DETAILS OF SOURCE OF FUNDS FROM WHICH THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE 65 -74 OF THE PAPER A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED NTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS : THIS COMPANY HAD GIVEN A LOAN TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. AND WAS HAVING COMPANY . THIS COMPANY DULY FILED ITS ND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.1,14,59,083/ - AS ON 13/04/2015. THE COPY OF THE LEDGER A CCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS BEEN FILED BEFORE US IN THE PAPER BOOK THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE RELEVANT DOCUMENTS FOR THIS CO BOOK. A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS OF THE TRANSACTION. 3) M/S GUNJAN MARKETING RS.50,00,000/- TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL YEAR 2011-2012 ON 21/05/2011 THIS COMPANY WAS INCORPORATED ON IDENTIFICATION NUMBER U51109WB1996PTC078405 RETURN OF INCOME BEFORE AABCG1373Q . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND SURPLUS OF RS.12,07,72,511/ 31/03/2011 RESPECTIVELY. THE SAID LOAN WAS REPAID ON THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS BEEN FILED BEFORE US IN THE PAPER BOOK THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE RELEVANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON PAGES BOOK. A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS OF THE TRANSACTION. 4) M/S POSITIVE MANAGEMENT PRIVATE LIMITED RS.50,00,000/- TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL YEAR 2011-2012 ON 25/05/2011 THIS COMPANY WAS INCORPORATED ON IDENTIFICATION NUMBER U74140WB1994PTC061 4 CCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS BEEN FILED BEFORE US IN THE PAPER BOOK . THE DETAILS OF SOURCE OF FUNDS FROM WHICH THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE RELEVANT DOCUMENTS FOR THIS CO MPANY ARE AVAILABLE ON PAGES 144 A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS M/S GUNJAN MARKETING PRIVATE LIMITED : THIS COMPANY HAD GIVEN A LOAN TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL 21/05/2011 . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. THIS COMPANY WAS INCORPORATED ON 25/03/1996 AND WAS HAV U51109WB1996PTC078405 . THIS COMPANY DULY FILED ITS RETURN OF INCOME BEFORE ITO WARD 6(2) , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.12,07,72,511/ - AS ON 31/03/2012 AND RS.11,84,67,672/ 31/03/2011 RESPECTIVELY. THE SAID LOAN WAS REPAID ON 20/09/2011 THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS BEEN FILED BEFORE US IN THE PAPER BOOK . THE DETAILS OF SOURCE OF FUNDS FROM WHICH THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE RELEVANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON PAGES 121 A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS M/S POSITIVE MANAGEMENT PRIVATE LIMITED : THIS COMPANY HAD GIVEN A LOAN TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL 25/05/2011 . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. THIS COMPANY WAS INCORPORATED ON 10/02/1994 AND WAS HAVING COMPANY U74140WB1994PTC061 773 . THIS COMPANY DULY FILED ITS ITA NO. 2512/KOL/2018 ASSESSMENT YEARS: 2012-13 ITA NO. 2423/KOL/2018 ASSESSMENT YEARS: 2011-12 M/S. GEM FORGING PRIVATE LIMITED CCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS HAVE THE DETAILS OF SOURCE OF FUNDS FROM WHICH THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE 144 -167 OF THE PAPER A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS : THIS COMPANY HAD GIVEN A LOAN TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. AND WAS HAV ING COMPANY . THIS COMPANY DULY FILED ITS , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.11,84,67,672/ - AS ON 20/09/2011 . THE COPY OF THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS HAVE SOURCE OF FUNDS FROM WHICH THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE 121 -143 OF THE PAPER A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS : THIS COMPANY HAD GIVEN A LOAN TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. AND WAS HAVING COMPANY . THIS COMPANY DULY FILED ITS RETURN OF INCOME BEFORE AACCP2819D . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND SURPLUS OF RS.16,55,976 / 31/03/2011 RESPECTIVELY. THE SAID LOAN WAS REPAID ON THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS BEEN FILED BEFORE US IN THE PAPER BOOK THIS COMPANY HAD MADE THE LOA RELEVANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON PAGES BOOK. A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDE OF THE TRANSACTION. 5) M/S SE LSETT VANIJYA PRIVATE LIMITED RS.10,00,000/- TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL YEAR 2011-2012 ON 19/05/2011 THIS COMPANY WAS INCORPORATED ON IDENTIFICATION NUMBER U51109WB1995PTC070407 RETURN OF INCOME BEFORE AADCS7129Q . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND SURPLUS OF RS.1,92,46,679/ 31/03/2011 RESPECTIVELY. THE SAID LOAN WAS REPAID ON THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS BEEN FILED BEFORE US IN THE PAPER BOOK THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE RELE VANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON PAGES BOOK. A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS OF THE TRANSACTION. 5 RETURN OF INCOME BEFORE ITO WARD 1(2) , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.16,55,976 / - AS ON 31/03/2012 AND RS.16,53,056/ RESPECTIVELY. THE SAID LOAN WAS REPAID ON 26/08/2011 THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS BEEN FILED BEFORE US IN THE PAPER BOOK . THE DETAILS OF SOURCE OF FUNDS FROM WHICH THIS COMPANY HAD MADE THE LOA N ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE RELEVANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON PAGES 191 A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDE R COMPANY AS WELL AS THE GENUINENESS LSETT VANIJYA PRIVATE LIMITED : THIS COMPANY HAD GIVEN A LOAN TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL 19/05/2011 . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. THIS COMPANY WAS INCORPORATED ON 30/03/1995 AND WAS HAVING COMPANY U51109WB1995PTC070407 . THIS COMPANY DULY FILED ITS RETURN OF INCOME BEFORE ITO WARD 1(3) , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.1,92,46,679/ - AS ON 31/03/2012 AND RS.1,12,43,307/ 31/03/2011 RESPECTIVELY. THE SAID LOAN WAS REPAID ON 26/09/2011 THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS BEEN FILED BEFORE US IN THE PAPER BOOK . THE DETAILS OF SOURCE OF FUNDS FROM WHICH THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE VANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON PAGES 6 A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS ITA NO. 2512/KOL/2018 ASSESSMENT YEARS: 2012-13 ITA NO. 2423/KOL/2018 ASSESSMENT YEARS: 2011-12 M/S. GEM FORGING PRIVATE LIMITED , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.16,53,056/ - AS ON 26/08/2011 . THE COPY OF THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS HAVE THE DETAILS OF SOURCE OF FUNDS FROM WHICH N ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE 191 -212 OF THE PAPER A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED R COMPANY AS WELL AS THE GENUINENESS : THIS COMPANY HAD GIVEN A LOAN TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. AND WAS HAVING COMPANY . THIS COMPANY DULY FILED ITS , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.1,12,43,307/ - AS ON 26/09/2011 . THE COPY OF THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS HAVE THE DETAILS OF SOURCE OF FUNDS FROM WHICH THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE 6 -25 OF THE PAPER A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS 6) M/S ANURAG FINVEST PRIVATE LIMITED RS.7,50,000/- AND RS.17,50,000/ ON 02/07/2010 AND 05/07/2010 PAYEE CHEQUE. THIS COMPANY WAS INCORP COMPANY IDENTIFICATION NUMBER FILED ITS RETURN OF INCOME BEFORE AACCA1611N . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES SURPLUS OF RS.11,13,15,592/ 31/03/2011 RESPECTIVELY. THE SAID LOAN WAS REPAID ON THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS BEEN FILED BEFORE US IN THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE RELEVANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON PAGES BOOK. A PERUSAL OF THE SAME TAKES US TO THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS OF THE TRANSACTION. 7) M/S RAJSHREE SOLUTIONS PRIVATE LIMITED RS.35,00,000/- TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL YEAR 2011-2012 ON 19/11/2011 THIS COMPANY WAS INCORPORATED ON IDENTIFICATION NUMBER U74140WB2009PTC137550 RETURN OF INCOME BEFORE AAECR4954P . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND SURPLUS OF RS.62,83,42,028/ 31/03/2011 RESPECTIVEL THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS BEEN FILED BEFORE US IN THE PAPER BOOK THIS COMPANY HAD MADE THE LOAN ARE ALSO RELEVANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON PAGES 6 M/S ANURAG FINVEST PRIVATE LIMITED : THIS COMPANY HAD GIVEN A LOAN RS.17,50,000/ - TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED 05/07/2010 RESPECTIVELY. THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. THIS COMPANY WAS INCORP ORATED ON 13/03/1995 COMPANY IDENTIFICATION NUMBER U65921MH1995PTC086411 . THIS COMPANY DULY FILED ITS RETURN OF INCOME BEFORE ITO WARD 12(3) , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES RS.11,13,15,592/ - AS ON 31/03/2012 AND RS.9,26,01,808/ 31/03/2011 RESPECTIVELY. THE SAID LOAN WAS REPAID ON 16/11/2015. THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS THE PAPER BOOK. THE DETAILS OF SOURCE OF FUNDS FROM WHICH THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE RELEVANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON PAGES 75 - A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS M/S RAJSHREE SOLUTIONS PRIVATE LIMITED : THIS COMPANY HAD GIVEN A LOAN TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL 19/11/2011 . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. THIS COMPANY WAS INCORPORATED ON 06/08/2009 AND WAS HAVING COMPANY U74140WB2009PTC137550 . THIS COMPANY DULY FILED ITS RETURN OF INCOME BEFORE ITO WARD 1(1) , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.62,83,42,028/ - AS ON 31/03/2012 AND RS.74,835/ 31/03/2011 RESPECTIVEL Y. THE SAID LOAN WAS REPAID ON 03/10/2015. THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS BEEN FILED BEFORE US IN THE PAPER BOOK . THE DETAILS OF SOURCE OF FUNDS FROM WHICH THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE RELEVANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON PAGES 213 ITA NO. 2512/KOL/2018 ASSESSMENT YEARS: 2012-13 ITA NO. 2423/KOL/2018 ASSESSMENT YEARS: 2011-12 M/S. GEM FORGING PRIVATE LIMITED : THIS COMPANY HAD GIVEN A LOAN TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED RESPECTIVELY. THE LOAN WAS MADE BY ACCOUNT 13/03/1995 AND WAS HAVING . THIS COMPANY DULY , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.9,26,01,808/ - AS ON 16/11/2015. THE COPY OF THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS HAVE THE DETAILS OF SOURCE OF FUNDS FROM WHICH THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE - 120 OF THE PAPER A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS : THIS COMPANY HAD GIVEN A LOAN TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. AND WAS HAVING COMPANY COMPANY DULY FILED ITS , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.74,835/ - AS ON 03/10/2015. THE COPY OF THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS HAVE THE DETAILS OF SOURCE OF FUNDS FROM WHICH AVAILABLE IN THE PAPER BOOK. ALL THE 213 -233 OF THE PAPER BOOK. THE STATEMENT RECORDED U/S 131 OF THE INCOME TAX ACT,1961 BY THE LOAN CREDITORS AND/OR THEIR REPLY U/S 133(6) OF THE INCOME TAX ACT,1 AO IS AVAILABLE ON PAGE US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS OF THE TRANSACTION. 8) M/S NIR MAN FISCAL SERVICES PRIVATE LIMITED RS.15,00,000/- TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL YEAR 2011-2012 ON 07/06/2011 THIS COMPANY WAS INCORPORATED ON IDENTIFICATION NUMBER U65910WB1994PTC065562 RETURN OF INCOME BEFORE AABCN1549H . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND SURPLUS OF RS.77,94,28,896/ 31/03/2011 RESPECTIVELY. THE SAID LOAN WAS REPAID ON THE LEDGER ACCOUNT, TDS, AUDITED ACCOUN BEEN FILED BEFORE US IN THE PAPER BOOK THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE RELEVANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON PAGE BOOK. THE STATEMENT RECORDED U/S 131 OF THE INCOME TAX ACT,1961 BY THE LOAN CREDITORS AND/OR THEIR REPLY U/S 133(6) OF THE INCOME TAX ACT,1961 BEFORE THE LD AO IS AVAILABLE ON PAGE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS OF THE TRANSACTION. 9) M/S B.P.BUILDERS PRIVATE LIMITED RS.35,00,000/- TO THE ASSE YEAR 2011-2012 ON 09/06/2011 THIS COMPANY WAS INCORPORATED ON 7 BOOK. THE STATEMENT RECORDED U/S 131 OF THE INCOME TAX ACT,1961 BY THE LOAN CREDITORS AND/OR THEIR REPLY U/S 133(6) OF THE INCOME TAX ACT,1 961 BEFORE THE LD AO IS AVAILABLE ON PAGE 258 TO 261 OF THE PAPER BOOK. A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS OF THE TRANSACTION. MAN FISCAL SERVICES PRIVATE LIMITED : THIS COMPANY HAD GIVEN A LOAN TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL 07/06/2011 . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. THIS COMPANY WAS INCORPORATED ON 21/10/1994 AND WAS HAVING COMPANY U65910WB1994PTC065562 . THIS COMPANY DULY FILED ITS RETURN OF INCOME BEFORE ITO WARD 1(3) , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.77,94,28,896/ - AS ON 31/03/2012 AND RS.7,95,79,157/ 31/03/2011 RESPECTIVELY. THE SAID LOAN WAS REPAID ON 11/03/2015. THE LEDGER ACCOUNT, TDS, AUDITED ACCOUN TS, IT RETURN AND OTHER DOCUMENTS BEEN FILED BEFORE US IN THE PAPER BOOK . THE DETAILS OF SOURCE OF FUNDS FROM WHICH THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE RELEVANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON PAGE S 47 BOOK. THE STATEMENT RECORDED U/S 131 OF THE INCOME TAX ACT,1961 BY THE LOAN CREDITORS AND/OR THEIR REPLY U/S 133(6) OF THE INCOME TAX ACT,1961 BEFORE THE LD AO IS AVAILABLE ON PAGE 262 TO 266 & 277-278 OF THE PAPER BOOK. SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS OF THE M/S B.P.BUILDERS PRIVATE LIMITED : THIS COMPANY HAD GIVEN A LOAN TO THE ASSE SSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL 09/06/2011 . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. THIS COMPANY WAS INCORPORATED ON 15/01/2008 AND WAS HAVING COMPANY ITA NO. 2512/KOL/2018 ASSESSMENT YEARS: 2012-13 ITA NO. 2423/KOL/2018 ASSESSMENT YEARS: 2011-12 M/S. GEM FORGING PRIVATE LIMITED BOOK. THE STATEMENT RECORDED U/S 131 OF THE INCOME TAX ACT,1961 BY THE LOAN 961 BEFORE THE LD A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF : THIS COMPANY HAD GIVEN A LOAN TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. AND WAS HAVING COMPANY . THIS COMPANY DULY FILED ITS , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.7,95,79,157/ - AS ON 11/03/2015. THE COPY OF TS, IT RETURN AND OTHER DOCUMENTS HAVE THE DETAILS OF SOURCE OF FUNDS FROM WHICH THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE 47 -64 OF THE PAPER BOOK. THE STATEMENT RECORDED U/S 131 OF THE INCOME TAX ACT,1961 BY THE LOAN CREDITORS AND/OR THEIR REPLY U/S 133(6) OF THE INCOME TAX ACT,1961 BEFORE THE LD OF THE PAPER BOOK. A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS OF THE : THIS COMPANY HAD GIVEN A LOAN SSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. AND WAS HAVING COMPANY IDENTIFICATION NUMBER U45400WB2008PTC121741 RETURN OF INCOME BEFORE AADCB3228M . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND SURPLUS OF RS.6,40,87,896/ 31/03/2011 RESPECTIVELY. THE S THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS HAVE BEEN FILED BEFORE US IN THE PAPER BOOK. THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABL RELEVANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON PAGES BOOK. THE STATEMENT RECORDED U/S 131 OF THE INCOME TAX ACT,1961 BY THE LOAN CREDITORS AND/OR THEIR REPLY U/S 133(6) OF THE INCOME TAX ACT,1961 BEFORE THE LD AO IS AVAILABLE ON PAGE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS OF THE TRANSACTION. 10) M/S INDEX TIE- UP PRIVATE LIMITED RS.10,00,000/- TO THE ASSESSEE CO YEAR 2011-2012 ON 21/07/2011 THIS COMPANY WAS INCORPORATED ON IDENTIFICATION NUMBER U51909WB2008PTC129204 RETURN OF INCOME BEFORE AABCI9583N . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND SURPLUS OF RS.13,12,39,386/ 31/03/2011 RESPECTIVELY. THE SAID L THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS BEEN FILED BEFORE US IN THE PAPER BOOK THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN RELEVANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON PAGES BOOK. THE STATEMENT RECORDED U/S 131 OF THE INCOME TAX ACT,1961 BY THE LOAN 8 U45400WB2008PTC121741 . THIS COMPANY DULY RETURN OF INCOME BEFORE ITO WARD 5(3) , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.6,40,87,896/ - AS ON 31/03/2012 AND RS.3,09,19,171/ 31/03/2011 RESPECTIVELY. THE S AID LOAN WAS REPAID ON 31/03/2015. THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS HAVE BEEN FILED BEFORE US IN THE PAPER BOOK. THE DETAILS OF SOURCE OF FUNDS FROM WHICH THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABL E IN THE PAPER BOOK. ALL THE RELEVANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON PAGES 26 BOOK. THE STATEMENT RECORDED U/S 131 OF THE INCOME TAX ACT,1961 BY THE LOAN CREDITORS AND/OR THEIR REPLY U/S 133(6) OF THE INCOME TAX ACT,1961 BEFORE THE LD AO IS AVAILABLE ON PAGE 262 TO 266 & 273-274 OF THE PAPER BOOK TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS OF THE UP PRIVATE LIMITED : THIS COMPANY HAD GIVEN A LOAN TO THE ASSESSEE CO MPANY, WHICH WAS RECEIVED DURING THE FINANCIAL 21/07/2011 . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. THIS COMPANY WAS INCORPORATED ON 09/09/2008 AND WAS HAVING COMPANY U51909WB2008PTC129204 . THIS COMPANY DULY FILED RETURN OF INCOME BEFORE ITO WARD 2(1) , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.13,12,39,386/ - AS ON 31/03/2012 AND RS.12,16,24,256/ 31/03/2011 RESPECTIVELY. THE SAID L OAN WAS REPAID ON 13/11/2015. THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS BEEN FILED BEFORE US IN THE PAPER BOOK . THE DETAILS OF SOURCE OF FUNDS FROM WHICH THIS COMPANY HAD MADE THE LOAN ARE ALSO AVAILABLE IN THE PAPER BOOK. ALL THE RELEVANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON PAGES 168 BOOK. THE STATEMENT RECORDED U/S 131 OF THE INCOME TAX ACT,1961 BY THE LOAN ITA NO. 2512/KOL/2018 ASSESSMENT YEARS: 2012-13 ITA NO. 2423/KOL/2018 ASSESSMENT YEARS: 2011-12 M/S. GEM FORGING PRIVATE LIMITED . THIS COMPANY DULY FILED ITS , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.3,09,19,171/ - AS ON 31/03/2015. THE COPY OF THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS HAVE THE DETAILS OF SOURCE OF FUNDS FROM WHICH E IN THE PAPER BOOK. ALL THE 26 -46 OF THE PAPER BOOK. THE STATEMENT RECORDED U/S 131 OF THE INCOME TAX ACT,1961 BY THE LOAN CREDITORS AND/OR THEIR REPLY U/S 133(6) OF THE INCOME TAX ACT,1961 BEFORE THE LD OF THE PAPER BOOK . A PERUSAL OF THE TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS OF THE : THIS COMPANY HAD GIVEN A LOAN MPANY, WHICH WAS RECEIVED DURING THE FINANCIAL . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. AND WAS HAVING COMPANY . THIS COMPANY DULY FILED ITS , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.12,16,24,256/ - AS ON 13/11/2015. THE COPY OF THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS HAVE THE DETAILS OF SOURCE OF FUNDS FROM WHICH THE PAPER BOOK. ALL THE 168 -190 OF THE PAPER BOOK. THE STATEMENT RECORDED U/S 131 OF THE INCOME TAX ACT,1961 BY THE LOAN CREDITORS AND/OR THEIR REPLY U/S 133(6) OF THE INCOME TAX ACT,1961 BEFORE TH AO IS AVAILABLE ON PAGE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS OF THE TRANSACTION. 11) M/S TRISHNA DISTRIBUTORS RS.24,00,000/- TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL YEAR 2011-2012 ON 22/07/2011 THIS COMPANY WAS INCORPORATED ON IDENTIFICATION NUMBER U51101WB2009PTC131971 RETURN OF INCOME BEFORE AADCT1086F . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND SURPLUS OF RS.5,84,12,216/ 31/03/2011 RESPECTIVELY. THE COPY OF THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS HAVE BEEN FILED BEFORE US IN THE PAPER BOOK. DETAILS OF SOURCE OF FUNDS FROM IN THE PAPER BOOK. ALL THE RELEVANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON PAGES 234-257 OF THE PAPER BOOK. THE STATEMENT RECORDED U/S 131 OF THE INCOME TAX ACT,1961 BY THE LOAN CREDITORS AND/OR THEI ACT,1961 BEFORE THE LD AO IS AVAILABLE ON PAGE PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS TH THE TRANSACTION. 8. WE FIND THAT ALL THESE CREDITS WERE DEDUCTING TAX AT SOURCE. THE ASSESSEE IN OUR VIEW HAS DISCHARGED THE ONUS THAT LAY ON IT. THE STATEMENT AND THE EVIDENCES FILED BY THE CREDITOR COMPANIES PROVE THE IDENTITY, GENUINENESS AND CREDITWORTHINESS OF THE LOAN CREDITORS. CLAIM OF THE ASSESSEE IS BROUGHT ON RECORD BY THE ASSESSING OFFICER 9 CREDITORS AND/OR THEIR REPLY U/S 133(6) OF THE INCOME TAX ACT,1961 BEFORE TH AO IS AVAILABLE ON PAGE 267 TO 270 & 271-272 OF THE PAPER BOOK. SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS OF THE TRISHNA DISTRIBUTORS PRIVATE LIMITED : THIS COMPANY HAD GIVEN A LOAN TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL 22/07/2011 . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. THIS COMPANY WAS INCORPORATED ON 14/01/2009 AND WAS HAVING COMPANY U51101WB2009PTC131971 . THIS COMPANY DULY FILED ITS RETURN OF INCOME BEFORE ITO WARD 1(3) , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.5,84,12,216/ - AS ON 31/03/2012 AND RS.5,84,13,817/ 31/03/2011 RESPECTIVELY. THE COPY OF THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS HAVE BEEN FILED BEFORE US IN THE PAPER BOOK. DETAILS OF SOURCE OF FUNDS FROM WHICH THIS COMPANY HAD MADE THE LOAN ARE ALSO FILED IN THE PAPER BOOK. ALL THE RELEVANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON OF THE PAPER BOOK. THE STATEMENT RECORDED U/S 131 OF THE INCOME TAX ACT,1961 BY THE LOAN CREDITORS AND/OR THEI R REPLY U/S 133(6) OF THE INCOME TAX ACT,1961 BEFORE THE LD AO IS AVAILABLE ON PAGE 275-276 OF THE PAPER BOOK. PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS TH WE FIND THAT ALL THESE CREDITS WERE LOANS WHICH WERE REPAID WITH INTEREST AFTER DEDUCTING TAX AT SOURCE. THE ASSESSEE IN OUR VIEW HAS DISCHARGED THE ONUS THAT LAY ON IT. THE STATEMENT AND THE EVIDENCES FILED BY THE CREDITOR COMPANIES PROVE THE IDENTITY, GENUINENESS AND CREDITWORTHINESS OF THE LOAN CREDITORS. NO EVIDENCE TO DISPROVE THE CLAIM OF THE ASSESSEE IS BROUGHT ON RECORD BY THE ASSESSING OFFICER . HENCE, WE HAVE TO ITA NO. 2512/KOL/2018 ASSESSMENT YEARS: 2012-13 ITA NO. 2423/KOL/2018 ASSESSMENT YEARS: 2011-12 M/S. GEM FORGING PRIVATE LIMITED CREDITORS AND/OR THEIR REPLY U/S 133(6) OF THE INCOME TAX ACT,1961 BEFORE TH E LD OF THE PAPER BOOK. A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS THE GENUINENESS OF THE : THIS COMPANY HAD GIVEN A LOAN TO THE ASSESSEE COMPANY, WHICH WAS RECEIVED DURING THE FINANCIAL . THE LOAN WAS MADE BY ACCOUNT PAYEE CHEQUE. AND WAS HAVING COMPANY . THIS COMPANY DULY FILED ITS , KOLKATA AND WAS HAVING PAN . THIS COMPANY WAS HAVING A PAID UP CAPITAL WITH FREE RESERVES AND RS.5,84,13,817/ - AS ON 31/03/2011 RESPECTIVELY. THE COPY OF THE LEDGER ACCOUNT, TDS, AUDITED ACCOUNTS, IT RETURN AND OTHER DOCUMENTS HAVE BEEN FILED BEFORE US IN THE PAPER BOOK. THE WHICH THIS COMPANY HAD MADE THE LOAN ARE ALSO FILED IN THE PAPER BOOK. ALL THE RELEVANT DOCUMENTS FOR THIS COMPANY ARE AVAILABLE ON OF THE PAPER BOOK. THE STATEMENT RECORDED U/S 131 OF THE INCOME R REPLY U/S 133(6) OF THE INCOME TAX OF THE PAPER BOOK. A PERUSAL OF THE SAME TAKES US TO A CONCLUSION THAT THE ASSESSEE HAS PROVED THE IDENTITY AND CREDITWORTHINESS OF THE LENDER COMPANY AS WELL AS TH E GENUINENESS OF REPAID WITH INTEREST AFTER DEDUCTING TAX AT SOURCE. THE ASSESSEE IN OUR VIEW HAS DISCHARGED THE ONUS THAT LAY ON IT. THE STATEMENT AND THE EVIDENCES FILED BY THE CREDITOR COMPANIES PROVE THE IDENTITY, NO EVIDENCE TO DISPROVE THE . HENCE, WE HAVE TO N ECESSARILY DELETE THE ADDITIONS U/S 68 OF THE A UPHOLD THE DELETION OF ADDITION BY THE LD. CIT(A). 9. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED AND THE CROSS ASSESSEE IS ALLOWED. KOLKATA, THE SD/- [ ABY T. VARKEY] JUDICIAL MEMBER DATED : 04.09.2020 {SC SPS} COPY OF THE ORDER FORWARDED TO: 1. M/S. GEM FORGINGS PRIVATE LIMITED 10C, MIDDLETON ROW KOLKATA - 700071 2. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 3. CIT(A)- 4. CIT- , 5. CIT(DR), KOLKATA BENCHES, KOLKATA. 10 ECESSARILY DELETE THE ADDITIONS U/S 68 OF THE A CT, CONFIRMED BY THE LD. CIT(A) AND TO UPHOLD THE DELETION OF ADDITION BY THE LD. CIT(A). IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED AND THE CROSS KOLKATA, THE 4 TH DAY OF SEPTEMBER, 2020. [ J. SUDHAKAR REDDY ACCOUNTANT MEMBER PRIVATE LIMITED DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE -8(1), KOLKATA 5. CIT(DR), KOLKATA BENCHES, KOLKATA. ASSISTANT ITAT, KOLKATA BENCHES ITA NO. 2512/KOL/2018 ASSESSMENT YEARS: 2012-13 ITA NO. 2423/KOL/2018 ASSESSMENT YEARS: 2011-12 M/S. GEM FORGING PRIVATE LIMITED CT, CONFIRMED BY THE LD. CIT(A) AND TO IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED AND THE CROSS -APPEAL OF THE SD/- J. SUDHAKAR REDDY ] ACCOUNTANT MEMBER TRUE COPY BY ORDER ASSISTANT REGISTRAR ITAT, KOLKATA BENCHES