M/s Reliable Global Venture P Ltd, Bhopal V. ITO 4 (1) ,Bhopal, Bhopal

ITA 311/Ind/2020

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 4123 (ITAT-INDORE)
• Duration Of Justice: 11 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-09-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2013-2014
• Appeal Filed On: 22-10-2020
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: S N AGRAWAL
• Keywords: Source of fund
• Section: 143(3); 142(1); 133(6); 143(2); 264; 43; 48; 73; 72; 13; 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE (CONDUCTED THROUGH VIRTUAL COURT) BEFORE SHRI MANISH BORAD, ACCOUNTANT MEMBER& MS. MADHUMITA ROY, JUDICIAL MEMBER I.T.A. NOS.311/IND/2020 (ASSESSMENT YEARS: 2013-14) M/S. RELIABLE GLOBAL VENTURE PVT. LTD. (PREVIOUSLY KNOWN AS M/S. REHBAR HOLDING & FINANCE PVT. LTD.) C/O S V AGRAWAL & ASSOCIATES DADI DHAM, 24, JOY BUILDERS COLONY, NEAR RAFAEL TOWER, OLD PALASIA, INDORE (M.P.) VS. THE ITO-4(1), BHOPAL (M.P.) PAN NO.AACCR4047D ( APPELLANT ) .. ( RESPONDENT ) APPELLANT BY : SHRI S. N. AGRAWAL, CA RESPONDENT BY : SHRI HARSHIT BARI, SR. DR DATE OF HEARING 19.08.2021 DATE OF PRONOUNCEMENT 30.09.2021 O R D E R PER MS. MADHUMITA ROY - JM: T HE INSTANT APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER DATED 07.09.2019 PASSED BY THE LD. CIT(A)-2, BHOPAL (M.P.) ARISING OUT OF THE ORDER DATED 29.03.2016 PASSED BY THE ITO, WARD -4(1), BHOPAL UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1961 (HEREINA FTER REFERRED TO AS THE ACT) FOR A.Y. 2013-14 WHEREBY AND WHEREUNDER THE A DDITION OF RS. 50,87,000/- MADE BY THE ASSESSING OFFICER UNDER SEC TION 68 OF THE ACT HAS BEEN CONFIRMED BY THE FIRST APPELLATE AUTHORITY. ITA NO.311/IND/2020 M/S. RELIABLE GLOBAL VENTURE PVT. LTD. VS. ITO ASST.YEAR 2013-14 - 2 2. WE HAVE HEARD THE RESPECTIVE PARTIES AND ALSO P ERUSED THE RELEVANT MATERIALS AVAILABLE ON RECORD. 3. THE BRIEF FACTS LEADING TO THE CASE IS THIS THAT THE ASSESSEE IS AN INVESTMENT COMPANY MAINTAINING MERCANTILE SYSTEM OF ACCOUNTING FILED ITS RETURN OF INCOME FOR A.Y. 2013-14 ON 31.01.2014 SHO WING LOSS OF RS.(-) 1,71,602/-. THE CASE WAS SELECTED THROUGH CASS FOR SCRUTINY, NOTICE UNDER SECTION 143(2) DATED 04.09.2014 WAS ISSUED AND SERV ED UPON THE ASSESSEE. THE ASSESSEE IS A PRIVATE LIMITED COMPANY ENGAGED I N THE BUSINESS OF FINANCING. DURING THE YEAR UNDER CONSIDERATION THE COMPANY HAS SHOWN INCOME FROM RENT ONLY. UPON PERUSAL OF THE AUDITE D REPORT AND PROFIT & LOSS ACCOUNT OF THE COMPANY IT WAS NOTICED THAT THE INCOME FROM BUSINESS SHOWN AS AT RS. NIL AND ONLY SOURCE OF INCOME OF TH E ASSESSEE WAS RENTAL INCOME. AS PER NOTE 3 OF THE BALANCE SHEET UNDER THE HEAD UNSECURED LOAN IT TRANSPIRED THAT THE ASSESSEE HAS SHOWN AMOUNT OF RS. 5,44,28,539/- AS UNSECURED LOAN FROM BODY CORPORATE. SUCH ADVANCE W AS RECEIVED BY THE ASSESSEE ON THE FOLLOWING PARTIES: S. NO. NAME OF THE PARTIES PAN AMOUNT [IN RS.] 1. M/S. NAVYUG VINIMAY PRIVATE LIMITED AACCN0408N 18,20,000 2. M/S. VARDHAN DISTRIBUTORS PRIVATE LIMITED AACCV9 659H 12,67,000 3. M/S. AZZASR TRADING PRIVATE LIMITED AAKCA3114C 1 5,00,000 4. M/S. SIDDHI COMMODEAL PRIVATE LIMITED AAMCS5478F 5,00,000 TOTAL 50,87,000 4. THE AO FINALIZED THE ASSESSMENT UPON MAKING ADDI TION OF RS. 50,87,000/- TO THE TOTAL INCOME OF THE APPELLANT BY HOLDING FAILURE ON THE PART OF THE APPELLANT TO ESTABLISH THE IDENTITY, CR EDITWORTHINESS OF THE PARTIES AND GENUINENESS OF THE TRANSACTION ENTERED INTO WIT H THESE PARTIES. WHILE MAKING ADDITION THE LD. AO OBSERVED AS FOLLOWS: ITA NO.311/IND/2020 M/S. RELIABLE GLOBAL VENTURE PVT. LTD. VS. ITO ASST.YEAR 2013-14 - 3 7.1.1 AS PER NOTE 3 OF THE BALANCE SHEET UNDER T HE HEAD UNSECURED LOAN, THE ASSESSEE HAS SHOWN AMOUNT OF RS. 5,44,28,539/- FROM BODY CORPORATE. VIDE NOTICE U/S 142(1) OF THE INCOME TAX ACT, 1961 ISSUED TO TH E ASSESSES ON 15.02.2016 THE ASSESSES WAS CATEGORICALLY ASKED TO ESTABLISH THE I DENTITY AND GENUINENESS AND CREDITWORTHINESS OF TRANSACTIONS. THE ASSESSES WAS REQUIRED TO MAKE THE REQUISITE COMPLIANCE BY 19.02.2016. HOWEVER, THE ASSESSES HA S NOT FILED ANY REPLY NOT SOUGHT FURTHER TIME FOR MAKING COMPLIANCE IN THIS REGARD. PERUSAL OF RECORDS REVEALS THAT THE ASSESSES HAS FILED CONFIRMATION IN THE SHAPE OF LIST OF COMPANIES FROM UNSECURED LOAN RECEIVED FROM THE FOLLOWING BODY OF CORPORATE. WHICH IS REPRODUCED AS UNDER:- SL. NO. PAN NO. & NAME OF THE ASSESSEE ADDRESS OF THE ASSESSES AMOUNT (IN RS.) INTEREST PAID BALANCE (IN RS.) CHEQUE NO. & DATE ADDITION REDUCTION ADVANCE FROM RELATED PARTIES: OP. BALANCE 5,87,83,303/- 1. AACCR5954K M/S RELIABLE SMART CITY LIMITED A-6, RELIABLE HOUSE, KOHE-FIZA, BHOPAL 101412 DTD. 03.04.12 15,00,000/- 101420 DTD 10.09.12 15,00,000/- 101423 DTD 09.10.12 10,00,000/- 789618 DTD 03.11.12 5,00,000/- 172725 DTD 12.11.12 1,001,000/- TOTAL:- 5,88,83,303/- 45,00,000.0 NIL 5,43,83,303/- OP. BALANCE 8,236.35/- 2. AAACI6780Q M/S RELIABLE CONSUMER PRODUCTS PVT. LTD A-6, RELIABLE HOUSE, KOHE-FIZA, BHOPAL NEFT DTD 12.11.12 1,65,000/- 101431 DTD. 18.03.13 1,28,000/- TOTAL- 1,73,236.35 1,28,000/- NIL 45,236.35 GRAND TOTAL: 5,44,28,539.35 ADVANCE FROM OTHERS: 1. AAKCA3114C M/S AZZASR TRADING PVT. LTD 19, MADAN MOHAN BURMAN STREET KOLKATA - 700007 RTGS. DTD. 08.10.12 15,00,000/- TOTAL: 15,00,000/- NIL 15,00,000/- ITA NO.311/IND/2020 M/S. RELIABLE GLOBAL VENTURE PVT. LTD. VS. ITO ASST.YEAR 2013-14 - 4 2. AACCN0408N M/S NAVYUG VINIMAY PVT. LTD. 5/4, CLIVE ROW, 4 TH FLOOR, ROOM NO. 109, KOLKATA- 700001 RTGS DTD 05.09.12 13,13,000/- RTGS DTD. 08.09.12 5,07,000/- TOTAL: 18,20,000/- 18,20,000/- 3. AAMCS5874F M/S. SIDDHI COMMODEAL PVT. LTD. 6/A, RABINDRA SARANI GROUND FLOOR, KOLKATA- 700001 RTGS DTD. 17.11.12 5,00,000/- TOTAL: 5,00,000/- 5,00,000/- 4. AACCV9659H M/S. VARDHAN DISTRIBUTORS PVT. LTD. DAYA PLAZA, 1 ST FLOOR, 8 T N MUKHERJEE ROAD, NEW DELHI ROAD, CHOWMATHA, DANKUNI, KOLKATA- 712311 RTGS DTD. 17.09.12 12,67,000/- TOTAL:- 12,07,000/- 12,67,000/- GRAND TOTAL: 50,87,000/- 7.1.2 IT WOULD BE PERTINENT HERE TO MENTION THAT TH E ASSESSEE HAS NOT FILED ANY DETAILS IN RESPECTS OF CREDITS IN THE NAMES OF ABOV E COMPANIES SHOWN UNDER ADVANCE FROM OTHERS AND THEREFORE IT FOLLOWS THAT THE ASSESSEE HAS NOTHING TO SAY IN THE MATTER. 7.1.3 I HAVE VERY CAREFULLY GONE THROUGH THE ABOVE FACTS AND NOTICED THAT THE ASSESSEE HAS NOT BEEN ABLE TO FURNISH NECESSARY DET AILS/EVIDENCE TO ESTABLISH IDENTITY AND CREDITWORTHINESS OF THE COMPANY AND GENUINENESS OF TRANSACTIONS. THUS THE ASSESSEE HAS FAILED TO OFFER EXPLANATION ABOUT THE NATURE AND SOURCE IN RESPECT OF AFORESAID SUM CREDITED TO HIS BOOKS OF ACCOUNT DURI NG THE SUBJECT YEAR. ACCORDINGLY, I ADD A SUM OF RS. 50,87,000/- UNDER SECTION 68 OF THE INCOME TAX ACT, 1961. PENALTY PROCEEDINGS INITIATED FOR FURNISHING INACCU RATE PARTICULARS OF INCOME/CONCEALING THE PARTICULARS OF INCOME ADDITION OF RS. 50,87,000/- IN APPEAL THE FIRST APPELLATE AUTHORITY CONFIRMED THE SAID ADDITION. HENCE, THE INSTANT APPEAL BEFORE US. ITA NO.311/IND/2020 M/S. RELIABLE GLOBAL VENTURE PVT. LTD. VS. ITO ASST.YEAR 2013-14 - 5 5. THE FOLLOWING DETAILS WERE SUBMITTED BY THE ASSE SSEE BEFORE THE LD. AO TO SUBSTANTIATE THE IDENTITY, CREDITWORTHINESS O F THE PARTIES AND GENUINENESS OF THE SAID TRANSACTION MADE BETWEEN TH E PARTIES: S. NO. PARTICULARS PAGE NO. 1 NAVYA VINIMAY P LIMITED (AACCN0408N) OF RS. 18,20 ,000/- 1.1 COPY OF ACCOUNT OF ABOVE PARTY IN THE BOOK OF T HE ASSESSEE COMPANY 1 1.2 CONFIRMATION OF THE PARTY DULY SIGNED 2 1.3 COPY OF ACKNOWLEDGEMENT OF INCOME TAX RETURN AS FILED 3 1.4 COPY OF MASTER RECORD AND SIGNATORY DETAILS AS DOWNLOADED FROM THE SITE OF THE REGISTRAR OF COMPANIES 4 1.5 COPY OF CERTIFICATE OF INCORPORATION 5 1.6 INFORMATION BY AUDITOR TO THE REGISTRAR IN FORM NO. 23B 6 TO 9 1.7 COPY OF RETURN OF ALLOTMENT 10 TO 13 1.8 PARTICULARS OF APPOINTMENT OF MANAGING DIRECTOR IN FORM NO. 32 14 TO 19 1.9 COPY OF FILING OF RESOLUTION AND AGREEMENTS TO THE REGISTRAR IN FORM MGT-14 20 TO 24 1.10 FORM FOR FILING OF ANNUAL RETURN BY THE COMPAN Y IN FORM NO. 20B 25 TO 30 1.11 COPY OF FORM FOR FILING OF BALANCE SHEET AND O THER DOCUMENTS WITH THE REGISTRAR IN FORM NO. 23AC 31 TO 41 2 VARDHNAN DISTRIBUTORS P LIMITED (AACCV9659H) OF R S. 12,67,000/- 2.1 COPY OF ACCOUNT OF ABOVE PARTY IN THE BOOK OF T HE ASSESSEE COMPANY 42 2.2 CONFIRMATION OF THE PARTY DULY SIGNED 43 2.3 COPY OF MASTER RECORD AND SIGNATORY DETAILS AS DOWNLOADED FROM THE SITE OF THE REGISTRAR OF COMPANIES 44 3 AZZASR TRADING P LIMITED (AAKCA3114C) OF RS. 12,6 7,000/- 3.1 COPY OF ACCOUNT OF ABOVE PARTY IN THE BOOK OF T HE ASSESSEE COMPANY 45 3.2 CONFIRMATION OF THE PARTY DULY SIGNED 46 & 47 3.3 COPY OF MASTER RECORD AND SIGNATORY DETAILS AS DOWNLOADED FROM THE SITE OF THE REGISTRAR OF COMPANIES 48 3.4 CERTIFICATE OF INCORPORATION AS ISSUED BY ROC, WEST BENGAL ON 21-12-07 49 3.5 COPY OF ARTICLE OF ASSOCIATION 50 TO 56 3.6 NOTICE OF CHANGE OF ADDRESS IN FORM NO. 18 57 & 58 3.7 PARTICULARS OF APPOINTMENT OF MANAGING DIRECTOR S/ DIRECTORS IN FORM NO. 32 59 TO 62 3.8 COPY OF MEMORANDUM OF ASSOCIATION 63 TO 68 ITA NO.311/IND/2020 M/S. RELIABLE GLOBAL VENTURE PVT. LTD. VS. ITO ASST.YEAR 2013-14 - 6 4 SIDDHI COMMODEAL P LIMITED (AAMCS5874F) OF RS. 5, 00,000/- 4.1 COPY OF ACCOUNT OF ABOVE PARTY IN THE BOOK OF T HE ASSESSEE COMPANY 69 4.2 CONFIRMATION OF THE PARTY DULY SIGNED 70 & 71 4.3 COPY OF ACKNOWLEDGEMENT OF INCOME TAX RETURN AS FILED 72 4.4 COPY OF MASTER RECORD AND SIGNATORY DETAILS AS DOWNLOADED FROM THE SITE OF THE REGISTRAR OF COMPANIES 73 4.5 COPY OF CERTIFICATE OF INCORPORATION 74 4.6 COPY OF FORM NO. 1 IN RESPECT OF APPLICATION AN D DECLARATION FOR INCORPORATION OF A COMPANY 75 TO 83 4.7 COPY OF ARTICLES OF ASSOCIATION 84 TO 91 4.8 COPY OF INFORMATION TO THE REGISTRAR BY THE COM PANY FOR APPOINTMENT OF AUDITOR IN FORM NO ADT-1 92 TO 94 4.9 COPY OF MEMORANDUM AND ARTICLES OF ASSOCIATION 95 TO 102 4.10 COPY OF AN APPLICATION FOR APPOINTMENT OF MANA GING DIRECTORS/DIRECTOR IN FORM NO. 32 103 TO 106 4.11 COPY OF A NOTICE OF CHANGE OF ADDRESS IN FORM NO. 18 107 &1 108 4.12 COPY OF FILING OF RESOLUTIONS AND AGREEMENTS T O THE REGISTRAR IN FORM NO. MGT 14 109 TO 112 4.13 COPY OF AN INFORMATION BY THE AUDITOR TO THE R EGISTRAR IN FORM NO. 23B 113&114 6. A REMAND REPORT WAS CALLED FOR BY THE LD. CIT(A) FROM THE LD. AO ON THE BASIS OF THE REPLY FILED BY THE ASSESSEE IN APPEAL. THE CRUX OF THE SAID REMAND REPORT IS THIS THAT THE NOTICE UNDER SECTION 133(6) DATED 09.01.2018 ONE SENT TO M/S. NAVYUG VINIMAY P. LIMIT ED WAS RETURNED BACK WITH THE REMARKS OF THE POST OFFICE AS NO COMPANY F OUND ON THE GIVEN ADDRESS. THE POSTAL REMARK ON INSUFFICIENT ADDRES S AND ADDRESSEE MOVED NOT KNOWN WAS GIVEN BY THE POST OFFICE ON THE NOTI CE SENT TO M/S SIDDHI COMMODEAL PVT. LTD. RETURNED TO THE SENDER. IN RES PECT OF M/S. AZZASE TRADING COMPANY THE ADDRESS COULD NOT BE LOCATED AS ALSO REMARKED BY THE POSTAL DEPARTMENT WHILE RETURNING THE LETTER TO THE SENDER. THOUGH THE LETTER WAS SERVED UPON THE M/S. VARDHMAN DISTRIBUTORS PVT. LTD. NO REPLY WAS RECEIVED FROM THE SAID COMPANY AS THE OBSERVATION M ADE BE THE LD. AO IN THE REMAND REPORT AS ASKED FOR BY THE LD. CIT(A). SINCE NONE ATTENDED ON ITA NO.311/IND/2020 M/S. RELIABLE GLOBAL VENTURE PVT. LTD. VS. ITO ASST.YEAR 2013-14 - 7 BEHALF OF THOSE COMPANIES THE ENQUIRY TO EXAMINE TH IRD PARTY OR VERIFY THE GENUINENESS OR CREDITWORTHINESS OF THE LOAN PROVIDE RS COULD NOT BE DONE AND THE LOAN PROVIDERS HAVE BEEN FOUND TO BE FAKE AND N OT IN EXISTENCE. 7. IT APPEARS FROM THE RECORDS THAT THE ASSESSEE RE CEIVED LOANS FROM ALL THE PARTIES THROUGH ACCOUNT PAYEE CHEQUES. CONFIRM ATION IN RESPECT OF LOANS AS RECEIVED BY THE ASSESSEE WAS ALSO OBTAINED AND P LACED BEFORE THE LD. CIT(A). THE PAN OF LOAN CREDITORS, THE COPY OF INC OME TAX RETURN, THE BANK STATEMENT, MASTER RECORDS AND BALANCE SHEET OF THOSE PARTIES WERE DULY PLACED BEFORE THE LD. CIT(A). THUS, THE ASSESSEE H AS PROPERLY DISCHARGED ITS ONUS BY PROVIDING THE IDENTITY, CREDITWORTHINES S AND GENUINE OF THE UNSECURED LOANS AS RECEIVED. 8. WHILE CONFIRMING THE ADDITION MADE BY THE LD. AO RELYING UPON THE REMAND REPORT THE LD. CIT(A) OBSERVED THAT THE INVE STOR COMPANIES HAS NOT ESTABLISHED THE SOURCE OF FUNDS FROM WHICH THE INVESTMENT WAS ULTIMATELY MADE. FURTHER THAT HE HAS RELIED UPON A JUDGMENT PASSED IN THE MATTER OF NRA IRON & STEEL PVT. LTD. (ARISING OUT O F SLP (CIVIL) NO. 29855 OF 2018) AND CAME TO THE FINDING THAT THE ONUS TO E STABLISH THE CREDITWORTHINESS OF THE INVESTOR COMPANIES WAS NOT DISCHARGED BY THE ASSESSEE; THE ENTIRE TRANSACTION MADE IN THAT PARTI CULAR MATTER SEEMED BOGUS AND LACK CREDIBILITY. THE LD. AO THOUGH INITIATED ENQUIRY BUT WAS NOT BEEN ABLE TO PROCEED FURTHER SINCE NO ONE APPEARED ON BE HALF OF THE INVESTOR COMPANIES AND, THEREFORE, FINALLY THE ADDITION WAS CONFIRMED. 9. IN REGARD TO THE CONTENTION OF REVENUE THAT THE ASSESSEE HAS TO PROVE THE SOURCE OF LOAN, THE ASSESSEE SUBMITTED THAT IT IS REQUIRED TO PROVE THE ITA NO.311/IND/2020 M/S. RELIABLE GLOBAL VENTURE PVT. LTD. VS. ITO ASST.YEAR 2013-14 - 8 SOURCE OF LOAN ONLY AND NOT THE SOURCE OF SOURCE. IN SUPPORT OF THIS CONTENTION FOLLOWING JUDGMENTS WERE PLACED ON RECOR D BEFORE THE FIRST APPELLATE AUTHORITY:- S.NO. NAME OF THE DECISIONS REFERENCE 1 ACIT VS. INDIA TYRE HOUSE 72 TTJ 316 (GAUHATI BEN CH) 2 RAMMANOHAR SINGH VS ACIT 009 DTR 270 (JABALPUR BENCH) 3 S K JAIN VS ITO 002 SOT 579 (AGRA BENCH) 4 NEMICHAND KOTHARI VS CIT 264 254 (GAUHATI) 5 ORBITAL COMMUNICATION (P) LTD. 327 ITR 560 (DELHI ) 6 DWARKADHISH INVESTMENT (P) LTD. 330 ITR 298 (DELH I) APART FROM THAT THE JUDGMENT ON THE SAME ISSUE AS PASSED BY THE HONBLE INDORE BENCH AND THE JURISDICTIONAL HIGH CO URT WERE ALSO PLACED ON RECORD. WE HAVE CONSIDERED THE JUDGMENTS MENTIO NED ABOVE AND FIND SUBSTANCE IN APPELLANTS CASE. 10. FURTHER CONTENTION OF THE APPELLANT IS THAT THE RE WAS CLEAR LACK OF ENQUIRY ON THE PART OF THE AO. ONCE THE ASSESSEE H AS FURNISHED ALL THE MATERIALS AS MENTIONED ABOVE IN SUCH EVENTUALITY NO ADDITION CAN BE MADE UNDER SECTION 68 OF THE ACT. THE ASSESSEE HAS FURT HER RELIED UPON THE JUDGMENT PASSED BY THE HONBLE MUMBAI BENCH IN THE CASE OF FANCY WEAR VS. ITO, WARD-24(3)(1), MUMBAI REPORTED IN, (2017) 167 ITD 621 (MUMBAI). WE HAVE FURTHER CONSIDERED THE SAID JUDG MENT. WE FIND THAT IT HAS BEEN HELD BY ITAT THAT NON SERVICE OF NOTICE DO ES NOT CONCLUSIVELY PROVE THE NON-GENUINENESS OF A TRANSACTION. THUS, THE FINDING OF THE LD. CIT(A) IS NOT PROPER. 11. IN THE INSTANT CASE BY PRODUCING VARIOUS DOCUME NTS THE APPELLANT HAD PROVED THAT BALANCE OF CONVENIENCE WAS IN ITS FAVOU R. CONSIDERING THE ITA NO.311/IND/2020 M/S. RELIABLE GLOBAL VENTURE PVT. LTD. VS. ITO ASST.YEAR 2013-14 - 9 ENTIRE ASPECT OF THE MATTER WE FIND NO RATIONAL FOR SUSTAINING THE ADDITION OF RS. 50,87,000/- MADE TO THE TOTAL INCOME OF THE ASS ESSEE ON ACCOUNT OF ADVANCE RECEIVED FROM THESE PARTIES SOLELY ON THE R EASON THAT NOTICES ISSUED UNDER SECTION 133(6) OF THE ACT EITHER NOT SERVED O R NO REPLY WAS RECEIVED IN RESPONSE TO SUCH NOTICES. MORESO, THE APPELLANT BY FILING AMPLE DOCUMENTARY EVIDENCES SOUGHT TO JUSTIFY THE IDENTIT Y AND CREDITWORTHINESS OF THE PARTIES AND GENUINENESS OF THE TRANSACTIONS AS ENTERED INTO WITH THESE PARTIES. IT SEEMS THAT THE ASSESSEE SATISFACTORILY DISCHARGED ITS PRIMARY ONUS CAST UPON IT UNDER SECTION 68 OF THE ACT. HENCE, T HE ADDITION OF RS. 50,87,000/- AS MADE TO THE TOTAL INCOME OF THE APPE LLANT UNDER SECTION 68 OF THE ACT ON ACCOUNT OF ADVANCE RECEIVED FROM PARTIES IS NOT SUSTAINABLE AND, THUS, DELETED. HENCE, ASSESSEES APPEAL IS ALLOWED . 12. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED. THIS ORDER PRONOUNCED IN OPEN COURT ON 30/09/202 1 SD/- SD/- SD/- SD/- (MANISH BORAD) (MADHUMITA ROY) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD; DATED 30 /09/2021 TANMAY, SR. PS TRUE COPY / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. / CONCERNED CIT 4. () / THE CIT(A)- 5. , ! ', #$%% / DR, ITAT, INDORE 6. &' () / GUARD FILE. / BY ORDER, (DY./ASSTT.REGISTRAR) ITAT, INDORE