Assessee, engaged in the business of hotels, restaurants and hospitality services, had taken unsecured loans from five companies. Assessing Officer held that these lenders were Jama-Kharchi/bogus companies and doubted the genuineness of transactions and treated them as benefits or perquisites. Accordingly, he made an addition of Rs. 10,75,05,000 under section 28(iv). CIT(A) deleted the addition. On appeal, the Tribunal held that the Assessing Officer failed to bring any evidential proof to conclude that such loans were bogus and no investigation had been carried out on the credentials of lenders. Further, lenders’ company status was active on the Ministry of Corporate Affairs website; they were registered with the Registrar of Companies, Delhi, and their names did not appear in the list of apparent shell companies prepared by the Investigation Wing, Kolkata. Accordingly, the order of the CIT(A) deleting the additions were affirmed.(AY. 2018-19)