2009 (11) TMI 971 - ALLAHABAD HIGH COURT

Addition u/s 69 - assessee had taken loan from two parties - heavy cash having been deposited in the account of lending Company before issuance of cheques to the assessee - tailor made entires in the books as well as bank accounts - Failure of the assessee to produce the Director of the lending Company for examination - HELD THAT:- Addition was made only for the ground that the Director of lender company was not produced before the revenue. But facts remains that so far as the identity of the lender is concerned, it cannot be questioned because it is a public limited Company and is regularly assessed to income tax having PAN. Therefore, in our considered view, onus is discharged by the assessee by producing necessary evidence. The source of source cannot be examined in view of law laid down in the case of Commissioner of Income Tax (Central), Calcutta Vs. Daulat Ram Rawatmull,[1972 (9) TMI 9 - SUPREME COURT]. No merit in the grounds raised by the revenue in regard to addition.

Unsecured loan from Ms. Pallavi Agarwal during the financial year - Matter was remanded to the Additional Commissioner of Income Tax with a copy to the AO. In her bank account, all credit and debit entries were explained with supporting evidence. Confirmation from her, her account details, return of income details, details of loan returned were also furnished. When it is so, then no interference is required in the impugned order of the Tribunal.