Axykno Capital Services Ltd,, Nagpur vs Dcit Circle 1, Nagpur on 28 June, 2022
Assessee had also submitted
documents in respect of confirmation in respect of unsecured loans
from the lending parties. It was submitted that the parties had
responded to the notices issued under section 133(6) of the Act to
the lending parties and had submitted the requisite details. The said
loans were advanced through proper banking channels and in this
respect, proper identity of the lending parties was proved. Learned
AR also relied upon the decision of Hon'ble High Court in the case of
CIT v. Kapurchand Mangeshchand, wherein it was held that if
unsecured loans were advanced and repaid through account payee
cheques, PAN no. of lenders were furnished and lenders had
sufficient funds in their bank accounts, no addition can be made
under section 68 of the Act.